Tinubu: We're building the foundation for a stable and prosperous Nigeria




Tinubu: We’re Building the Foundation for a Stable and Prosperous Nigeria



President Bola Tinubu marked his second year in office by highlighting the progress of his administration’s reforms, emphasizing that they are laying the groundwork for a stable and prosperous future for Nigerians.

Speaking on the anniversary of his inauguration on May 29, 2023, Tinubu reaffirmed that his Renewed Hope Agenda is actively tackling the high cost of living, promoting economic fairness, and making Nigeria a more attractive place for investment.

“We are constructing a future that is both stable and inclusive, ensuring that every Nigerian benefits,” he said in a national broadcast.

He acknowledged the difficulties citizens have faced during this period but praised their resilience and continued support, calling it essential in addressing the significant problems inherited from previous administrations.

Reflecting on his early actions in office, Tinubu said bold decisions had to be made to prevent further economic decline. These included ending the long-standing fuel subsidy and overhauling the foreign exchange system—measures he described as unsustainable and harmful to Nigeria’s future.

“If we hadn’t acted swiftly, the country would have spiraled into a full-blown crisis—marked by skyrocketing inflation, unsustainable debt, severe fuel shortages, and economic collapse,” he warned.

He emphasized that the administration is halfway through its term and that key signs of recovery are already visible. Inflation, though still high, is easing, and prices of essential food items like rice are falling. The oil and gas industry has rebounded significantly, with rig activity surging and over $8 billion in new investments.

A major part of the administration’s strategy, Tinubu noted, is a long-term fiscal policy focused on fair taxation, prudent borrowing, and responsible public spending. A Tax Ombudsman will also be established to protect small businesses and vulnerable taxpayers, reinforcing fairness and transparency in the system.

To support young Nigerians, Tinubu mentioned a more favorable tax environment for digital jobs and remote work, along with incentives to help local businesses compete globally. The National Single Window initiative is also helping reduce red tape in international trade and improving Nigeria’s global competitiveness.

On public finances, he reported strong progress:

  • Fiscal deficit dropped from 5.4% of GDP in 2023 to 3.0% in 2024 due to better revenue collection.
  • The NNPC is now contributing positively to government coffers, thanks to subsidy removal and better refining capacity.
  • Debt metrics have improved, with emergency borrowing curbed and debt servicing costs significantly reduced.
  • Foreign reserves grew from $4 billion in 2023 to over $23 billion by the end of 2024.
  • State governments have received over N6 trillion more, helping them pay salaries, pensions, and invest in infrastructure.

Tinubu also detailed reforms in revenue policy aimed at widening the tax base while protecting low-income households. The tax-to-GDP ratio rose from 10% to 13.5% in a year. Burdensome levies on small businesses are being scrapped, and VAT exemptions now cover essentials like food, rent, education, transport, and healthcare—putting more money into citizens' hands.

In conclusion, President Tinubu reaffirmed his commitment to reform, stating that the path is challenging but necessary for long-term national growth.

“We are seeing the results. The economy is stabilizing. Together, we are shaping a better future—one where opportunity is shared and progress is inclusive,” he declared.


Comments

Post a Comment

Popular posts from this blog

Labour Party Lawmakers as an Appendage to APC Majority Lawmakers: A Huge Question Mark on Peter Obi’s Leadership

Image
  The Labour Party (LP) made an unprecedented impact in the 2023 general elections, largely due to the influence of Mr Peter Obi and the Obidient movement. Before then, it was almost unthinkable for a third-force party to achieve significant electoral success in Nigeria. However, against all odds, the LP secured eight senatorial seats and 34 seats in the House of Representatives as of March 7, 2023. Among those elected were individuals from humble backgrounds, including a former commercial motorcyclist and a motor park loading agent, further reinforcing the movement’s appeal to ordinary Nigerians. Labour Party’s Crisis and the Loss of Legislative Influence To the disappointment of many supporters, the Labour Party is currently experiencing severe internal disarray. At least one senator and five members of the House of Representatives have defected to the ruling All Progressives Congress (APC). Even more concerning is that the remaining LP lawmakers in the National Assembly appear ...
Read more

Chief Priest holds his First-Ever Stage Performance at his birthday party in Owerri

Image
Chief Priest’s First-Ever Stage Performance: A Night of Emotions, Gratitude & Celebration in Owerri Owerri, the heart of Eastern Nigeria, witnessed a night of history, emotions, and gratitude as celebrity businessman and socialite, Cubana Chief Priest , took the stage for his first-ever live performance —and it happened on his own birthday. The event, which was packed with fans, celebrities, and well-wishers, was more than just a celebration of another year; it was a heartfelt tribute to his roots, his supporters, and a dear friend he lost. A Moment of Silence for Ifeanyi Ubah Before the music, before the cheers, before the energy hit the roof, Chief Priest paused the night with an emotional tribute. The entire venue fell silent as he led a minute of silence for his late friend, Ifeanyi Ubah . The bond they shared was well known, and this moment was a reflection of how much he still carried the weight of the loss. Owerri: The City of His Beginnings As the night moved forward,...
Read more

Forbidden Flames.... Torchlight for Twilight.

Image
By Ogbu A.M. The traffic buzzed outside their Lekki apartment as Emeka sat quietly in the living room, his eyes fixed on his phone, though his mind was miles away. Lagos had a way of wearing people out—but nothing had worn him down like what he’d just learned. His best friend, Charles, had dropped the bomb casually while they shared beers at a bar in Victoria Island. "Guy, I no dey try cause wahala, but I think say you suppose know wetin your wife dey do. Ngozi talk say Chioma dey knack her oga for office. That Ndubisi guy." It had hit Emeka like a slap. For days, he pretended he hadn’t heard it. But now, as he watched Chioma humming in the kitchen, moving gracefully like nothing was wrong, he knew Charles wasn’t lying. Her phone was always face-down. Late meetings. A new perfume. The soft smile she had when she texted someone she wouldn’t name. And then there was Ngozi—Chioma’s younger sister. She had moved in temporarily while job-hunting, according to Chioma. Young, v...
Read more