10 notable achievements of Tinubu after two years in office
When President Bola Tinubu came into office on 29 May, 2023, he met an economy that was in a poor state. In this report, Kunle Sanni highlights ten of the current administration’s initiatives to drive development and the progress made so far.
- Economic and Fiscal Reforms
On his inauguration day, Mr Tinubu announced the removal of the long-standing fuel subsidy, aimed at reducing government expenditure and redirecting funds to critical sectors. Although the move led to immediate increases in fuel prices, experts said it was a bold step toward fiscal sustainability.
This decision, fuelled by a commitment to fiscal responsibility and a keen eye on Nigeria’s progress, is a testament to his administration’s dedication to allocating resources effectively and blocking avenues of wastage.
The removal of the fuel subsidy is a bold step towards channelling resources where they matter most – impacting sectors critical to our national development and avoiding wastage through the exportation of the country’s mineral resources.
By redirecting these funds to where they’re necessary, President Tinubu has to bolster key areas such as healthcare, education, infrastructure, humanitarian aid, security and other sectors that directly influence the well-being and prosperity of our citizens.
The decision unified the country’s multiple exchange rates, and it also raised the government’s revenues.
In 2023, according to the National Bureau of Statistics, the 36 states, including the FCT, generated a total revenue of N2.43 trillion as IGR, indicating a growth rate of 26.03% from 1.93 trillion generated in 2022. The removal of fuel subsidies increases internally generated revenue as of 2024, which enables the government to invest more in other valuable sectors.
2. Debt Service Reduction: The percentage of revenue spent on debt service decreased from 97% to 68%, reflecting improved fiscal management. On Wednesday, May 8, 2025, Nigeria was exempted from the list of countries indebted to the International Monetary Fund (IMF), having cleared off the last tranche of its $1.61 billion debt to the multilateral institution.
3. Infrastructure Development
Construction commenced on the 700 km Lagos-Calabar Coastal Highway, intended to smoothen connectivity between the western and southeastern regions of Nigeria.
In May 2024, Tinubu inaugurated the ANOH and AHL Gas Processing Plants, boosting domestic gas supply by 500 million standard cubic feet per day.
The President Tinubu-led administration also oversaw the upgrade of ports in Nigeria. At least four Nigerian ports, including Lekki and Apapa, were upgraded to accommodate very large ships, enhancing maritime trade capacity.
4. Education and Social Welfare
Student Loan Program: The Nigerian Education Loan Fund (NELFUND) was established to provide financial assistance to students pursuing higher education, aiming to increase access and reduce financial barriers.
Data released by the Nigerian Education Loan Fund (NELFUND) show that within just 12 months, the government under the Tinubu-led administration was able to give over 550,000 with a N56.85 billion disbursement as of April 2025.
Tinubu’s administration grants access to education for the poor and middle classes who would not have considered education.
Similarly, an $800 million cash transfer programme was launched to support up to 70 million Nigerians affected by economic reforms, particularly the removal of fuel subsidies.
The administration also announced a monthly N45,000 stipend for technical college students across the country.
Also, the government inaugurated the Alternate Education and Renewed Hope National Home-Grown School Feeding Project, aiming to expand its reach to 20 million out-of-school and informal children by 2026.
5. Energy Sector Reforms
President Tinubu signed the Electricity Act into law, ending the federal monopoly in the power sector and empowering states and private entities to generate, distribute, and transmit electricity.
Nigeria secured over $5 billion in Final Investment Decisions in the oil and gas sector, making it the most attractive destination for such investments in Africa in 2024.
Data revealed that Nigeria secured the first deepwater project in over a decade, the $5 billion Bonga North Field Offshore Field, which produced 350 million barrels of crude oil. This is reflected in Tinubu’s policies to attract international investment.
Also, the key determining factor in bolstering the economic situation is the naira-for-crude policy in the country.
This initiative, experts say, allows local refineries, such as the Dangote Refinery, to purchase crude oil from the Nigerian National Petroleum Corporation Limited (NNPCL) using the Nigerian Naira instead of foreign currencies like the U.S. dollar.
Aliko Dangote, Chairman of the Dangote Group, said the policy could reduce Nigeria’s demand for foreign exchange by up to 40%. The Federal Inland Revenue Service (FIRS) estimates that the policy could save the country approximately $7.3 billion annually in foreign exchange expenditures.
For instance, the initiative contributed to the reduction of petrol prices from ₦950 to ₦890 per litre and further to ₦825 per litre in some regions. In the South-East, South-South, and North-East regions, prices dropped from ₦950 to ₦920 per litre.
The Tinubu administration has recorded notable progress in advancing Compressed Natural Gas (CNG) as a cleaner and more affordable alternative to petrol, particularly in the wake of fuel subsidy removal. Through the Presidential Compressed Natural Gas Initiative (PCNGi), several concrete achievements have been made.
One of the most significant gains is the cost advantage. CNG is now priced at approximately ₦230 per litre, offering consumers up to 70% savings compared to petrol, which currently sells for over ₦600 per litre. This has helped cushion the impact of high transport costs on ordinary Nigerians.
6. International Relations and Climate Action
Within a few weeks of his inauguration, Tinubu was named chairman of the Economic Community of West African States (ECOWAS), a regional political bloc on the continent. This mantle of leadership asserts a strong stance against coups and promotes regional stability.
Under President Tinubu’s leadership, ECOWAS activated a Standby Force to counter-terrorism and allocated $4 million to support frontline member states in their fight against terrorism.
Similarly, in advancing economic integration, six member states were supported in ratifying the WTO Fisheries Subsidies Agreement, and 13 member states ratified the African Continental Free Trade Area (AfCFTA) agreement.
The ECOWAS Interconnected System for the Management of Goods in Transit (SIGMAT) became operational in 12 member states, facilitating smoother trade.
In a related development, the National Council on Climate Change, under Tinubu’s presidency, signed a Memorandum of Understanding with Climate Action Africa to collaborate on strategies for climate action in Nigeria.
7. Economic Indicators
Mr Tinubu was also able to fuel an increase in the Gross Domestic Product. Nigeria’s economy experienced its strongest growth in a decade, expanding by 4.6% year-on-year in the fourth quarter of 2024, driven by fiscal improvements and bold reforms. In 2024 alone, Nigeria achieved a balance of payments surplus of $6.83 billion, reflecting successful economic reforms and increased investor confidence.
The administration has also made significant strides in addressing Nigeria’s debt challenges, notably by eliminating over ₦30 trillion in “Ways and Means” advances from the Central Bank of Nigeria (CBN). These advances, which had accumulated over previous administrations, were cleared through a combination of repayments and securitisation, marking a pivotal move towards fiscal stability.
In his 64th Independence Day address on October 1, 2024, President Tinubu highlighted this achievement, stating that the government had also reduced the debt service-to-revenue ratio from 97 per cent to 68 per cent. This reduction indicates a more sustainable fiscal position, allowing for better allocation of resources to essential sectors.
8. Combating insecurity
Air Marshal Hasan Abubakar, Chief of Air Staff, announced that the Nigerian Air Force (NAF) received two new aircraft this year and expects 49 more to enhance its operations. Over the past year, the NAF flew over 4,500 hours across 2,304 sorties, including nearly 2,000 counterinsurgency missions and over 2,600 anti-banditry sorties, totalling 4,670 flight hours.
Additionally, in support of efforts against economic sabotage, the NAF conducted 366 sorties targeting crude oil theft, accumulating more than 1,450 hours. Between January and May 2025, the Air Component of OPDS executed over 173 missions across key oil-producing states, destroying over 100 illegal refining sites and several transport vehicles.
Vice Admiral Emmanuel Ogalla, Chief of Naval Staff, reported that the Navy delivered three helicopters and three ships while arresting 215 suspects and deactivating 468 illegal refinery sites in the same timeframe.
Recently, Mallam Nuhu Ribadu, the National Security Adviser (NSA), said over 13,543 Boko Haram elements were neutralised in the past two years while over 11,000 arms were recovered and destroyed from the terrorists.
He said 124,408 Boko Haram fighters and their families have surrendered to troops since the coming of this administration. The NSA said despite some setbacks, operations are going on in the Tumbuktu Triangle, Tumbu islands and other enclaves to smoke out the insurgents.
9. Bills signed
In addition to the electricity bill and the student loan bills he signed, President Tinubu also signed several other groundbreaking bills that leverage modern innovation to propel the nation forward.
One of which included the signing of the minimum wage bill that increased public servants’ wages from N30,000 to N70,000—a response to prolonged agitation from labour unions in the country.
Labour unions lauded the increase as a much-needed boost for workers facing rising living costs. However, employers — especially in the private sector — have expressed concerns over the affordability of the new wage.
The president also signed into law a bill seeking to increase the salaries and allowances of judges in the country by 300 per cent.
The judicial office holders’ salaries and allowances bill, which was passed by the Senate in June, will allow the Chief Justice of Nigeria (CJN) to earn N64 million annually.
The president of the Court of Appeal will be entitled to an annual salary package of N62.4 million, and justices of the Supreme Court will earn N61.4 million.
Another bill signed by the president is the establishment of development commissions for regional advancement. This initiative not only contributes to regional growth but also ensures that these commissions operate under the newly restructured Ministry of Niger Delta, now rebranded as the Ministry of Regional Development.
10. Over $50.8 billion worth of Memorandums of Understanding (MoUs)
Since assuming office, President Tinubu has overseen the signing of over $50.8 billion worth of Memorandums of Understanding (MoUs) across critical sectors including energy, agriculture, ICT, education, transportation, healthcare, and defence. These agreements span a wide array of partners—traditional allies and emerging economies alike—reflecting a diversified, strategic, and pragmatic diplomatic approach.
Among the most notable deals is a $14 billion investment commitment secured from Indian investors during the G20 Summit in September 2023, covering sectors such as ICT, power, steel, agriculture, and defence. In October 2023, the China Belt and Road Forum produced MoUs worth $4 billion, including major railway projects, solar energy development, and electric vehicle technology.
In August 2024, Nigeria signed a landmark $25 billion gas pipeline deal with Equatorial Guinea for the Gulf of Guinea Gas Pipeline Project, the single largest MoU under Tinubu’s tenure. Germany committed $2 billion toward the revival of the Nigeria-Siemens power project and other bilateral energy agreements. The I-DICE digital and creative economy initiative attracted $600 million from France, aimed at youth entrepreneurship and innovation.
Other major deals include a $500 million LNG export agreement with Germany, $477 million worth of MoUs with the United States covering power, agriculture, and governance, and $500 million secured in gas development cooperation with Russia. Additional MoUs with the Netherlands, Sweden, South Korea, Brazil, the UAE, and Qatar further strengthened Nigeria’s global footprint.
These foreign engagements are not symbolic; they reflect a shift toward deal-driven diplomacy that aligns directly with Nigeria’s Renewed Hope Agenda. From job creation and energy access to technological development and food security, these MoUs are designed to deliver real economic benefits to Nigerians.
President Tinubu’s foreign policy doctrine, built on pillars of democracy, development, demography, and diaspora engagement, is now yielding measurable results. With over $50 billion mobilised through strategic international partnerships, the administration has signalled Nigeria’s re-emergence as a serious and reliable player on the global stage.
The President of the Senate, Senator Godswill Akpabio, thanked President Tinubu for tackling security challenges in the country. He said the president has streamlined and strengthened internal security. Akpabio said there are no longer cases of terrorists taking over territories and hoisting alien flags by Boko Haram.
In his speech, while moving a vote of confidence to adopt the president as the sole candidate of the party in 2027 at the event, the Imo State governor, Sen. Hope Uzodimma, who spoke on behalf of the 22 governors of the party, acknowledged that in spite of the complexity of the security challenges, “progress is evident”.
