Today, marks the second anniversary of President Bola Tinubu’s inauguration as The Grand Commander of the Federal Republic (GCFR) of Nigeria. He was sworn in on May 29, 2023, at Eagle Square in Abuja, succeeding Muhammadu Buhari.
In his anniversary address today, President Tinubu reflected on the nation’s progress under his leadership, acknowledging the challenges faced and the reforms implemented and stated that the worst is behind the country. He highlighted that inflation is easing, staple prices are falling, and the oil and gas sector is showing strong recovery with rig counts increasing over 400% since 2021. Tinubu said the administration has narrowed the fiscal deficit sharply, improved revenue collection, and stabilized the economy by ending unsustainable fuel subsidies and multiple exchange rates. He also noted progress in debt management, with debt service costs down significantly and foreign reserves growing nearly fivefold. According to him, bold tax reforms raised the tax-to-GDP ratio from 10% to over 13.5% in just one year, reflecting a fairer and more efficient system.
In his address, Tinubu underscored health sector improvements, including the revitalization of thousands of primary health centers, the establishment of cancer treatment centers, and expanded health insurance coverage. He pointed to economic growth with GDP rising 4.6% in late 2024, alongside enhanced security efforts that have reclaimed areas from bandits and improved safety for farmers and travelers. He praised increased investments in human capital through education, youth empowerment, and innovation, mentioning agencies like NASENI driving industrialization and digital governance reforms. Infrastructure remains a priority, with ongoing road projects and energy upgrades aiming to boost electricity access nationwide. Tinubu also spoke about preparing for the Motherland Festival to showcase Nigeria’s cultural wealth and about efforts to engage the diaspora more effectively.
Tinubu further detailed how initiatives like Innovate Naija, Irrigate Nigeria, and NASENI’s projects – from electric vehicle assembly to launching Africa’s most advanced Rapid Diagnostic Kit Factory – are creating jobs and driving inclusive industrial growth. He highlighted agricultural programs boosting local food production and mechanization, as well as massive road and energy projects improving connectivity and power supply. Emphasizing the role of the diaspora, Tinubu introduced policies like diaspora bonds to facilitate investments abroad. He closed by acknowledging Nigerians’ sacrifices, reaffirming the administration’s commitment to overcoming challenges, and expressing confidence that Nigeria’s future is bright, inclusive, and full of opportunity.
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