President Bola Tinubu says his administration has stabilized Nigeria’s economy, recording over N6 trillion in revenue in the first quarter of 2025 amid wide-ranging reforms aimed at redirecting the country from fiscal collapse.
Reflecting on his two years in office, the President noted that difficult but necessary decisions were made to rescue the economy from what he described as a “precipice,” including the removal of fuel subsidies and the collapse of multiple exchange rate windows.
According to him, with the reforms introduced by his government, Nigeria avoided soaring prices, crippling debts, constant fuel shortages, and a collapsing naira.
“Despite the bump in the cost of living, we have made undeniable progress, inflation has begun to ease, rice prices and other staples are declining, and our oil and gas sector is recovering,” Tinubu said.
He noted that rig counts in the oil sector have surged by over 400 percent while over $8 billion in new investments have been secured.
The President added that the government’s fiscal deficit had narrowed from 5.4% of GDP in 2023 to 3.0% in 2024, and the debt-service-to-revenue ratio had dropped from nearly 100% in 2022 to under 40% by the end of last year.
He also disclosed that the controversial Ways & Means financing had been discontinued, while net external reserves rose from $4 billion in 2023 to over $23 billion by the end of 2024.
On tax reforms, Tinubu said Nigeria’s tax-to-GDP ratio increased from 10% to 13.5% within one year, highlighting that essentials such as food, education, and healthcare now attract 0% VAT, while rent, public transportation, and renewable energy sources are fully exempted.
“We’re eliminating multiple taxation and protecting disposable incomes—especially for low-income households and small businesses. It’s not just about revenue. It is about inclusive economic growth. This is about economic justice,” he said.
The President further stated that his government is investing in innovation and youth-driven initiatives like Innovate Naija and the National Agency for Science and Engineering Infrastructure’s digital reboot, including electric vehicle assembly and drone engineering.
On security, he said he had directed service chiefs to “up their game” and work together to tackle insecurity, assuring Nigerians that they deserve to live without fear.
Looking ahead, Tinubu said Nigeria would host the Motherland Festival, a global cultural showcase designed to highlight the country’s rich heritage and creative talent.
“The worst is behind us. The real impact of our governance is beginning to take hold. The future is bright—and together, we will build a stronger, more inclusive Nigeria,” the President concluded.
