President Bola Ahmed Tinubu has declared that his administration is firmly on course to deliver a more stable and prosperous Nigeria, despite the current hardships faced by citizens.

In a statement released to mark the second anniversary of his administration, President Tinubu reaffirmed his dedication to the Renewed Hope Agenda, which he described as a comprehensive strategy to address economic instability, improve national security, curb corruption, and lift millions of Nigerians out of poverty.

“When we embarked on this journey… I made a pledge before God and fellow countrymen and women to confront Nigeria’s challenges head-on,” Tinubu said. “Today, I proudly affirm that our economic reforms are working.”

He acknowledged the discomfort caused by some of the reforms, particularly the removal of fuel subsidies and the unification of exchange rates, but emphasized that the tough policy decisions were necessary to prevent a fiscal collapse.

“We do not take your patience for granted,” the president said, noting that without these interventions, Nigeria could have faced a fiscal crisis, spiraling inflation, a potential debt default, and a crashing currency.

President Tinubu outlined several indicators of economic progress under his leadership:

• Inflation beginning to ease
• Fiscal deficit declining from 5.4% of GDP in 2023 to 3.0% in 2024
• Debt service-to-revenue ratio reduced from nearly 100% in 2022 to under 40% in 2024
• Clearance of Nigeria’s outstanding IMF obligations
• Net external reserves growing from $4 billion in 2023 to over $23 billion in 2024

On tax reforms, Tinubu announced new measures aimed at eliminating multiple taxation and easing the burden on small businesses. He said essential goods and services—such as food, education, and healthcare—will be exempted from Value Added Tax (VAT). Additionally, rent, public transportation, and renewable energy products will also be VAT-free, in a bid to reduce the cost of living for Nigerians.

The president concluded his anniversary message with a note of optimism.

“Our journey is not over, but our direction is clear. The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of,” he said.