President Bola Tinubu’s mid-term report paints a positive picture of his administration’s progress, touting significant economic growth and a nearly 500% surge in Nigeria’s external reserves—from $4 billion in 2023 to over $23 billion by the end of 2024.
The President also highlighted advancements in security, the removal of fuel subsidies, and the establishment of a corruption-free exchange rate.
Tinubu said: ”Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. Together, we have faced these headwinds with courage and determination
“The economic and general situation of the country I inherited required that we redirect the country’s affairs with a bold and new vision. I immediately implemented two necessary policies to stop our country from further drifting into the precipice.
“It was apparent that if the Federal Government and the other two tiers of government must remain viable and cater to the citizens’ welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows. The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future.
“While our administration has implemented reforms to restore and reinvigorate our national economy and strengthen our social fabric as a strong and united country, I must thank my fellow citizens for your unrelenting support and belief in the grand vision we share to uplift our nation and renew our collective hopes and aspirations.
‘’We are halfway through the journey that began 24 months ago. Today, May 29, 2025, offers our administration the opportunity to share again how far we have gone and our progress in steering our country along the critical path of socio-economic development.
‘’When we embarked on this journey, propelled by a burst of hope and abiding faith in Nigeria’s unity and progress, I made a pledge before God and fellow countrymen and women to confront Nigeria’s challenges head-on by rebuilding trust, fostering prosperity, and restoring our nation’s economic health.
“Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation. Under our Renewed Hope Agenda, our administration pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift our people out of poverty.
‘’While implementing the reforms necessary to strengthen our economy and deliver shared prosperity, we have remained honest by acknowledging some of the difficulties experienced by our compatriots and families. We do not take your patience for granted.
“I must restate that the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall. Despite the bump in the cost of living, we have made undeniable progress.
“Inflation has begun to ease, with rice prices and other staples declining. The oil and gas sector is recovering; rig counts are up by over 400% in 2025 compared to 2021, and over $8 billion in new investments have been committed. We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks.
‘’In 2025, we remain on track with our fiscal targets. Gross proceeds per barrel from crude oil are broadly aligned with our forecasts as we intensify our efforts to ramp up production. Our fiscal deficit has narrowed sharply from 5.4% of GDP in 2023 to 3.0% in 2024. We achieved this through improved revenue generation and greater transparency in government finances. In the first quarter of this year, we recorded over N6 trillion in revenue.
“We have discontinued Ways and Means financing, which has been a major contributor to high and sticky inflation. The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account. We are also achieving fuel supply security through local refining.
“Our debt position is improving. While foreign exchange revaluation pushed our debt-to-GDP ratio to around 53%, our debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% by 2024. We paid off our IMF obligations and grew our net external reserves by almost 500% from $4 billion in 2023 to over $23 billion by the end of 2024.
‘’Thanks to our reforms, state revenue increased by over N6 trillion in 2024, ensuring that sub-national governments can reduce their debt burden, meet salaries and pension obligations on a timely basis, and invest more in critical infrastructure and human capital development.”
Tinubu continued:“One of our administration’s most impactful achievements is our bold tax reform agenda, which is already yielding results. By the end of 2024, our tax-to-GDP ratio rose from 10% to over 13.5%, a remarkable leap in just one year. This was not by accident. It results from deliberate improvement in our tax administration and policies designed to make our tax system fairer, more efficient, and more growth-oriented.
‘’We are eliminating the burden of multiple taxation, making it easier for small businesses to grow and join the formal economy. The tax reforms will protect low-income households and support workers by expanding their disposable income. Essential goods and services such as food, education, and healthcare will now attract 0% VAT. Rent, public transportation, and renewable energy will be fully exempted from VAT to reduce household costs further.
‘’We are ending the era of wasteful and opaque tax waivers. Instead, we have introduced targeted and transparent incentives supporting high-impact manufacturing, technology, and agriculture sectors. These reforms are not just about revenue but about stimulating inclusive economic growth.
“There is a deliberate focus on our youth, who a friendlier tax environment for digital jobs and remote work will empower. Through export incentives, Nigerian businesses will be able to compete globally. Our National Single Window project streamlines international trade, reduces delays, and enhances Nigeria’s competitiveness.
‘’To promote fairness and accountability, we are establishing a Tax Ombudsman, an independent institution that will protect vulnerable taxpayers and ensure the system works for everyone, especially small businesses.
“Most importantly, we are laying the foundation for a more sustainable future by introducing a new national fiscal policy. This strategic framework will guide our approach to fair taxation, responsible borrowing, and disciplined spending.
“These reforms are designed to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian. Together, we are creating a system where prosperity is shared, and no one is left behind.
‘’We have breathed new life into the solid minerals sector as part of our efforts to diversify the economy. Revenue has increased phenomenally, and investors are setting up processing plants as the sector dumps the old pit-to-port policy and embraces a new value-added policy. We have also repositioned our health sector despite all odds.
“Over 1,000 Primary Health Centres are being revitalised nationwide. An additional 5,500 PHCs are being upgraded under our Renewed Hope Health Agenda. We are establishing Six new cancer treatment centres.
“Three are ready. We offer free dialysis services in pilot tertiary hospitals and subsidise the service in others. Under the Presidential Maternal Health Initiative, over 4,000 women have undergone free cesarean sections. Lastly, we have expanded Health Insurance Coverage from 16 million to 20 million within two years.
’As a result of our bold and deliberate policies, the economy is growing stronger again. Real GDP rose by 4.6% in Q4 2024, with full-year growth of 3.4%. This is one of the strongest in a decade.
“Without a responsive and reliable national security infrastructure that can protect lives and properties, our economy will not perform optimally, and those who seek to harm us will impair and disrupt our way of life. Our administration is committed to the security and safety of our people. For our government, protecting our people and their peaceful way of life is the utmost priority.
“Since I assumed our country’s leadership, our administration has improved collaboration among security agencies, increased intelligence-driven operations, and better ensured the welfare of our armed forces and security personnel.
‘’I use this opportunity to salute the courage and everyday sacrifice of our service men and women. We may not always witness the tremendous efforts they make to keep us safe, but we benefit every day from the results of their dedication. Even if we do not thank them often enough, they willingly face danger so we can go about our lives freely and without fear.
‘’Our military, police, and intelligence agencies are committed to always responding to emerging security threats and new challenges because it is the patriotic duty they owe a grateful nation.
“Amid the new security challenges, we can report some successes. In some areas of the North-West, hitherto under the control of bandits, our gallant armed forces have restored order, reducing and eliminating threats to lives and livelihoods.
“With the success achieved, farmers are back tilling the land to feed us. Highways, hitherto dangerous for travellers, have become safer. Our security agencies have succeeded many times in rescuing the abducted citizens from the hands of their tormentors.
‘’I promise you, we shall remain vigilant, as I told security chiefs during the last meeting to up their game and collaborate to end this plague of evil men. Every Nigerian deserves to live without fear.
Outside of security, we have prioritised human capital development as a central pillar of our national development strategy.”
According to the president, the administration has significantly expanded access to quality education through infrastructure investments and the student loan scheme to support indigent students in tertiary institutions.
“Through the Renewed Hope Health initiative, our administration has begun equipping health facilities and deploying skilled personnel to unserved areas.
‘’We are also strengthening our response to public health threats and implementing targeted social investment schemes. Our youth empowerment initiatives include access to funds, skills development, and creating employment opportunities. Through our MSME support, we empower the next generation and bridge inequality.
“In our mission to empower the next generation, we have taken bold steps to place young Nigerians at the heart of national development.
“Nowhere is this more evident than at the National Agency for Science and Engineering Infrastructure, NASENI, where the current management is making giant strides. NASENI has embraced a digital-first approach, introduced real-time dashboards, and implemented end-to-end e-procurement through its Unified ERP System—setting a new governance benchmark for public institutions.
“Through bold, high-impact programmes like Innovate Naija, Irrigate Nigeria, the Asset Restoration Programme, and the Renewable Energy and Innovation Park in Gora, NASENI drives inclusive industrialisation at scale.
“From assembling electric vehicles and reviving idle assets to launching Africa’s most advanced Rapid Diagnostic Kit Factory and training female drone engineers through the NASCAV programme, these initiatives are creating jobs, restoring dignity to work, and opening up a future of possibilities for our youth.
‘’This is the movement we promised—a government of action powered by the energy and innovation of young Nigerians. Agriculture and food security are top priorities of our Renewed Hope Agenda. We have launched aggressive initiatives to boost local food production, support farmers, and stabilise food prices. We have also invested in mechanised farming by procuring thousands of tractors, other farming tools, and fertilisers.
“Under the Renewed Hope Agenda, the federal government has continued with major road construction and rehabilitation projects across all geopolitical zones, from the Abuja-Kaduna-Zaria-Kano Dual Carriageway, the 9th Mile-Oturkpo-Makurdi Road, the Lagos-Calabar Coastal Highway, Abuja-Lokoja-Benin Road, Enugu-Onitsha Expressway, Oyo-OgbomosoRoad, Sokoto-Badagry Road, Enugu-Port Harcourt Expressway, Second Niger Bridge Access Road to Bodo-Bonny Road among hundreds of ongoing road projects across the country.
“We have launched initiatives to improve electricity generation by upgrading generation and transmission infrastructure and investing in off-grid solar energy to power our homes, business premises, industries, schools and hospitals.
‘’In the spirit of democracy and national renewal, we are preparing to welcome the world to Nigeria soon for the Motherland Festival. This landmark gathering will spotlight our rich heritage, dynamic creative industries, and the vibrant energy of our people. It will showcase Nigeria’s beauty through tourism, culture, and innovation, inviting the world to rediscover our nation,” he stated.
“The Nigerian Diaspora plays a vital role in our national transformation. Their expertise, investment, and global perspective are key to shaping the future we seek. In recognition, the government has introduced policies like the diaspora bond and the non-resident Bank Verification Number to make it easier for Nigerians abroad to invest, engage, and contribute meaningfully to the country’s progress.
“The Motherland Festival will bring together voices from across the continent and the diaspora in a decisive moment of unity and purpose, affirming that Nigeria is not only a leader in Africa but a committed global partner ready to engage, inspire, and lead,” Tinubu also said.
As President Bola Tinubu marks two years in office today, May 29, 2025, his administration’s performance is drawing mixed reactions from political parties.
While the ruling All Progressives Congress (APC) asserts that the President is successfully delivering on his promises, opposition parties like the People’s Democratic Party (PDP), Labour Party (LP), and the Coalition of United Political Parties (CUPP) sharply disagree.
The PDP has been particularly critical, calling on President Tinubu to apologize to Nigerians and present a “clear exit plan” due to what they describe as a failure to address pressing national challenges.
The opposition party accuses Tinubu of exacerbating economic hardship, the security crisis, and a decline in democratic values during his tenure.
Mr. Timothy Osadolor, the PDP’s Deputy National Youth Leader, characterized the administration’s performance as “tragic and astonishing.”
These reactions come as former President Muhammadu Buhari issued a caution that essential reforms and desired changes should not fall prey to domestic politics.
Persecondnews recalls that Tinubu assumed office on May 29, 2023, following his declaration as the winner of the presidential election by the Independent National Electoral Commission (INEC).
Osadolor said: “I wouldn’t want to paint a picture of utter despair but the situation is undeniably sad.
“It is both tragic and astonishing that Tinubu’s government has descended from the ridiculous to the unimaginable. For a man who has long presented himself as a champion of democracy, it is deeply shameful that lawlessness has become the order of the day under his leadership.
“In a functioning democracy, one would expect the president to question why legitimate court orders are being disregarded. This is the first count against his administration.
“His first major statement, announcing the removal of subsidy, was made without caution or consideration.
“No responsible leader in a civilised society would make such a reckless declaration without anticipating its devastating consequences. The ensuing spiral in the value of the naira and the skyrocketing prices of commodities left the economy in shambles.
‘’Today, the value of a Nigerian life is tragically diminished, comparable to that of those who rank among the least employed globally.
“President Tinubu should use his second-anniversary address to apologise to Nigerians for his failure to deliver on his ‘renewed hope’ mandate.
“His tenure has only deepened the hopelessness left by his predecessor, Muhammadu Buhari. Such an apology must be sincere and purposeful, not merely a gesture of political correctness.”
The Julius Abure-led Labour Party (LP) asserted that it would have managed Nigeria “better” than the current APC administration has in the past two years.
National Publicity Secretary of the party, Obiora Ifoh, said: “Nigerians are now in a better position to appreciate what we said before the 2023 elections. We foresaw the hardship, poverty and economic downturn being suffered by Nigerians today.
“Nigerians are better qualified to answer questions on whether their lives are better now than it was two years ago. How much is a bag of rice today when compared to what it was two years ago?
Are we now more secure on our roads and at home? What about the purchasing power of our citizens, is it better?
“We make bold to say a Labour Party government would have done a better job of managing the economy and improving the lives of Nigerians. Today, the naira, which exchanged for N167 to a dollar at some point, is now exchanging for over N1,600; petrol which sold for N87 per liter now sells for over N1,000 per litre; with nearly 40 per cent inflation which has now reached over 42 per cent.
“Do we begin to talk about youth unemployment and the rise in all forms of criminality? It will not be entirely correct to say the government did nothing in two years, it has borrowed more than any government before it. Do we have value for money?”
The Coalition of United Political Parties (CUPP), in its response, declared President Tinubu’s two years in office as the worst period in Nigeria’s history since 1960.
In a statement by its spokesman, Mr. Mark Adebayo, said: “Two years ago, severe hunger came to town in Nigeria through President Bola Tinubu., insecurity became exacerbated.
“Youth joblessness assumed exponential implosion. Out-of-school children statistics jumped from twenty million to almost forty million. Inflation has lept to over 36%. Nigeria’s diplomatic missions abroad have been inactive because no ambassadors to represent the country has been posted. Nigeria has become a sleeping partner in the comity of nations.
“The people in Benue and Plateau states and other parts of the country are being murdered in cold blood en masse daily by an invading army of terrorists, killer herders, and bold kidnappers. Even Abuja, the seat of government, is not safe from these predators who daily prey on innocent and defenceless Nigerians.
“Our health institutions are now worse than mere consulting centres as the country’s medicare has collapsed. The masses bear the heavy burden of Nigeria’s health sector crises as our president and his cabinet find solace abroad with their families for medical treatment.
“Nigerians are already tired of this government and have rejected President Tinubu due to his atrocious economic and anti-people policies for the past two years. Nigerians are aware that a second term for President Tinubu would be extremely disastrous and are already looking out for a credible alternative to replace him in 2027. Nigerians cannot afford affliction to rise a second time.
“The opposition is poised to avail Nigerians a competent, patriotic, compassionate, creative president with a revolutionary mindset to fix Nigeria’s myriads of problems within the shortest possible time.”
The ruling APC, however, disagreed, expressing confidence in the Tinubu administration, saying in the last two years, the president had set the nation on the right track.
The party’s Deputy National Organizing Secretary, Nze Chidi Duru, said the president has achieved a lot within the period under review, noting that even where mistakes were made, the president has taken deliberate steps to reverse such.
“A lot has been achieved two years down the line and still another two years to go. The lessons of the past will also come in handy, going into the remaining two years. So, we wait for the next two years to see what happens but I can already think that in a way, it will be with confidence and the impact of the reforms will begin to bear fruits.
“I believe Mr President when he said he didn’t covet the office, he wanted it. He knows what to do with it and that is a very categorical statement, meaning he has an eye on history, and how history will reckon and register him. That gives a major confidence.
“Mr President is on the right track and where there are mistakes, efforts to correct them are being made and then in a way, that is to the benefit of Nigerians,” APC stated.
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