President Bola Tinubu marked his second anniversary in office on May 29, 2025, reflecting on the reforms implemented since assuming office on May 29, 2023.
Tinubu emphasised the necessity of removing petrol subsidies and unifying the foreign exchange window, stating that these policies were strangling Nigeria’s future.
“The economic and general situation of the country I inherited required that we redirect the country’s affairs with a bold and new vision,” Tinubu said.
He implemented two key policies to halt the country’s downward spiral: abolishing decades-long fuel subsidies and corruption-ridden multiple foreign exchange windows.
“The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future,” the President explained.
The removal of petrol subsidies led to a significant price increase from N200 to around N1,000, and the naira depreciated from $1/N800 to about $1/N1,600.
Economists attribute the resulting inflationary pressure and increased living costs to these reforms.
However, Tinubu asserted that these measures aimed to restore and reinvigorate the nation’s economy and strengthen its social fabric.
Tinubu’s administration introduced a new national fiscal policy to guide fair taxation, responsible borrowing, and disciplined spending.
 “This strategic framework will guide our approach to fair taxation, responsible borrowing, and disciplined spending.
”These reforms are designed to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian,” he said.
The President expressed gratitude to Nigerians for their unwavering support and pledged to tackle socio-economic challenges.
“We are halfway through the journey that began 24 months ago. Today, May 29, 2025, offers our administration the opportunity to share again how far we have gone and our progress in steering our country along the critical path of socio-economic development,” Tinubu stated.
Tinubu reaffirmed his commitment to confronting Nigeria’s challenges head-on, focusing on rebuilding trust, fostering prosperity, and restoring economic health.
He also pledged to address economic instability, enhance security nationwide, reduce corruption, reform governance, and lift citizens out of poverty ¹.
