May 29 Speech: We Are Laying Foundation For Sustainable Future, Says Tinubu
Tinubu: Reforms Laying Groundwork for Sustainable, Prosperous Nigeria
President Bola Tinubu has stated that the policy reforms enacted since his inauguration two years ago are establishing the foundation for a stable, prosperous future for all Nigerians. Speaking during a nationwide address on Wednesday to mark the second anniversary of his administration, Tinubu said the “Renewed Hope Agenda” is delivering economic justice, easing the cost of living, and building an investment-friendly environment designed to support every citizen.
“We are laying the foundation for a more sustainable future,” Tinubu said, adding that his government is working toward shared prosperity where “no one is left behind.” Elected on May 29, 2023, Tinubu praised Nigerians for their resilience and unwavering support during what he described as two turbulent years. He noted that their collective strength has been key to confronting long-standing challenges.
“Fellow Nigerians, as we mark the second anniversary of our administration, I salute your resilience and undaunted spirit,” he said. “Together, we have faced these headwinds with courage and determination.”
The President reaffirmed that his administration had no choice but to implement sweeping reforms early on, notably the removal of fuel subsidies and the unification of multiple exchange rates—two measures he described as necessary to avert a looming fiscal crisis.
“These policies were a chokehold on our economy. Removing them was essential to preventing a complete economic collapse,” he said.
With the administration now at the halfway mark of its term, Tinubu highlighted what he called measurable progress: falling inflation, rebounding oil sector activity, and improved fiscal performance.
According to the President, the price of essential commodities such as rice is beginning to decline, while the oil and gas industry has witnessed a surge in investment, with rig counts quadrupling since 2021 and new investments exceeding $8 billion.
“These gains have stabilised the economy and positioned it for future growth,” he said.
Tinubu also announced the introduction of a long-term fiscal framework aimed at economic fairness and resilience, while highlighting youth-focused reforms. These include tax incentives for digital enterprises and remote jobs, along with initiatives to boost Nigeria’s global trade competitiveness through projects such as the National Single Window system.
He concluded with a renewed commitment to transparency and reform, insisting that the only alternative to the current path would have been economic collapse. “We do not take your patience for granted,” he said. “The reforms are working. We are on course to building a stronger, more economically stable Nigeria.”