By Senator Dr. George Akume/
As 2025 gains momentum, the Renewed Hope Agenda is in full swing. In less than two years, President Bola Ahmed Tinubu, GCFR, has initiated bold economic reforms, laying the foundation for sustained national growth. Tangible progress is evident across multiple sectors, demonstrating the administration’s commitment to transformation.
1. Restoring Economic Stability
We are taking decisive steps to curb inflation and restore credibility to Nigeria’s monetary framework. By overhauling the foreign exchange regime, we have transitioned from an opaque system of preferential allocations to a transparent, market-driven mechanism, ensuring efficiency and economic stability.
2. Fuel Subsidy Removal & Fiscal Redirection
The era of fuel subsidies is over. The benefits of deregulation are becoming increasingly clear, as a market-driven petrol pricing system strengthens the economy. Funds previously wasted on subsidies are now channeled to subnational governments, driving grassroots development.
3. Advancing Agriculture & Food Security
Structural reforms in agriculture are a top priority to enhance food production and security. These efforts are aimed at boosting food supply, reducing inflationary pressures, and ensuring affordability, benefiting all Nigerians.
4. Expanding Electricity Access
Nigeria plays a critical role in Mission 300, the World Bank-backed initiative to provide electricity to 300 million people. Recognizing that power infrastructure is fundamental to economic growth and industrial expansion, we remain committed to electrifying all of Nigeria before the administration’s tenure ends.
5. Creating a Business-Friendly Environment
Investor confidence in Nigeria is rising as we enhance the Ease of Doing Business Index through business-friendly policies. Our focus is on attracting sustainable investments, fostering private-sector-led growth, and strengthening economic resilience.
6. Strengthening Fiscal Governance
We have introduced key fiscal reforms, including the automation of the Import Duty Exemption Certificate (IDEC) process, while strengthening trade and tariff mechanisms. Additionally, a harmonized tax reform bill is currently before the National Assembly to streamline taxation.
7. Pro-People Tax Reforms
The proposed tax reform bill will exempt essential goods—such as food and medicine—from VAT, reducing the cost burden on households. With 82% of Nigerians benefiting from this move, while only 18% of goods will see price adjustments, this policy strikes a balance between revenue generation and public welfare.
8. Boosting Manufacturing & MSME Growth
To reposition Nigeria’s economy, we are working closely with entrepreneurs and MSMEs. The FGN Loan Scheme for MSMEs and Manufacturing Enterprises, launched last year, provides critical financial support, ensuring the growth of small businesses and the expansion of the manufacturing sector.
9. Casual Jobs Scheme & Informal Sector Empowerment
The Casual Jobs Scheme is a strategic initiative targeting employment within 10 SME clusters, including fashion, beauty, and artisanry. This program empowers the informal sector, creating sustainable livelihoods for millions.
10. Strengthening Social Intervention Programs
We have restructured and streamlined social intervention programs to enhance efficiency and transparency. A new management team has been instituted, and funding has been released to resume suspended programs, ensuring continuity in social welfare.
11. Enhancing Security & Military Readiness
While security challenges persist, the administration has increased military spending and prioritized police reforms. Significant progress has been made in the fight against insurgency through enhanced collaboration between the military and security agencies.
12. Digital Transformation in Immigration & Internal Affairs
Nigeria’s immigration system has been revolutionized with the launch of a Technology Innovation Complex, a state-of-the-art data center equipped with visa and passport processing capabilities. This initiative enhances security, streamlines immigration processes, and makes Nigeria more attractive to investors.
Beyond these achievements, several major initiatives are in the pipeline, including the Unemployment Benefits Scheme, set to launch soon, which will provide relief and support to millions of unemployed youth across the country.
President Tinubu is not just making promises—he is delivering real change. His bold economic reforms are translating into actionable strategies that drive progress. Now, more than ever, Nigerians must support him to ensure the success of the Renewed Hope Agenda.
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