As Nigeria marks the second year of President Bola Ahmed Tinubu’s leadership, Lagos State Governor Babajide Sanwo-Olu says the signs of recovery are clear. From transport reforms to foreign investments, the economy is showing real progress.
“Subsidy is Gone” — A Turning Point
Sanwo-Olu pointed to Tinubu’s famous May 29, 2023 declaration, “Subsidy is gone and gone for good”, as the launchpad for bold reforms. That statement, he said, marked a new chapter in Nigeria’s economic story.
Despite early resistance, the decision to end fuel subsidy came at the right time. The President, known for making tough calls, understood the need to act when the moment was right.
To ease the hardship, Tinubu introduced Compressed Natural Gas (CNG) buses. This move cut transport costs and saved over ₦1 trillion monthly, which previously went to petrol and diesel imports.
He also supported states with palliatives, allowing them to protect citizens and reduce economic pressure. These efforts, Sanwo-Olu said, reflect a compassionate approach to governance.
Tinubu moved quickly to unify the foreign exchange system. He allowed the naira to float freely and removed multiple exchange rates. These changes helped stabilize the currency and attracted investment.
While the naira isn’t at full strength yet, the worst decline has slowed. The dollar has also remained stable, giving hope for a gradual rebound.
Sanwo-Olu praised Tinubu’s infrastructure drive. Projects like the Lagos-Calabar Coastal Highway, Sokoto-Badagry Highway, rail lines, and power systems are already changing the investment climate.
Critics doubted the coastal highway, but its swift progress has proved them wrong. Sanwo-Olu said this project alone signals a new era of delivery and determination.
Foreign investors are returning. Tinubu’s administration signed over $500 million in new investment deals. Oil production is climbing again. Several refineries, including Dangote’s, are now running.
The external reserves are growing steadily. Trade surpluses are becoming more frequent. These indicators, the governor said, confirm that Nigeria is back on track.
The administration passed tax reforms to modernize revenue collection. Though some critics labeled them “controversial,” these laws aim to reduce corruption and boost government income.
Tinubu also supports financial autonomy for local governments. Lagos already runs a decentralized council system, and Sanwo-Olu believes national adoption will accelerate grassroots development.
Supporting the Youth and MSMEs
The government has allocated ₦95.6 billion for student loans. It also launched the Consumer Credit Corporation with ₦200 billion to help Nigerians buy essential goods without upfront payments.
Young Nigerians are benefiting from programs like the Digital and Creative Enterprises Initiative, the Nigerian Youth Academy, and the Skill-Up Artisans Programme. These efforts aim to create millions of jobs in tech and skilled trades.
Over ₦570 billion has been released to states to support citizens. About 600,000 small businesses received nano-grants. The government also suspended import duties on rice, maize, wheat, and medical supplies for six months.
To boost agriculture, Nigeria has imported modern farming equipment from the U.S., Belarus, and Brazil. These tools will improve food production and reduce prices.
Government revenue rose by ₦9.1 trillion in the first half of 2024 compared to 2023. The debt service-to-revenue ratio dropped from 97% to 68%. Around 240,000 jobs were created through Micro, Small, and Medium Enterprises.
Large manufacturers received ₦1 billion each to expand. The national minimum wage now stands at ₦70,000, even higher in Lagos.
Sanwo-Olu noted the wave of political defections to the APC. These shifts, he said, show that more Nigerians are recognizing the administration’s sincerity and direction.
Security challenges remain, but the President’s team continues to act decisively. Sanwo-Olu expressed confidence that insurgents and criminals will be defeated in due time.
While not every problem is solved, he said the country is on the right path. “Since May 29, 2023, the train of progress has left the station,” Sanwo-Olu concluded. “It is moving toward a better destination.”
He urged Nigerians to focus on facts, not distractions. “Look around, the signs are clear. The economy is healing, and we must stay the course.”
