Economists and commentators have observed positive indicators regarding Nigeria’s economic growth. Reports suggest that the reforms initiated by President Bola Tinubu since taking office two years ago may be contributing to these outcomes.
According to a World Bank report, the GDP experienced a growth rate of 3.4% in 2024, the highest in a decade. Inflation has decreased to 23.7%. The government is fulfilling its debt obligations, with the Central Bank of Nigeria addressing a foreign exchange backlog of $10 billion. The amount of money the government spends on paying off its debts compared to its total income has improved, dropping from about 100% to less than 60%. This is a positive change. Moreover, the country’s foreign reserves, essential for fostering investor confidence, currently amount to $38 billion.
Just as remarkable is how national revenues have increased exponentially, resulting in unprecedented increases in allocation to sub-nationals. Such growth has been a significant shot in the arm, giving them the much-needed fiscal impetus to fund projects and cater to the welfare of their people. The increased revenue also helps partly finance key infrastructure projects such as the Lagos-Calabar Coastal Road and the Sokoto-Badagry Superhighway. Last week, President Tinubu inaugurated the completed Phase 1, Section 1 (30km by six lanes) of the 750km Lagos-Calabar Coastal Highway.
The progress achieved thus far is commendable; however, there remain important areas for the government to address. The administration faces certain challenges that require attention. While macroeconomic gains are evident, it is essential to translate these improvements into tangible benefits at the microeconomic level. The positive economic indicators should lead to enhanced living standards for a significant portion of our population, particularly in terms of the affordability of essential goods and servicesIt is vital for the government to focus on reducing unemployment and improving safety throughout the country.
However, as I have often argued, President Tinubu’s achievements in two years are not mere happenstance. They did not come by wishful thinking. They result from a bold vision outlined in his Renewed Hope Agenda, uncommon courage, and unrelenting hard work.
This piece explores just two stories that speak to the courage, audacity and determination of President Tinubu to do things differently. The first happened a day before President Tinubu’s trip to Rome, Italy, on May 17, 2025, for the inauguration of Pope Leo XIV. Invited by the new Pope, the President’s decision to attend the event, accompanied by Catholic bishops, was remarkable in the context of the President’s religion and that of his vice-president. In the build-up to the 2023 election, the opposition claimed the two leaders would turn the country into an Islamic state. That did not happen. Instead, they are running an administration that is blind to religion. Christians, Muslims, and adherents of other religious leanings get their dues.
I was at the residence to see the President around 2 pm just after he had performed the diplomatic ceremony of receiving letters of credence from some ambassadors. From that period, he was in his home office, working on files and receiving governors, top government functionaries and other guests who had visited till around 11 pm. Those who visited included Imo State Governor Hope Uzodimma, Secretary to the Government of the Federation Senator George Akume, Attorney-General and Minister of Justice Lateef Fagbemi(SAN), Minister of Solid Minerals Development Mr. Dele Alake, Minister of Marine and Blue Economy and former Osun State governor, Alhaji Adegboyega Oyetola, as well as top businessmen including Alhaji Samad Rabiu of BUA Group. In that long period, the only other thing that went into that office was his lunch. It’s not an isolated pattern. The fact deducible from all this is a bewildering work ethic. President Tinubu works unusually long hours. He devotes virtually all his time to the Nigerian project. So, his success is a product of hard work.
His uncommon courage and audacity are well known. His policy options, particularly removing the unsustainable subsidies on fuel and forex, were things leaders before him found appropriate and desirable if the country was to move forward, but lacked the courage to implement. Fuel subsidies have caused serious problems, including corruption. Different ways to exchange currency allow some people to take advantage of the system. For example, from January to June 2023, the government spent N3 trillion on fuel subsidies, with much of that money going to the oil industry. In the future, it would be wise to find better ways to manage subsidies and currency exchanges. The goal should be to make these systems fairer and more transparent so that resources genuinely support economic growth.
A central theme in this discourse is illuminated by President Tinubu’s response to my inquiry regarding the recent influx of governors, legislators, and prominent leaders from opposing parties into the All Progressives Congress. He stated, “Indeed, they are joining us because they recognize the efficacy of our policies. The economy is on the verge of recovery, and the nation has made significant advancements. Do you believe they would align with our party if my administration were not performing effectively and if our policies were not yielding results?”
President Tinubu is adept at leveraging opportunities to highlight his administration’s achievements. He asserts, “I have every right to take pride in my accomplishments. This is my time to shine.” However, he also acknowledges that the macroeconomic progress his administration has achieved has yet to translate into tangible improvements in the everyday lives and financial well-being of citizens. He spoke of it during the inauguration of Phase 1 of the Lagos-Calabar Coastal Road, where he urged citizens to exercise patience with him.
“I know your expectations are still very high at this stage, and our people are still going through difficult times. I take this opportunity to appeal to all Nigerians that hope is here, and it is realisable,” he said, adding: “You would be proud of the benefits; there is light at the end of the tunnel. Inflation is coming down; we have eliminated the corruption in the exchange rate; the corruption in fuel subsidy is now limited to the barest minimum. It is all for you, the people; we are reducing the cost of manufacturing and encouraging manufacturing locally. We give all incentives for everyone to abide by the principle. May God bless our country; may God bless Lagos State and keep our fighting soldiers safe,” he said.
-Rahman is a Senior Special Assistant to the President on Media & Special Duties.
