Tinubu: A Presidency of Bold Decisions

By Kayode Oladele

President Bola Ahmed Tinubu recently marked the second anniversary of his administration on May 29, 2025. It was more than a ceremonial milestone; it was indeed, a moment for reflection on bold reforms, economic recalibration, and a clear vision for national renewal marked by tough decisions. Whether one views his leadership as bold or brash, it is undeniable that his administration has broken with the past in significant ways.

Two years into a four-year mandate, Tinubu’s presidency has delivered controversial yet consequential policies that have redefined Nigeria’s political and economic landscape. While it may not be possible to chronicle and exhaust the achievements and impacts of his administration over the past two years in just one paper, I will summarize a few of his most important accomplishments from my point of view.

From day one, President Tinubu signaled that his administration would not shy away from long-delayed but necessary reforms. At his inauguration at Eagle Square in 2023, he announced the immediate removal of the fuel subsidy — a policy that had drained the nation’s coffers for decades. Though politically risky and initially painful for the masses, the move was a watershed moment.
For years, successive governments acknowledged the need to end fuel subsidies that only benefited a select few but lacked the political will to act. Tinubu, in contrast, acted swiftly. The results are already evident: an end to perennial fuel scarcity, rising local refining capacity, and renewed investor confidence in the downstream oil sector. Most significantly, trillions of naira once lost to subsidy payments are now redirected to vital infrastructure, education, and social welfare.

Alongside subsidy removal came another major policy shift: the unification and deregulation of Nigeria’s foreign exchange system. This move ended years of dual exchange rates and rampant arbitrage. Though it triggered a temporary spike in inflation, the policy has stabilized the external sector and attracted significant foreign investment.
According to the Central Bank of Nigeria (CBN), Nigeria recorded a balance of payments surplus of $6.83 billion in 2024 — a sharp turnaround from the deficits of $3.3 billion in the two previous years. The oil and gas sector alone has attracted over $80 billion in investment since the reform, underscoring renewed investor confidence.
The World Bank estimates that these twin reforms — subsidy removal and FX liberalization — could save the Nigerian economy over ₦21 trillion between 2023 and 2025. For a country long hobbled by debt and dependency, these are transformative numbers.

President Tinubu’s administration has also focused on building human capital through education and financial inclusion. The establishment of the Nigerian Education Loan Fund (NELFUND) has expanded access to tertiary education, easing the financial burden on students and families. In just two years, 22 new universities have been approved and 11 private institutions licensed — a record in recent history.
The administration is also pushing for a new direction in technical education. Science schools across the country are being converted into technical colleges to equip students with practical, employable skills. The government has partnered with organizations like Cisco to train lecturers and build Nigeria’s digital and technical workforce.
To further empower businesses and drive grassroots economic growth, the National Credit Guarantee Company (NCGC) was recently inaugurated. Backed by ₦100 billion in government capital and supported by the World Bank, the NCGC aims to expand credit access to micro, small, and medium enterprises (MSMEs), manufacturers, and consumers by providing loan guarantees to lenders. The full rollout is expected later this year.

The administration’s establishment of the Nigeria Education Loan Fund (NELFUND) represents a major step in democratizing access to higher education. By providing student loans, it eases the financial burden on families and empowers students to pursue their academic goals. Additionally, Tinubu approved 22 new universities and granted provisional licenses to 11 private institutions, expanding tertiary education access nationwide.
In technical education, a strategic conversion of science schools into technical colleges aims to equip Nigerian youth with hands-on skills. In collaboration with organizations like Cisco Academy, lecturers are being trained to improve digital and vocational competencies.

The launch of the National Credit Guarantee Company Limited (NCGC) marks a pivotal initiative for small businesses. With an initial capital of N100 billion, the NCGC aims to facilitate credit access for MSMEs, manufacturers, and individuals by guaranteeing loans, reducing risk, and encouraging lending. Backed by technical assistance from the World Bank, the NCGC is set to commence full operations next month and is expected to drive entrepreneurship, industrialization, and job creation.

Tinubu has halted the controversial Ways and Means advances from the Central Bank—government overdrafts that had previously ballooned Nigeria’s public debt. This reform promotes fiscal discipline and aligns with global best practices for central bank independence. Moreover, Nigeria’s debt service-to-revenue ratio has improved significantly, dropping from 97% to around 62%. These gains offer more flexibility to invest in essential services like health, education, and infrastructure.

A flagship project under Tinubu’s administration is the Lagos-Calabar Coastal Highway, a 700-kilometer route linking nine coastal states. With the first 30-kilometer stretch commissioned on May 31, 2025, the project promises to enhance connectivity, promote tourism and commerce, and contribute an estimated $12 billion annually to Nigeria’s GDP upon full completion. Slated for completion by 2031, sections of the highway are expected to be finished as early as January 2026, according to Minister of Works, Senator Dave Umahi.

In a bid to promote inclusive growth, Tinubu established six regional development commissions, each tailored to address the unique socio-economic challenges of Nigeria’s geopolitical zones. These bodies are expected to catalyze regional infrastructure projects, job creation, and welfare programs.

President Tinubu’s administration, within just two years, has delivered a range of structural reforms, economic stabilization efforts, and infrastructural milestones. His Renewed Hope Agenda is gradually reshaping Nigeria’s socio-economic landscape. These reforms are not without pain, but they represent essential steps in correcting decades of fiscal mismanagement and policy inertia.
As Nigeria navigates its complex developmental journey, the challenge remains for both federal and state actors to act responsibly, prioritize the people, and contribute meaningfully to national growth and development. For President Tinubu, the first two years have laid a bold foundation; the next two years, particularly, his second term in office will determine the endurance of his legacy.

*Oladele is a member of the Federal Character Commission and an APC Chieftain from Ogun State