Fellow Nigerians,

As we mark the second anniversary of our administration, I salute your resilience and unyielding spirit. Two years ago, you entrusted me with the sacred responsibility of leading our nation at a time of historic challenges. Together, we have confronted these headwinds with courage and determination.

The economic and structural conditions I inherited necessitated a bold, new vision to redirect the country's trajectory. On assumption of office, I implemented two essential reforms: the removal of fuel subsidies and the unification of our foreign exchange windows. These longstanding policies, though once useful, had become unsustainable threatening the viability of our economy and future.

Our administration's commitment has been to restore and reinvigorate our national economy while reinforcing our social fabric as a strong and united country. I thank you my fellow citizens for your steadfast support and belief in our shared vision to renew Nigeria and uplift our collective hopes and aspirations.

Today, May 29, 2025, marks the halfway point in the journey we began 24 months ago. It is a moment to reflect on our progress and reaffirm our commitment to socio-economic development.

From the outset, I pledged before God and the Nigerian people to confront our nation’s challenges head-on: to rebuild trust, foster prosperity, and restore economic vitality. I stand before you today to affirm that our economic reforms are yielding results. We are laying the foundation for a stronger, more resilient nation.

Under our Renewed Hope Agenda, we committed to stabilising the economy, improving security, reforming governance, curbing corruption, and lifting millions out of poverty. These reforms were not without pain. Yet, the alternative would have been far worse: a fiscal crisis marked by runaway inflation, soaring debt, persistent fuel shortages, and a plummeting Naira.

Despite the rising cost of living, our progress is real and measurable. Inflation has begun to ease, with prices of key staples such as rice trending downward. The oil and gas sector is recovering rig activity in 2025 has increased over 400% compared to 2021, with over $8 billion in new investments. Our economy is stabilising and now better equipped to withstand global shocks.

We remain on track with our fiscal objectives. Crude oil revenues are aligning with projections as we intensify production efforts. Our fiscal deficit has narrowed from 5.4% of GDP in 2023 to 3.0% in 2024, thanks to improved revenue mobilisation and enhanced transparency. In Q1 of this year, we recorded over ₦6 trillion in revenue.

We have discontinued the Ways & Means facility, a key driver of inflation. The Nigerian National Petroleum Company (NNPC), now relieved of fuel subsidy obligations, is contributing to the Federation Account. Local refining is improving our energy security.

Our debt outlook is improving. While forex revaluation temporarily raised our debt-to-GDP ratio to about 53%, our debt service-to-revenue ratio fell from nearly 100% in 2022 to under 40% by 2024. We have cleared IMF obligations and boosted external reserves nearly 500% from $4 billion in 2023 to over $23 billion by the end of 2024.

These gains are translating into stronger state finances. In 2024 alone, state revenues rose by more than ₦6 trillion. This has enabled subnational governments to reduce debt, pay salaries and pensions on time, and invest in critical infrastructure and human capital.

A cornerstone of our success is our bold tax reform agenda. By the end of 2024, our tax-to-GDP ratio grew from 10% to over 13.5% a significant achievement. This was driven by deliberate reforms to make our tax system fairer, simpler, and more growth oriented.

We are easing the tax burden on small businesses and eliminating multiple taxation to encourage formalisation. Essential goods and services such as food, healthcare, and education now attract 0% VAT. Public transport, rent, and renewable energy are fully exempted further easing household costs.

We are ending opaque tax waivers and replacing them with targeted incentives that support manufacturing, agriculture, and technology. These efforts are designed to boost inclusive growth and economic justice.

To promote accountability, we are establishing an independent Tax Ombudsman to protect vulnerable taxpayers and ensure fairness particularly for small businesses.

We are also introducing a National Fiscal Policy Framework, which will guide fair taxation, responsible borrowing, and disciplined government spending.

Our reforms aim to build a business-friendly environment where prosperity is inclusive and no one is left behind.

Diversification is a priority. In the Solid Minerals sector, revenues have surged, and value-added processing is replacing the outdated pit-to-port approach.

In healthcare, we are making significant strides. Over 1,000 Primary Health Centres (PHCs) are being revitalised, with an additional 5,500 under upgrade through our Renewed Hope Health Agenda. Six new cancer centres are underway three already operational. We are providing free dialysis services in select tertiary hospitals and subsidising it elsewhere. Through the Presidential Maternal Health Initiative, more than 4,000 women have undergone free cesarean sections. Health insurance coverage has expanded from 16 million to 20 million people.

Our economy is gaining strength. Real GDP grew by 4.6% in Q4 2024, with a full-year growth of 3.4% one of the highest in a decade.

On national security, we remain committed to protecting the lives and property of all Nigerians. Collaboration among our security agencies has improved. Intelligence-led operations have become more effective. We continue to invest in the welfare of our armed forces and security personnel.

Our security forces have made gains, particularly in the Northwest, where they’ve pushed back bandits, restored peace, and enabled farmers to return to their fields. Highways are safer, and kidnapped victims have been rescued in various operations. We remain vigilant, and I have charged our security chiefs to intensify collaboration and resolve to end these threats.

Beyond security, human capital development remains central to our development strategy.

We have expanded access to quality education through infrastructure and student loan schemes for indigent students. Our Renewed Hope Health Initiative continues to deploy skilled personnel to underserved regions and improve our response to public health risks.

Our youth empowerment programmes focus on funding, skill development, and job creation especially for MSMEs. We are empowering young Nigerians through the National Agency for Science and Engineering Infrastructure (NASENI), which now operates using a digital-first approach, ERP-driven procurement, and real-time governance tools.

Initiatives like Innovate Naija, Irrigate Nigeria, and the Renewable Energy Innovation Park are driving job creation and industrialisation. NASENI now assembles electric vehicles, restores public assets, and manufactures advanced diagnostic kits. Programmes like NASCAV, training female drone engineers, are unlocking the potential of our youth. This is the government of action we promised powered by the innovation and energy of young Nigerians.

Agriculture and food security remain top priorities. We have launched aggressive initiatives to boost domestic food production, provide mechanisation support, and stabilise prices. Thousands of tractors, fertilisers, and farming equipment have been procured to support our farmers.

Under the Renewed Hope Agenda, road construction and rehabilitation projects continue across all six geopolitical zones from the Abuja-Kaduna-Zaria-Kano Dual Carriageway to other key arteries of national development.