By Muhammad Sulaiman
President Bola Ahmed Tinubu has reiterated his administration’s commitment to inclusive economic growth, declaring that the country’s economic resilience is beginning to yield tangible benefits for citizens across sectors.
Addressing the nation on the second anniversary of his government, President Tinubu described 2025 as a year of fiscal turnaround and recovery, driven by bold reforms under the Renewed Hope Agenda.
“Despite the bump in the cost of living, we have made undeniable progress,” he stated, noting improvements in inflation, food prices, and investor confidence.
A key highlight of the President’s remarks was the government’s aggressive tax reform agenda, which pushed the tax-to-GDP ratio from 10% to over 13.5% within a year. Tinubu explained that this success was made possible by simplifying tax policies and offering relief for low-income households and small businesses.
“We are eliminating the burden of multiple taxation and introducing a fairer tax system. Essential services like food, healthcare, and education will attract 0% VAT,” he announced.
President Tinubu also underscored the importance of sustainable national finances, stating that wasteful and opaque tax waivers had been abolished in favour of targeted incentives supporting high-impact sectors such as manufacturing, agriculture, and technology.
The administration is establishing an independent Tax Ombudsman to ensure accountability. The President says this move will protect small businesses and vulnerable taxpayers.
“We are creating an economy where investment is welcome, businesses can thrive, and every Nigerian can benefit from shared prosperity,” he added.
The President noted that subnational governments had also reaped the benefits of the reforms, with an increase of over ₦6 trillion in state revenues in 2024. This has enabled them to meet debt obligations and invest more in critical infrastructure.
“Our reforms are not just fiscal adjustments. They are about restoring confidence, strengthening institutions, and building a foundation for future generations,” Tinubu concluded.