Tinubu to Nigerians: Re-elect Me for More Work, Reforms in First Two Years

*S&P Raises Nigeria’s rating for first time in 14 years

*President insists fuel subsidy removal, tax reforms, painful steps to stabilise economy

*Hails Dangote, urges protection for bold African investors 

*Arrives Lagos

Deji Elumoye in Abuja and Sunday Ehigiator in Lagos

With exactly eight months to the 2027 presidential election, President Bola Ahmed Tinubu, who is seeking re-election for a second term in office, yesterday promised Nigerians greater developmental strides if given the opportunity.
Specifically, the President said the first two years of a possible second term would be devoted to “more work.”
This comes as S&P Global Ratings yesterday, raised Nigeria’s credit rating for the first time since 2012, citing higher oil prices and the country’s improved capacity to refine and export crude oil.

The credit rating agency upgraded the nation’s long-term sovereign rating by one notch to “B” from “B-”, five levels below investment grade. The global rating agency noted that higher oil production and prices, the large increase in domestic refining and export capacity, and the 2023 decision to liberalise the exchange rate were boosting Nigeria’s economic growth and balance of payments position.

In a statement, it stated that, as a sizable net exporter of crude oil and an emerging producer of refined petroleum products, Nigeria was less exposed to the spillover effects of the Middle East conflict than most regional peers.
Tinubu, who spoke at an interview session at Day Two of the Africa CEO Forum in Kigali, Rwanda, for the umpteenth time rose in stout defence of the removal of fuel subsidy and unification of the foreign exchange market in the first few days of his government in 2023.
Tinubu also called on African governments to support and encourage indigenous investors willing to take major business risks capable of transforming the continent, citing the President of the Dangote Group, Alhaji Aliko Dangote, as a prime example of visionary African enterprise.

President Tinubu yesterday, arrived  Lagos after his three-nation visit to France, Kenya and Rwanda. The President, whose official presidential plane, Nigeria Air Force 1, touched down around 7:12 pm at the Presidential Wing of the Murtala Muhammed International Airport, Ikeja, was received by the Governor of Lagos State, Babajide Sanwo-Olu; Deputy Governor, Femi Hamzat; Chief of Staff to the President, Hon Femi Gbajabiamila; Speaker of the Lagos State House of Assembly, Hon Mudashiru Obasa, along with other government functionaries

The President while speaking earlier at the Forum, described the fuel subsidy removal and FX unification as critical measures that were painful, but necessary and needed to keep the nation’s economy afloat. The President likened the pains associated with the reforms to childbirth, saying temporary hardship would ultimately produce long-term benefits for Nigerians.
“It is difficult, it is painful, but it is just like the human reproduction process. A woman carries a pregnancy, enjoys the pain of labour, and has a very big smile when she sees a live child,” Tinubu said.

Tinubu declared: “It is a fake life to think you can, in a global economy, continue the subsidy that is wasteful. It’s an encouragement to falsification of papers, smuggling, and that is a very critical situation for the country.”
He recalled that prior to the reforms, many states were struggling to meet basic obligations, including salary payments.
According to him, “Of the 36 states, 27 of them were unable to pay the salaries of the workers. Where is the money? You are oil-producing, you are earning, you are giving fuel, you have no refinery that is functional. It is not possible to continue that trend.”
Envisaging his possible re-election in 2027, the President projected that the first two years of a possible second term in office would be devoted to “more work”.

He insisted that his administration would continue to pursue difficult, but necessary reforms aimed at resetting Nigeria’s economy and securing the future of the coming generations.
Tinubu said the philosophy guiding his administration was rooted in decisive leadership and the courage to take difficult decisions in the interest of the people.
His words: “Do more work. More challenges are there. The world won’t wait for anybody. You have to continue to reset and rethink, challenge the intellectual curiosity of you as a government,” the President said when asked what he would focus on if re-elected for a second term.

“The philosophy I came with in governance is believing that the hallmark of a transformative leader is the ability to make decisions, do what needs to be done, at the time it has to be done, on behalf of the people”.
He also defended taxation as a necessary instrument for development, arguing that citizens who demand modern infrastructure and social services must be prepared to contribute through taxes.

“Nobody wants to pay taxes ordinarily. Taxation is not friendly to the wealthy, to the middle class, and to the poor. Every human being expects development, but the question they don’t answer is, how do you pay for it?
“You want a very good highway, but you don’t want it to go through your land. You want a good hospital and don’t want to pay taxes. How do you care for the vulnerable? How do you protect the future of the children?” the President asked.
Tinubu further explained that tax-paying was a critical civic responsibility, declaring that “a citizen that pays taxes is a citizen, whether corporate or individual.”

Shedding more light on what he described as early gains from the reforms, the President said the economy had become more stable and predictable, enabling better planning by businesses and households.
“Today, there is a very bright light at the end of the corner; the economy is stable, the Naira is stable, predictable, planners can do a reasonable budget, they can plan their lives well.”

Tinubu also disclosed that the government was implementing direct cash transfers to poor households while also supporting education through grants and allowances for indigent students.
“For those students ordinarily who would stay out of school because their parents cannot afford school fees, they are now in school. I’m even giving them allowances and upkeeps for their school.”
The President said his government’s focus on industrial policy was not necessarily on “protection” but on support for businesses capable of creating jobs and stimulating domestic production, citing Dangote Refinery and BUA Group as examples of local enterprises deserving government backing.

Tinubu explained that his administration approved the sale of crude oil to the refinery in Naira to ease operational difficulties and reduce pressure on foreign exchange.
“You don’t have to go through letter of credit and bureaucracy and make foreign exchange difficult for him. Give it to him in Naira,” he said.
The President also defended the ongoing Lagos-Calabar Coastal Highway project, describing it as part of a broader national integration and economic inclusion agenda.
According to him, the road would connect Nigeria’s eastern corridor to Lagos and unlock tourism and investment opportunities across the coastline.

He declared that his philosophy was Nigeria first, explaining that locally produced cement and steel were deliberately prioritised for the project to stimulate domestic industries.
Commenting on national unity, Tinubu said Nigeria’s diversity should be a source of strength rather than division.
 “All of us together as Nigerians must be patriotic to understand that you have no control over where you are born. Your parents could be Igbo, my parents could be Yoruba; you have no control of that. Where you find yourself is your home. This country is ours. We must build it together.”

On regional security and diplomacy, the President stressed the importance of pragmatic partnerships and collaboration with neighbouring countries and global powers.
“Security challenges will always be there. Those are things you cannot do alone. You can’t operate the world in isolation.”
He maintained that Nigeria still retained its strategic influence and leadership role in West Africa and on the continent.

“In ECOWAS, Nigeria is a big brother; in Africa, we are the fat lady. We must sing the tune, we must sing the right tune for others to pay attention to.”

Tinubu was also quick to dismiss suggestions that Nigeria had lost diplomatic relevance in recent years, insisting that the country remained central to regional peace and stability efforts.

According to him, “Nigeria is still there. Collaboration with trainings and support. Yes, challenges will always be there; there are troublemakers all over.But you have to just be focused and be alert. Nigeria is ready.”

The President called on African governments to support and encourage indigenous investors willing to take major business risks capable of transforming the continent, citing the President of the Dangote Group, Alhaji Aliko Dangote, as a prime example of visionary African enterprise.

Speaking on the role of entrepreneurship in Africa’s development, Tinubu said investors who commit huge resources to strategic sectors should be celebrated and supported because of their contributions to economic growth, job creation and industrial expansion.

“We must encourage people who are ready to take risks and invest heavily in the future of Africa. People like Dangote should be encouraged,” Tinubu said.

He noted that Africa’s economic future would depend largely on governments creating stable policies and investment-friendly environments that would allow private businesses to thrive.

Tinubu added that industrialisation remains critical to reducing unemployment, deepening intra-African trade and strengthening the continent’s economic independence.

Meanwhile, the OECD yesterday pledged to provide robust economic and investment data to support policy planning, investor confidence, and the implementation of reforms in Nigeria.

The organisation made the pledge during a meeting between its senior officials and Tinubu in Kigali, Rwanda.

Held on the sidelines of the Africa CEO Forum, a statement issued by presidential spokesperson, Bayo Onanuga, focused on how the OECD could partner with Nigeria to advance reforms in public finance, investment facilitation, trade competitiveness, MSME development, agriculture, pharmaceuticals, and solid minerals.

OECD Deputy Secretary-General, Frantisek Ruzicka, commended Tinubu government’s reform agenda and discussed possible frameworks for cooperation to support Nigeria’s economic transformation priorities.

He was quoted to have said: “We support and understand the pillars of your reforms. I think other leaders should learn from you, especially in improving public finances and working conditions. OECD can be partners with you on the ongoing reforms, particularly the priorities.”

The OECD also discussed investment screening mechanisms and structured policy engagement frameworks to support investor decision-making and improve access to financing.

Discussions also centred on improving investor confidence, addressing risk-perception challenges related to Africa, and strengthening transparency and policy consistency to attract long-term capital.

Tinubu emphasised the need to change global perceptions about Africa’s investment environment, stressing that accountability and discipline remain critical to attracting sustainable capital and long-term partnerships.

“Africa’s risk perception must change. Africa must be disciplined and accountable over various projects. We welcome a structured cooperation between Nigeria and OECD in support of ongoing reforms in Nigeria,” the President said.

He explained his administration’s economic reforms, particularly the removal of fuel subsidies and the unification of the foreign exchange rates, describing the measures as difficult but necessary decisions taken in the national interest.

“The removal of the subsidy was necessary. Yes. There was a fight back. Easy access is hard to give up. Even the multiple exchange rates had to go. I have come to serve my people, not to benefit a few,” Tinubu stated.

The President emphasised the importance of value-chain development, particularly in agriculture and pharmaceuticals, noting that Africa must move beyond raw material exports and build stronger regional production systems capable of supporting industrialisation and job creation.

Tinubu reiterated that transparency, market confidence, and stable reforms remain central to Nigeria’s economic strategy, stressing that Africa must increasingly shape global economic narratives from a position of confidence and competitiveness.

S&P Raises Nigeria’s Rating for First Time in 14 Years

Meanwhile, S&P Global Ratings has raised Nigeria’s credit rating for the first time since 2012, citing higher oil prices and the country’s improved capacity to refine and export crude oil.

The credit rating agency upgraded the nation’s long-term sovereign rating by one notch to “B” from “B-”, five levels below investment grade.

The global rating agency noted that higher oil production and prices, the large increase in domestic refining and export capacity, and the 2023 decision to liberalise the exchange rate were boosting Nigeria’s economic growth and balance of payments position.

It stated that, as a sizable net exporter of crude oil and an emerging producer of refined petroleum products, Nigeria was less exposed to the spillover effects of the Middle East conflict than most regional peers.

“We have increased our Brent crude oil price assumption to $100 per barrel for the remainder of 2026, up from our previous estimate of $85 per barrel. Oil production has risen in recent years due to improved security conditions in the Niger Delta producing region, which has helped contain oil theft.

“While we project that the general government deficit will widen to over four percent of Gross Domestic Product (GDP) on average during 2026 and 2027, the implementation of reforms to broaden the tax base from very narrow levels is underpinning a steady decline in Nigeria’s debt-to-revenue ratio to 338 percent in 2026 from 500 percent in 2023.

“The government has ruled out the reintroduction of subsidies on refined petroleum products in order to avoid a return to larger budget deficits and pressure on foreign exchange liquidity. At the same time, with general elections less than a year away, rising fuel prices are impacting inflation and the budget deficit. We have raised our long-term ratings on Nigeria to ‘B’ from ‘B-’ and affirmed our ‘B’ short-term ratings. The outlook is stable,” it explained.

S&P Global Ratings also affirmed its ‘B’ short-term ratings on Nigeria and, at the same time, raised its long- and short-term Nigeria national scale ratings on the sovereign to ‘ngA+/ngA-1’ from ‘ngBBB+/ngA-2’, with a stable outlook.

“The stable outlook balances Nigeria’s improved external position, including higher foreign exchange reserves, improving economic growth, and commitment to economic reform, against a still very narrow tax base and low levels of formal employment.

“We could lower the ratings if the implementation of Nigeria’s reform programme — including the series of critical steps taken to liberalise the exchange rate in 2023 — reverses, or if fiscal policy becomes more expansionary, resulting in widening fiscal and external deficits, or if we see significantly increased debt-servicing requirements.

“We could raise our ratings over the next 12 to 24 months if fiscal outcomes improve significantly, either through fiscal consolidation or structurally higher revenue, resulting in lower debt-service costs. We could also raise the ratings if reforms and policies materially reduce Nigeria’s external imbalances, particularly its still sizable external financing needs,” it warned.

Explaining the rationale behind its action, the agency stated that “following three years of sustained structural reforms, Nigeria’s creditworthiness has improved. Most notably, the liberalisation of the exchange rate has improved access to foreign currency and enabled a market-driven exchange-rate environment, supporting investor and consumer confidence while benefiting non-oil GDP growth.

“Over the past few years, fiscal revenue has also risen as a percentage of GDP due to tax reforms and increased centralisation and transfer of petroleum revenues to the federal government. This follows the signing of the presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity (Executive Order 9), which directs the Nigerian National Petroleum Company Limited (NNPCL) to transfer a larger share of its revenue to the federal government account. These factors are likely to continue boosting fiscal revenue and driving further declines in the interest-to-government revenue ratio compared with historical levels.”