President Bola Tinubu on Thursday delivered a hopeful statement as his administration marks its second anniversary in office.
Tinubu, in a statement highlighted his administration’s achievements and disclosed his administration’s goals.
According to him, he is aware that his policies have brought hardship to Nigerians but noted that his administration is “on course to building a greater, more economically stable nation”.
The President reiterated his administration’s commitment to tackling economic challenges, corruption, the country’s secority, reforming governance, and lifting Nigerians out of poverty.
He added that his administration is not taking Nigerians’ patience for granted, while noting that the alternative to his reforms was a “fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall”.
He also Highlighted how his reforms have performed, saying fiscal deficit dropped from 5.4 percent of GDP in 2023 to 3.0 percent in 2024.
Tinubu said debt service-to-revenue ration dropped by almost 100 percent in 2022 to below 40 percent in 2024, net foreign reserves increased by nearly 500 percent from $4 billion in 2023 to $23 billion by the end of 2024, and that IMF obligations have been cleared.
The President said his tax reforms which aimed to end multiple taxation, would protect low-income households and help small business to “grow and join the formal economy”.
He also disclosed how his administration is easing burden on Nigerians by exempting essential goods and products from VAT.
“Essential goods and services such as food, education, and healthcare will now attract 0% VAT,” he said.
“Rent, public transportation, and renewable energy will be fully exempted from VAT to reduce household costs further.”
“Our journey is not over, but our direction is clear. By the Grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold.
“The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”
