President Bola Tinubu says Nigeria is on the path to economic recovery as he marks the second anniversary of his administration. He acknowledged the hardships Nigerians have faced but reaffirmed his commitment to long-term reforms under the ‘Renewed Hope Agenda’.
In a statement, the President said reforms were necessary to prevent a fiscal crisis, rising inflation, and a collapse of the economy. He noted progress including a drop in the debt service-to-revenue ratio from nearly 100 percent in 2022 to under 40 percent in 2024.
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He revealed that Nigeria’s external reserves have grown from $4 billion in 2023 to over $23 billion by the end of 2024, while the fiscal deficit has narrowed from 5.4 percent of GDP to 3.0 percent. The President also announced that IMF debt obligations have been cleared.
On tax reforms, Tinubu said multiple taxation is being eliminated to help small businesses grow, while essential items like food, education, healthcare, rent, public transport, and renewable energy are now VAT-exempt. He stressed that the journey is not over but expressed optimism about Nigeria’s future.
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