Hassan Faruk
President Bola Ahmed Tinubu’s administration, marking two years since his inauguration on May 29, 2023, has embarked on a bold reform agenda aimed at revitalizing Nigeria’s faltering economy, overhauling governance structures, and bolstering security.
As a State House correspondent for Liberty Media Group, this report reviews the most impactful highlights of President Bola Ahmed Tinubu under the “Renewed Hope” Agenda.
ECONOMIC STABILISATION THROUGH SHOCK THERAPY
From the very onset of his administration, President Tinubu undertook sweeping reforms aimed at correcting long-standing fiscal imbalances:
Fuel and Electricity Subsidy Removal
On his first day in office, Tinubu scrapped fuel subsidies—previously costing Nigeria over $10 billion annually—and pared back electricity subsidies. This fiscal pivot aimed to reinvest savings into infrastructure, health, and education.
Currency Unification & Naira Float
He swiftly unified the Nigerian Naira’s multiple exchange rates and floated the currency, enhancing investor confidence and narrowing the gap between official and parallel market rates. These measures halved the fiscal deficit—from 5.4% of GDP in 2023 to roughly 3.0% in 2024—and by 2024, Nigeria recorded a $6.83 billion balance-of-payments surplus, compared to persistent deficits of the previous years.
Growth in Reserves, Oil & Tax Revenues
Foreign reserves surged past $40 billion, with oil production climbing to 1.5–1.6 million barrels daily. Tax and non-oil revenue also surged—Government receipts rose over ₦9 trillion in early 2024.
“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” – President Tinubu.
TARGETED SOCIAL RELIEF & FINANCIAL INCLUSION
Recognizing the immediate hardship caused by reforms, the Tinubu administration launched a suite of interventions for vulnerable Nigerians:
Direct Cash Transfers & Wage Awards
Civil servants received ₦35,000 monthly wage boosts for six months. Conditional cash transfers reached 15 million households; nano-business grants of ₦50–₦75 billion were disbursed.
Student Loan Fund & Consumer Credit Scheme
Over 200,000 students have benefited from interest-free NELFUND loans (~ ₦32.8 billion). The Consumer Credit Corporation mobilized over ₦200 billion for citizens to access goods and services upfront.
Committed to Education & Healthcare
Tinubu also passed the Student Loans Act, and signed data protection and electricity reforms. Health funding of $2.5 billion—via Basic Health Care provisions—expanded primary healthcare coverage, with plans to grow PHCs from 8,800 to 17,618.
INFRASTRUCTURE: CONNECTING NIGERIA
Major construction projects are changing Nigeria’s landscape:
Second Niger Bridge & Lagos‑Calabar Coastal Highway
The 11 km Second Niger Bridge officially opened in May 2023, enhancing connectivity to South-East Nigeria . Work commenced on the 700 km Lagos‑Calabar Coastal Highway in March 2024, with its first 30 km segment inaugurated in May 2025.
Roads, Rail & Power Reforms
Tinubu’s FY2025 Budget allocated over ₦2.5 trillion for roads, including Lagos‑Calabar and Second Niger access ways. Legislative reforms via the Electricity Act decentralised power generation, boosting private and State-level energy projects.
Urban Transit Uplift
The Abuja Light Rail was relaunched in May 2024, and Lagos continued rail expansion—with the Red Line launched in February 2024, under presidential auspices.
ENERGY, GAS & ENVIRONMENTAL INITIATIVES
To diversify from oil dependency and reduce transport-burning costs:
Compressed Natural Gas (CNG)
Over 100,000 vehicles were converted to CNG; plans set to convert 1 million vehicles over three years—saving ₦2 trillion monthly on fuel and cutting emissions.
Oil & Gas Sector Investment
Over $5 billion in final investment decisions flowed into Nigeria’s oil and gas sector in 2024. An Executive order unlocked $10 billion more for investment.
GOVERNANCE: DECENTRALISATION, SECURITY & POWER TO THE PEOPLE
Tinubu’s governance reforms have strengthened grassroots democracy and improved security:
Local Government Autonomy
A Supreme Court ruling in July 2024 guaranteed local governments direct fiscal access—bypassing State authorities—empowering communities.
Security Enhancements
Massive investment (₦2.1 trillion) and reformed agencies led to the neutralisation of over 8,000 terrorists/bandits and the rescue of 8,000 kidnapping victims. A UK-backed anti-kidnap fusion cell was established.
Institutional Reforms
The administration reinforced financial integrity by suspending and replacing the CBN governor and deploying policies to curb monetary indiscipline.
DIPLOMACY & INVESTMENT MOMENTUM
President Tinubu has aggressively courted foreign capital:
FDI Gains & G20 Profile
Foreign direct investments (FDI) saw significant growth— $14 billion in pledged Indian investment in 2023, over $30 billion secured by early 2024. Nigeria’s ascension to G-20 underscores its elevated international role.
Investor Sentiment
With macro-economic stabilisation, investor confidence surged—Naira climbing 7% against the dollar since November 2024; yields of up to 25% on local bonds, making Nigeria a frontier market darling.
CHALLENGES AHEAD: INFLATION & RESILIENCE TESTING
Despite these milestones, challenges persist. Inflation remains at historic highs, hovering between 23–34%, driven largely by food prices. While Tinubu’s fiscal blueprint laid a foundation, critics warn that without targeted interventions at State and agricultural levels, ordinary Nigerians will continue to feel the pinch.
CONCLUSION: TWO YEARS IN, A NATION AT THE CROSSROADS
President Tinubu’s first two years have laid bare a disciplined, albeit controversial, reform regime—one that has ended decades of subsidy dependency, stabilised macro-economics, reignited infrastructure projects, and reconfigured governance. The bold thrust towards fiscal responsibility and decentralised power stands in stark contrast to Nigeria’s recent past.
However, the burning question remains: Can the pendulum swing from immediate reform shock to inclusive, sustainable growth and rising living standards?
As he embarks toward 2027, Tinubu must deliver on social welfare, inflation control, and security—ensuring that Nigeria’s “Renewed Hope” resonates not just in boardrooms or bond yields, but in the homes of everyday Nigerians.
