FG to Implement More Reforms to Strengthen Economy, Says Tinubu

President Bola Tinubu has revealed plans to implement more reforms to strengthen the economy and end opaque waivers to pave the way for the nation’s growth.

Tinubu spoke at the second anniversary speech on Thursday, noting that his administration has implemented various reforms to restore and reinvigorate the national economy and strengthen the social fabric as a strong and united country.

The Nigeria Customs Service said waivers and concessions cost the nation N1.3 trillion in 2023 and N1.6 trillion. Various controversial waivers and concessions were granted to certain companies during the Goodluck Jonathan and the Muhammadu Buhari’s administrations.

Tinubu said inflation has begun to ease, with rice prices and other staples declining.

“The oil and gas sector is recovering; rig counts are up by over 400% in 2025 compared to 2021, and over $8 billion in new investments have been committed. We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks,” he said.

Tinubu said his administration has discontinued Ways & Means financing, which has been a major contributor to high and sticky inflation. The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account, he said, noting that his government is achieving fuel supply security through local refining.

“In 2025, we remain on track with our fiscal targets. Gross proceeds per barrel from crude oil are broadly aligned with our forecasts as we intensify our efforts to ramp up production. Our fiscal deficit has narrowed sharply from 5.4% of GDP in 2023 to 3.0% in 2024. We achieved this through improved revenue generation and greater transparency in government finances. In the first quarter of this year, we recorded over N6 trillion in revenue.”