President Bola Tinubu has said that his administration is set to end the era of wasteful and opaque waivers.
President Bola Tinubu spoke at the second anniversary speech on Thursday, stating that his administration has implemented several reforms to restore and revitalize the national economy and strengthen the social fabric as a strong and united country.
Nigeria Customs Service said waivers and concessions cost the nation N1.3 trillion in 2023 and N1.6 trillion. Various controversial waivers and concessions were allocated to certain companies during the Goodluck Jonathan and the Muhammadu Buhari’s administrations.
But Tinubu made it known today that he is ending those waivers to pave the wave for the nation’s growth.
Tinubu said inflation has started to ease, with rice prices and other staples reducing.
“The oil and gas sector is recovering; rig counts are up by over 400% in 2025 compared to 2021, and over $8 billion in new investments have been committed. We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks,” he said.
Tinubu said his administration has put an end to Ways & Means financing, which has been a major contributor to high and sticky inflation. The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account, he said, noting that his government is achieving fuel supply security through local refining.
“In 2025, we remain on track with our fiscal targets. Gross proceeds per barrel from crude oil are broadly aligned with our forecasts as we intensify our efforts to ramp up production. Our fiscal deficit has narrowed sharply from 5.4% of GDP in 2023 to 3.0% in 2024. We achieved this through improved revenue generation and greater transparency in government finances. In the first quarter of this year, we recorded over N6 trillion in revenue.”