Two Years of Leadership: Lawmakers Note Signs of Stabilization

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By Gloria Ikibah

As President Bola Ahmed Tinubu reaches the two-year mark of his tenure, leaders within the House of Representatives have acknowledged the administration’s efforts to address longstanding national challenges through a series of significant policy shifts and institutional reforms.

In separate remarks delivered on Tuesday, Speaker of the House, Rep. Tajudeen Abbas, and Deputy Speaker, Rep. Benjamin Kalu, extended their acknowledgements to the President, noting that his approach to governance has introduced a new phase of recalibration within key sectors of the economy and public administration.

They characterized the past two years as a period marked by assertive policy direction and strategic intervention, aimed at repositioning the country for more sustainable progress and international engagement.

Speaker Abbas: “Nigeria is On Track”

Speaker Abbas noted that from May 29, 2023, to date, Nigeria has witnessed fundamental policy shifts under the All Progressives Congress (APC)-led government, aimed at repositioning the country’s economy, governance, and infrastructure.

“President Tinubu has demonstrated good leadership and courage from day one, vowing to lift our economy by six per cent annually, rationalise the foreign exchange market, generate jobs, and confront insecurity,” Abbas stated.

He acknowledged the discontinuation of the fuel subsidy as a significant policy shift, noting that it previously accounted for substantial annual expenditures. According to him, the change has already contributed to notable fiscal savings within a short timeframe.

The Speaker also pointed to a series of financial and economic developments, including efforts to streamline currency exchange mechanisms, increased international capital inflows, and early signs of renewed stability in the national currency.

“The World Bank confirms that the real GDP growth for 2024 reached its highest level since 2015, driven by a resilient non-oil sector and fortified public revenues,” he added.

Speaker Abbas acknowledged recent efforts aimed at social support, citing the allocation of ₦32.7 billion to national welfare initiatives and the reactivation of targeted financial assistance reaching an estimated 12 million households in need.

Regarding infrastructure, Abbas referenced ongoing international cooperation, particularly with China through frameworks such as the Belt and Road Initiative. He noted that these engagements have contributed to advancements in transportation networks, port facilities, and energy diversification projects across the country.

“From the Lagos-Calabar Coastal Highway to the Lagos–Ibadan standard-gauge railway, these projects are transforming the economy,” he said.

Deputy Speaker Kalu: “Tinubu Saved Nigeria’s Economy”

In a related statement, Deputy Speaker Benjamin Kalu noted that recent policy directions under President Tinubu’s leadership have played a critical role in stabilizing the national economy. He referenced several structural reforms and outcomes that, in his view, have helped redirect the country toward recovery and growth.

He characterized the withdrawal of oil subsidies as a necessary adjustment, describing it as a step toward resolving long-term inefficiencies that had previously placed undue strain on public resources.

Kalu highlighted a range of initiatives and outcomes attributed to the administration’s efforts, including the rollout of the Presidential Loan and Grant Scheme benefiting over 900,000 recipients, the expansion of the Students Loan Scheme reaching more than 300,000 students, and the resolution of $10 billion in outstanding foreign exchange liabilities. He also referenced progress on over 440 road infrastructure projects totaling more than 2,700 kilometers, a reported 3.84% GDP growth in the final quarter of 2024—the highest recorded in three years—and the proposed increase of the national minimum wage to ₦70,000.

Additional points included advancements in security operations, foreign direct investment commitments estimated at $50 billion, a marked increase in external reserves from $3.99 billion in 2023 to $23.11 billion in 2024, the facilitation of $8 billion in new oil and gas sector investments, and the enactment of key fiscal legislation, including four major tax reform laws and the establishment of new regional development bodies.

Kalu concluded by reaffirming the National Assembly’s commitment to supporting initiatives that promote national stability and socioeconomic advancement, emphasizing the legislature’s role in backing legislation aligned with the broader reform agenda.