President Tinubu’s Second-Year Address: Progress in Economic Stability, Social Welfare, and Security

President Bola Tinubu, commemorating two years in office since May 29, 2023, stated that his administration’s reforms are establishing a sustainable foundation for Nigeria’s future prosperity. His Renewed Hope Agenda aims to reduce living costs, promote economic justice, and foster a business-friendly economy.

“We are laying the foundation for a more sustainable future… together, we are creating a system where prosperity is shared, and no one is left behind,” Tinubu declared.

He praised Nigerians for their resilience and support, which have been essential in addressing inherited economic and social challenges. Tinubu recounted the immediate removal of fuel subsidies and reform of foreign exchange windows as necessary steps to prevent fiscal crisis.

“The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future,” he stated.

The President highlighted easing inflation, falling prices of basic foods, and a revival in the oil and gas sector with increased rig activity and investments exceeding $8 billion. He announced a new fiscal policy framework promoting fair taxation, responsible borrowing, and disciplined spending, including a Tax Ombudsman to protect taxpayers.

Fiscal improvements include a reduced deficit, better debt servicing ratios, and a rise in foreign reserves from $4 billion to over $23 billion. The government has stopped Ways-and-Means borrowing, and the NNPC is contributing positively to national revenues.

Tinubu also outlined social sector progress: refurbishing primary health centers, expanding cancer treatment, providing free dialysis, increasing health insurance coverage, and supporting education through infrastructure and student loans.

On security, he noted enhanced coordination among security agencies, successful operations against bandits, and safer highways.

He concluded by expressing confidence in Nigeria’s future and gratitude for Nigerians’ sacrifices and support.