…Renewed Hope Agenda working to reduce the cost of living – Tinubu
President Bola Tinubu has said his administration’s reforms over the past two years are laying a sustainable foundation for a more prosperous future for Nigerians, The iNews Times reports.
Tinubu in a nationwide address to Nigerians to mark his second year in office, Tinubu stated that his Renewed Hope Agenda is working to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian.
“We are laying the foundation for a more sustainable future…together, we are creating a system where prosperity is shared, and no one is left behind,” he said.
Tinubu commended Nigerians for their resilience and unwavering support during the turbulent two years, saying their steadfastness had been vital to confronting inherited challenges head-on.
The President highlighted key economic indicators, including a drop in the fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024, and a surge in crude oil receipts.
He also noted that inflation is easing, with prices of basic foods falling, and that the oil and gas sector has rebounded with fresh investments exceeding $8 billion.
“We have remained honest by acknowledging some of the difficulties experienced by our compatriots and families. We do not take your patience for granted,” the president said.
Tinubu President Tinubu Marks Two Years in Office, Highlights Economic Progress
President Bola Tinubu has said his administration’s reforms over the past two years are laying a sustainable foundation for a more prosperous future for Nigerians. In a nationwide address to mark his second year in office, Tinubu stated that his Renewed Hope Agenda is working to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian.
“We are laying the foundation for a more sustainable future…together, we are creating a system where prosperity is shared, and no one is left behind,” Tinubu said.
The President commended Nigerians for their resilience and unwavering support during the turbulent two years, saying their steadfastness had been vital to confronting inherited challenges head-on.
Tinubu highlighted key economic indicators, including a drop in the fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024, and a surge in crude oil receipts. He also noted that inflation is easing, with prices of basic foods falling, and that the oil and gas sector has rebounded with fresh investments exceeding $8 billion.
“We have remained honest by acknowledging some of the difficulties experienced by our compatriots and families. We do not take your patience for granted,” Tinubu said.
The President announced a new strategic framework to guide Nigeria’s long-term fiscal health and fairness, with a focus on fair taxation, responsible borrowing, and disciplined spending. He also revealed plans to establish a Tax Ombudsman to protect vulnerable taxpayers and ensure the system works for everyone.
Tinubu highlighted notable gains in Nigeria’s debt profile, including a reduction in the debt-service-to-revenue ratio from nearly 100% in 2022 to below 40% in 2024. He also reported that IMF obligations have been cleared and external reserves have soared from $4 billion in 2023 to over $23 billion by year-end 2024.
In the area of security, Tinubu said coordination among military, police, and intelligence agencies has improved, leading to recent operations that have reclaimed parts of the northwest from bandits and rescued multiple kidnap victims.
Tinubu also highlighted progress in healthcare, education, and infrastructure development, including the refurbishment of over 1,000 primary health centers and the construction of new roads and highways.
He concluded by acknowledging the sacrifices many Nigerians have made and expressing confidence that the worst is behind the country. “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.”
