President Bola Ahmed Tinubu, in a nationwide statement commemorating his administration’s mid-term milestone, highlighted significant progress in Nigeria’s economic stability, national security, and institutional reforms since assuming office in 2023. The president claimed his government has expanded the economy, improved national security, and strengthened key sectors, noting that foreign reserves have surged from $4 billion in 2023 to over $23 billion by the end of 2024—a nearly 500% increase.
Bold Economic Reforms
President Tinubu defended his controversial decisions to remove fuel subsidies and unify the foreign exchange market, describing them as necessary to prevent economic collapse. According to him, these measures helped stabilize the economy, boost foreign investment, and eliminate corruption linked to subsidy regimes and multiple exchange windows.
“We were at the edge of fiscal collapse. These bold reforms were essential to stop the bleeding,” he said.
The president cited a reduction in Nigeria’s fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024, a drop in the debt service-to-revenue ratio from nearly 100% in 2022 to under 40%, and a first-quarter revenue of over N6 trillion. The country also ended its reliance on Ways and Means financing and paid off IMF obligations.
Tax Reforms and Revenue Growth
Tinubu said his administration’s tax reforms have raised the tax-to-GDP ratio from 10% to 13.5% within a year. Multiple taxation burdens are being addressed to support small businesses, while essential services like food, education, and healthcare now attract 0% VAT.
A new national fiscal policy framework has been introduced to ensure fair taxation, responsible borrowing, and transparent government spending. Plans for a Tax Ombudsman are also underway to protect small taxpayers and encourage broader compliance.
Security Achievements
President Tinubu emphasized gains in security, particularly in the North-West where banditry has been curbed and farming activities have resumed. He praised military and intelligence efforts for restoring safety along highways and rescuing abducted citizens.
“Our military and security agencies are better equipped and more coordinated. We are determined to ensure that every Nigerian can live without fear,” he affirmed.
Sectoral Progress: Health, Education, and Youth Empowerment
The administration has revitalized over 1,000 primary healthcare centers, with plans to upgrade 5,500 more. Tinubu also launched six new cancer treatment centers and expanded health insurance coverage to over 20 million Nigerians.
Education access is improving through infrastructure investments and a student loan scheme. Youth empowerment initiatives focus on skill development, digital jobs, and support for MSMEs. Programs like NASENI’s Innovate Naija and Renewable Energy Park aim to industrialize the economy and boost tech innovation.
Agriculture and Infrastructure
Under the Renewed Hope Agenda, Tinubu’s government has ramped up agricultural initiatives to ensure food security, support farmers, and reduce food prices. Mechanized farming has been promoted through massive investments in tractors and farming equipment.
In terms of infrastructure, numerous major road projects are underway across all six geopolitical zones. These include the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano road, and the Bodo-Bonny project, among others.
Energy and Power
Efforts to improve electricity supply include investments in generation and transmission infrastructure as well as off-grid solar solutions for rural and underserved communities.
Opposition Parties React
Despite the administration’s optimistic self-assessment, opposition parties—including the Peoples Democratic Party (PDP), Labour Party (LP), and the Coalition of United Political Parties (CUPP)—have dismissed Tinubu’s mid-term achievements, describing his government as the worst in Nigeria’s history.
Nonetheless, President Tinubu remains confident that his administration’s reforms are laying a strong foundation for long-term prosperity, national unity, and economic justice.
“We are creating a system where prosperity is shared, and no one is left behind,” he concluded.
