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President Tinubu Delivers Midterm Address, Highlights Economic Reforms and National Progress

By Achimi muktar

Two years into his administration, President Bola Ahmed Tinubu has declared that Nigeria is finally turning a corner after a turbulent economic stretch, promising that “the worst is behind us” and the nation is on course to becoming a globally competitive powerhouse.

In a candid and wide-ranging midterm speech delivered on May 29, 2025, President Tinubu addressed the nation from Aso Rock with a mix of gratitude, resolve, and an optimistic vision for the future.

"We’re Not Where We Want to Be, But We’re Not Where We Used to Be"

Marking the halfway point of his term, Tinubu acknowledged the tough calls made early in his administration—including the scrapping of fuel subsidies and unifying foreign exchange rates. He described these moves as painful but necessary “lifelines” to save the country from total economic collapse.

"Decades of fuel subsidies and multiple exchange windows were no longer sustainable. They were choking our future," he said. "We had to act decisively or risk plunging deeper into crisis."

Reforms That Are “Starting to Work”

While inflation and the cost of living have spiked in recent months, the President insisted that key indicators are beginning to trend positively. He highlighted progress such as:

A sharp reduction in fiscal deficit—from 5.4% of GDP in 2023 to 3.0% in 2024

Over N6 trillion revenue generated in Q1 2025

Foreign reserves growing fivefold to over $23 billion

State revenues rising enough to clear backlogs of salaries and pensions

A boost in crude oil output and foreign investment commitments worth $8 billion

"The economy is stabilising," he said. "Our reforms are restoring confidence, and Nigeria is now better positioned to absorb global shocks."

Ending the Tax Chaos and Fueling Growth

Tinubu spotlighted his tax reform agenda as one of the most significant achievements of his administration so far. The tax-to-GDP ratio jumped from 10% to 13.5% in just one year, due to sweeping changes that he says made the system more “fair, efficient, and growth-oriented.”

Among the changes:

0% VAT on essential goods like food, healthcare, and education

Full VAT exemption for rent, public transport, and renewable energy

Scrapping of wasteful tax waivers in favour of strategic incentives for agriculture, manufacturing, and tech

The creation of a Tax Ombudsman to protect low-income earners and small businesses

These reforms, he said, are meant to grow the formal economy, empower digital workers and entrepreneurs, and “make prosperity inclusive.”

Youth & Health: Investing in the Next Generation

President Tinubu also devoted a significant portion of his speech to youth empowerment and human capital development. Under initiatives like Innovate Naija, Irrigate Nigeria, and Renewable Energy Parks, he said, thousands of jobs are being created while laying a foundation for future industrialisation.

At NASENI, the administration is assembling electric vehicles, training female drone engineers, and launching rapid diagnostic kits—all driven by young Nigerians.

In health, more than 1,000 Primary Health Centres have been revitalised, 5,500 more are underway, and 3 out of 6 new cancer centres are ready. Free dialysis, free C-sections, and expanded health insurance are helping reach the underserved.

Security: “We Are Reclaiming Our Land”

Security remains a priority, and while challenges persist, Tinubu said progress is being made. He praised security forces for reclaiming territory in the northwest and restoring order to previously lawless regions.

“Farmers are returning to their fields. Roads once feared are now safe again. We will not rest until every Nigerian can live without fear,” he vowed.

Big Bets on Roads, Power, and Food Security

Agriculture and infrastructure remain pillars of the Renewed Hope Agenda. Tinubu announced:

Thousands of tractors and inputs delivered to farmers

Massive federal road construction across all six geo-political zones

Investments in off-grid solar and upgrades to generation/transmission networks

Progress on iconic projects like the Lagos-Calabar Coastal Highway and Second Niger Bridge access roads

Diaspora and Culture on the World Stage

Looking outward, Tinubu announced the upcoming Motherland Festival, a global celebration of Nigerian culture, tourism, and innovation aimed at strengthening diaspora ties.

With initiatives like the Diaspora Bond and non-resident BVN, the government wants to ease investment pathways for Nigerians abroad.

The Bottom Line: Hope is Returning

As the country crosses the halfway mark of his administration, Tinubu called on Nigerians to stay the course.

“Our direction is clear. The real impact of our policies is taking hold. The journey is not over, but the future is bright,” he said.

Ending on a hopeful note, he affirmed, “Together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”