Mid-term: President Tinubu says Economy, security improving under his government
President Tinubu has listed his accomplishments during the past two years in power, claiming that he has increased economic growth and enhanced security, as seen by the country’s external reserves, which rose by nearly 500% from $4 billion in 2023 to over $23 billion by the end of 2024.
In addition, the president gave an explanation for his government’s decision to devalue the naira and abolish fuel subsidies in a statement commemorating his halfway term in office.
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However, opposition political groups including; the Peoples Democratic Party (PDP), the Labour Party (LP), and the Coalition of United Political groups (CUPP) rejected Tinubu’s claimed accomplishments, calling his administration the worst the nation has ever seen.
President Tinubu said: ”Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. Together, we have faced these headwinds with courage and determination
“The economic and general situation of the country I inherited required that we redirect the country’s affairs with a bold and new vision. I immediately implemented two necessary policies to stop our country from further drifting into the precipice.
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“It was apparent that if the Federal Government and the other two tiers of government must remain viable and cater to the citizens’ welfare, we must do away with decades-long fuel subsidies and the 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.
“While our administration has implemented reforms to restore and reinvigorate our national economy and strengthen our social fabric as a strong and united country, I must thank my fellow citizens for your unrelenting support and belief in the grand vision we share to uplift our nation and renew our collective hopes and aspirations.
‘’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.
‘’When we embarked on this journey, propelled by a burst of hope and abiding faith in Nigeria’s unity and progress, I made a pledge before God and fellow countrymen and women to confront Nigeria’s challenges head-on by rebuilding trust, fostering prosperity, and restoring our nation’s economic health.
“Under our Renewed Hope Agenda, our administration pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift our people out of poverty.
‘’While implementing the reforms necessary to strengthen our economy and deliver shared prosperity, we have remained honest by acknowledging some of the difficulties experienced by our compatriots and families. We do not take your patience for granted.
“I must restate that the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall. Despite the bump in the cost of living, we have made undeniable progress.
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“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.”
Following this, other opposition parties have disagreed adding that their government would have done a far better job than what the President Tinubu administration was accomplished. Another group stated that President Tinubu’s administration is the worst.
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