Tinubu to Nigerians: The worst is behind us — our reforms are working

President Bola Tinubu says his administration is on course to making life better for Nigerians.

In a statement to commemorate the second anniversary of his administration, Tinubu said “we are on course to building a greater, more economically stable nation”.

He acknowledged the pains his reforms have unleashed, adding that he does not take the patience of citizens for granted.

“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,” he said.

“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.”

The president said inflation has begun to ease, the nation’s fiscal deficit has narrowed sharply from 5.4 percent of GDP in 2023 to 3.0 percent in 2024, debt service-to-revenue ratio has dropped from nearly 100 percent in 2022 to under 40 percent in 2024, IMF obligations have been paid off, and net external reserves grew by almost 500 percent from $4 billion in 2023 to over $23 billion by the end of 2024.

Tinubu said his tax reform laws will eliminate 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,” he added.

“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.”

The president said he is committed to repositioning the country not just for today, but for generations yet unborn.

“Our journey is not over, but our direction is clear,” he said.

“By the Grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold.

“The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”