President Tinubu Declares Nigeria ‘Rescued from Collapse’ as He Marks Two Years in Office

 

Tinubu Hails Two-Year Milestone, Declares Nigeria Rescued from the Brink

President Bola Ahmed Tinubu has marked the second anniversary of his administration with a bold declaration that Nigeria has been steered away from imminent collapse. In a nationwide address on May 29, 2025, Tinubu painted a picture of revival, resilience, and reform, asserting that his government’s decisions—though difficult—have stabilized the economy and laid a foundation for national prosperity.

Facing the nation on Democracy Day, the president reminded Nigerians of the daunting circumstances under which he assumed office in 2023. According to him, the country was then teetering at the edge of fiscal and structural failure, weighed down by unsustainable fuel subsidies and a convoluted foreign exchange system.

"The situation I inherited demanded swift and decisive intervention," he said. "We faced a national emergency, and action could no longer be deferred."

Two flagship reforms—fuel subsidy removal and the unification of the foreign exchange rate—were identified as immediate steps his administration took to stave off economic deterioration. Though these policies sparked widespread criticism and public hardship, Tinubu stood by their necessity, describing them as lifelines for the economy.

Critics, however, have taken a sharply different view. The Peoples Democratic Party (PDP) slammed Tinubu’s administration as a “monumental disaster,” while the Labour Party accused the government of deepening the suffering of Nigerians. Rising living costs and worsening insecurity have fuelled public dissatisfaction despite the president's claims of progress.

Undeterred by the backlash, Tinubu insisted the country is now on a stronger trajectory. He cited an annual GDP growth of 3.4% in 2024—reportedly the highest in a decade—and a 4.6% growth rate in the last quarter of the same year. He argued that economic reform is already bearing fruit and that inflation, especially food inflation, is beginning to ease.

"Prices of staples like rice are declining, and our reforms are working. We are building an economy that includes everyone," he emphasized.

Highlighting fiscal improvements, Tinubu reported a dramatic narrowing of the country’s budget deficit—from 5.4% of GDP in 2023 to 3.0% in 2024—attributed to improved revenue collection and greater financial transparency. The government also claims to have discontinued the controversial Ways and Means borrowing, aiming to curtail inflationary pressures.

According to the president, these changes have already improved Nigeria’s debt sustainability. The debt service-to-revenue ratio, which once hovered near 100% in 2022, has now dropped below 40%. Foreign reserves, he added, rose sharply from $4 billion in 2023 to over $23 billion by the end of 2024.

“Through transparency and strategic planning, we have shifted the course of our public finances toward sustainability and growth,” Tinubu stated.

Investment inflows have also become a key talking point for the administration. Over $8 billion in new oil and gas sector investments were recorded, with rig counts reportedly up by 400% compared to 2021.

Tax reform was another centerpiece of the president’s speech. Tinubu boasted a significant rise in Nigeria’s tax-to-GDP ratio, which climbed from 10% to 13.5% in 2024. He unveiled exemptions from VAT for essential goods and services such as food, education, and healthcare, while also announcing the launch of a Tax Ombudsman to protect the interests of small businesses.

Public health and education were not left out. The administration claims to have revitalized over 1,000 Primary Health Centres and is in the process of upgrading another 5,500. Six cancer treatment centres are being developed, three of which are already operational. More than 4,000 women have reportedly benefited from free cesarean operations under the Presidential Maternal Health Initiative, and health insurance coverage has grown from 16 million to 20 million people in just two years.

In education, infrastructure upgrades and a student loan scheme are expected to broaden access to tertiary education. Youth empowerment efforts, including MSME support programs and digital employment opportunities, were also highlighted.

Technology and innovation are also being emphasized through institutions like NASENI, which is now assembling electric vehicles and training female drone engineers. According to Tinubu, these steps signify Nigeria’s readiness to embrace a digital-first economy.

Security reforms were praised as critical to economic stability. Tinubu noted improvements in intelligence-led operations and inter-agency collaboration, particularly in the fight against insurgents and bandits in the North-West. He claimed significant parts of the region, once overrun by bandits, have been reclaimed, allowing farmers to return to their fields and major highways to reopen safely.

Infrastructure remains a cornerstone of the administration’s “Renewed Hope” agenda. Tinubu listed ongoing projects across all geopolitical zones, including the Lagos-Calabar Coastal Highway, the Abuja-Kaduna-Zaria-Kano Road, and the Second Niger Bridge Access Road, among others.

Electricity supply has also come under scrutiny. The government is investing in off-grid solar power and infrastructure upgrades to increase reliability and reduce dependence on the national grid.

Looking ahead, Tinubu unveiled plans for Nigeria to host the “Motherland Festival,” a major cultural event aimed at attracting global attention and engagement from the diaspora. He called on Nigerians abroad to take advantage of new policies such as the diaspora bond and the non-resident BVN to invest in the country’s future.

“The diaspora is central to Nigeria’s rebirth,” Tinubu asserted. “This festival will showcase our creativity, unity, and ambition to the world.”

Despite the glowing self-assessment, many Nigerians remain skeptical. Soaring costs, insecurity, and a lack of visible improvement in daily life have left large sections of the population unconvinced. While the government touts reform and resilience, the opposition continues to frame the last two years as a period of worsening hardship.

As Tinubu enters the second half of his presidency, the challenge remains: will the promised transformation become a lived reality for the millions still struggling across the nation?