Fellow Nigerians, as we commemorate the second anniversary of this administration, I honour your resilience, strength, and unwavering faith in our country. Two years ago, you gave me the privilege and responsibility of leading Nigeria at a time of immense difficulty and deep uncertainty. From the onset, we have confronted our challenges with resolve, unity, and a shared belief in a brighter future.
Upon assuming office, the economic realities before us demanded immediate, bold action. To safeguard our future, we removed the longstanding fuel subsidy and unified the multiple foreign exchange windows two policies that had become unsustainable burdens on our national wellbeing. While painful in the short term, these measures were essential to stabilising our economy and preventing fiscal collapse. Without them, we would have faced spiralling inflation, growing debt, widespread fuel scarcity, and a weakening naira that could have devastated millions of lives.
Throughout this process, I have never taken your sacrifices for granted. The support, patience, and understanding shown by Nigerians across the country have been the foundation of our progress. Our economic reforms are now bearing fruit. Inflation has started to ease, food prices particularly for staples like rice are falling, and investor confidence is returning. In the oil and gas sector, rig counts have surged more than 400% compared to 2021, and over $8 billion in fresh investments have been secured.
We have significantly improved revenue generation, narrowed the fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024, and ended the era of uncontrolled Ways and Means financing. In the first quarter of this year alone, we recorded over ₦6 trillion in revenue. The Nigerian National Petroleum Company is no longer a drain on public funds but a net contributor to the Federation Account. We’ve strengthened local refining capacity, ensuring fuel supply security and positioning our economy for resilience.
Our debt outlook is improving. Despite foreign exchange revaluation pushing our debt-to-GDP ratio to 53%, we have reduced our debt service-to-revenue ratio from nearly 100% in 2022 to under 40% by 2024. We have repaid IMF obligations and grown external reserves from $4 billion in 2023 to over $23 billion by the end of 2024 a nearly 500% increase.
At the subnational level, states recorded an additional ₦6 trillion in revenue in 2024. This growth is enabling them to reduce debt, pay salaries and pensions promptly, and invest in critical development projects. These improvements stem largely from our tax reforms, which have lifted our tax-to-GDP ratio from 10% to over 13.5% in just one year.
These gains were not accidental they are the result of a strategic shift in how we manage and administer taxes. We’ve made the system more transparent, growth-friendly, and equitable. We’ve eliminated multiple taxes that stifle small businesses and ensured that essential items such as food, healthcare, education, rent, public transport, and renewable energy attract 0% VAT. Our reforms prioritise fairness while protecting the most vulnerable households.
We’ve scrapped wasteful tax waivers and replaced them with targeted, transparent incentives to drive growth in manufacturing, technology, and agriculture. For small businesses and the self-employed, we are making formalisation easier and less burdensome. To ensure fairness and protection, we are establishing an independent Tax Ombudsman to defend taxpayer rights, especially for SMEs and low-income earners.
We’ve prioritised policies that empower our youth by supporting digital jobs, remote work, and export-driven entrepreneurship. Through the National Single Window, we have streamlined cross-border trade to boost Nigeria’s competitiveness. We’ve also laid the groundwork for sustainable fiscal policy that balances responsible borrowing, efficient spending, and fair taxation for long-term prosperity.
In our push to diversify the economy, the solid minerals sector has seen a transformation. We’ve moved away from the outdated pit-to-port approach and embraced value addition. Revenues are rising, and investors are building processing plants nationwide. Our healthcare system is also undergoing significant revitalisation. Over 1,000 Primary Health Centres are being upgraded, with 5,500 more underway under our Renewed Hope Health Agenda. Three of six new cancer centres are now operational. We’ve introduced free dialysis in some tertiary hospitals and subsidised care in others. Through the Presidential Maternal Health Initiative, over 4,000 women have benefited from free cesarean deliveries. Health insurance coverage has expanded from 16 million to 20 million citizens in just two years.
Our economy is recovering strongly. In Q4 2024, real GDP grew by 4.6%, with full-year growth at 3.4% one of the best performances in over a decade. But economic growth cannot be sustained without security. We’ve improved coordination among our security agencies, embraced intelligence-led operations, and bolstered the welfare of our armed forces. Our troops have reclaimed territories in parts of the northwest once overrun by bandits, restoring peace and enabling farmers to return to their fields. Major highways are safer. Citizens kidnapped by criminals have been rescued through the courage and efficiency of our security personnel. I commend our armed forces for their bravery and selflessness.
Security remains our highest priority. I have charged our service chiefs to maintain the momentum, increase collaboration, and bring lasting peace to every corner of our country. Every Nigerian has the right to live without fear—and we are working every day to guarantee that right.
We are also committed to human capital development. We’ve expanded access to education, enhanced infrastructure, and launched the Student Loan Scheme to support underprivileged students in higher institutions. Our Renewed Hope Health Initiative is extending critical services to remote areas. Social investment programmes are being targeted more effectively to reach the people who need them most.
Youth empowerment is central to our agenda. Our programmes provide skills, capital, and employment. At NASENI, young Nigerians are driving innovation from assembling electric vehicles and restoring public assets to building diagnostic kit factories and training female drone engineers. Initiatives like Innovate Naija, Irrigate Nigeria, and the Renewable Energy and Innovation Park in Gora are creating a generation of doers and thinkers who are shaping our future.
Agriculture and food security remain at the core of our economic strategy. We’ve launched aggressive initiatives to increase local production, support farmers, and stabilise prices. We are investing in mechanised farming through thousands of tractors, equipment, and fertilisers to support productivity.
Infrastructure development continues across the nation. Major roads like the Abuja-Kaduna-Zaria-Kano Expressway, Lagos-Calabar Coastal Highway, and Enugu-Port Harcourt Expressway are under construction or rehabilitation. Projects like the Second Niger Bridge Access Road and Bodo-Bonny Road are connecting people, businesses, and opportunities across all regions.
To improve electricity supply, we are upgrading power generation and transmission infrastructure while scaling up off-grid solar energy solutions to reach homes, schools, hospitals, and businesses.
In the spirit of cultural renewal, we will soon welcome the world to Nigeria for the Motherland Festival. This celebration of our rich heritage, creativity, and innovation will showcase Nigeria to the world not only as a cultural hub but as a dynamic and resilient nation ready to lead on the global stage.
Our diaspora community is a critical pillar of national growth. Their skills, investments, and global insight are shaping Nigeria’s future. In response, we’ve introduced new instruments like the diaspora bond and non-resident BVN to facilitate seamless investment and civic participation.
The Motherland Festival will be a moment of unity an invitation to rediscover Nigeria and reaffirm our place as a leader in Africa and a committed global partner.
Fellow citizens, I deeply acknowledge the sacrifices you continue to make as we lay the foundation for a stronger, more inclusive Nigeria not just for today, but for generations to come. Our journey is far from over, but our direction is clear, our commitment is firm, and the impact of our policies is beginning to take root.
By the grace of Almighty God and with your continued support, we are confident that the worst is behind us. The future is bright. And together, we will build a Nigeria that works for all united, prosperous, and free.
Thank you, and may God bless the Federal Republic of Nigeria.
