President Bola Tinubu takes center stage as he pushes Nigeria toward an ambitious economic recovery plan aimed at slashing inflation from 34% to 15% by 2025. Tanimu Yakubu, Director General of the Budget Office, firmly stated that the president’s reforms are already setting the stage for a significant turnaround. Speaking on Arise Television, Yakubu highlighted clear and actionable strategies that the government is implementing to address inflation and stabilize the economy.
First, the administration is revolutionizing Nigeria’s petroleum sector. With the Dangote Refinery fully operational and additional smaller refineries supporting local production, Nigeria is rapidly reducing its reliance on imported fuel. As a result, the naira is gaining stability, while fuel prices begin to drop, directly easing the burden on millions of Nigerians. This change marks a crucial step toward reducing living costs nationwide.
Meanwhile, Tinubu is prioritizing agriculture to combat skyrocketing food prices. By improving security in previously unsafe regions, the government has enabled thousands of farmers to return to their fields. This progress has set the stage for a bumper harvest, which Yakubu believes will flood the market with produce. Consequently, hoarders will lose their grip on food supply, forcing them to sell stockpiles at significantly reduced prices.
In addition to addressing food and fuel challenges, Tinubu’s administration has allocated N120 billion to transform public healthcare. The government is delivering free and subsidized medications to public hospitals, targeting life-threatening illnesses like HIV and tuberculosis. By reducing healthcare expenses for vulnerable Nigerians, this initiative will alleviate economic pressure on households while contributing to inflation control.
To further strengthen the economy, Tinubu is attracting foreign investments. Yakubu revealed that confidence in Nigeria’s economy is climbing, with export revenue from refined petroleum products poised to bolster foreign reserves, currently at $42 billion. At the same time, the government is ramping up crude oil production, aiming to surpass 2.6 million barrels per day by 2025. This surge will significantly increase revenue and improve Nigeria’s standing in global markets.
Moreover, the president is tackling inefficiencies in crude oil production. By slashing the high costs associated with oil extraction, Tinubu ensures that Nigeria earns more from its exports. These targeted reforms position the country for long-term economic gains.
In a parallel move, the administration is preparing to rebase Nigeria’s GDP—a critical exercise delayed for over a decade. Yakubu explained that updating economic data will uncover untapped opportunities, provide a clearer picture of Nigeria’s financial health, and attract further investment.
While critics argue that similar promises have fallen short in the past, Yakubu countered these concerns with confidence. He emphasized that Tinubu’s leadership is action-oriented and already delivering measurable results. “This administration is not about empty promises; it is about implementation,” Yakubu asserted.
As 2025 approaches, Nigerians are watching closely. Tinubu’s bold strategies, coupled with swift implementation, could redefine the country’s economic trajectory. With these reforms in motion, the stakes are higher than ever, and the coming year could mark the moment Nigeria begins its long-awaited recovery.