Tinubu Highlights $8 Billion Oil Investment, 400% Rig Surge in Two-Year Economic Progress Report
President Bola Tinubu has marked his two years in office by emphasizing the significant strides his administration has made in stabilizing Nigeria’s economy and reducing inflation despite ongoing challenges. In a statement released on May 29, 2025, Tinubu credited a series of bold reforms for curbing inflation and positioning the country for sustained growth. He stressed that the difficult economic situation inherited at the start of his tenure required urgent and visionary actions, which his government implemented without hesitation.
Highlighting key achievements, Tinubu pointed to a 400% increase in oil rig counts compared to 2021 and over $8 billion in new investments in the oil and gas sector, which he said is now recovering robustly. He also noted that prices for staples like rice have begun to decline, signaling easing inflationary pressures. These developments, according to the president, are indicators that the Nigerian economy is stabilizing and better prepared to withstand future global shocks.
On fiscal management, Tinubu reported that Nigeria remains on track to meet its 2025 fiscal targets, with the fiscal deficit narrowing from 5.4% of GDP in 2023 to 3.0% in 2024. Revenue generation has improved, highlighted by over N6 trillion collected in the first quarter of 2025. The administration also discontinued Ways and Means financing to curb inflation and removed the fuel subsidy burden from the Nigerian National Petroleum Company (NNPC), transforming it into a net contributor to national revenue.
Tinubu also addressed Nigeria’s debt position, noting progress through improved fiscal discipline. The debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% in 2024, and the government fully repaid a $3.4 billion IMF loan from 2020. Foreign reserves soared by nearly 500% to over $23 billion by the end of 2024, helping to strengthen the country’s financial resilience despite a current debt-to-GDP ratio near 53% due to currency revaluation.
Lastly, the president reaffirmed his commitment to reducing inflation from 34.6% at the start of his administration to 15% by the end of 2025. Recent data from the National Bureau of Statistics showed a decline in inflation to 23.71% in April 2025, down from 24.23% in March, reflecting early signs of success in the government’s economic policies.
Source: Nairametric