The President said that under the Renewed Hope Agenda, his administration pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift Nigerians out of poverty.
He, however, said that in spite of the high cost of living, the economy had made undeniable progress.
“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 per cent in 2025 compared with 2021, and over 8 billion dollars in new investments have been committed.”
According to the President, the country’s fiscal deficit has narrowed sharply from 5.4 per cent of GDP in 2023 to 3.0 per cent 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.
“The NNPC is no longer burdened by unsustainable fuel subsidies, it’s now a net contributor to the Federation Account. We are also achieving fuel supply security through local refining.
“While foreign exchange revaluation pushed our debt-to-GDP ratio to around 53 per cent, our debt service-to-revenue ratio dropped from nearly 100 per cent in 2022 to under 40 per cent by 2024.
“We paid off our IMF obligations and grew our net external reserves by almost 500 per cent from 4 billion dollars in 2023 to over 23 billion dollars by the end of 2024.
“Thanks to our reforms, state revenue increased by over N6 trillion in 2024, ensuring that subnational governments can reduce their debt burden, met salaries and pension obligations on a timely basis, and invest more in critical infrastructure and human capital development,” the President said.(NAN)
