Governor Babajide Sanwo-Olu of Lagos State has praised President Bola Ahmed Tinubu for taking bold and decisive steps to reform Nigeria’s economy, strengthen governance, and preserve national unity.
In a statement delivered as his keynote address at the Arewa Think Tank Nigeria 65th Independence Anniversary Lecture in Kaduna on Tuesday, Sanwo-Olu said the President’s Renewed Hope Agenda is a visionary blueprint for inclusive growth, discipline, and sustainable development — one that draws lessons from Lagos and reflects the ideals of Nigeria’s founding fathers.
“The Renewed Hope Agenda is built on eight pillars — economic reform, national security, agriculture, energy, infrastructure, human capital development, industrialisation, and governance reform,” he said.
“It is anchored on progressive thinking and in full alignment with the long-term vision of our founding fathers and the All Progressives Congress.”
Sanwo-Olu explained that the agenda represents a continuation of the transformation that began in Lagos during Tinubu’s tenure as governor between 1999 and 2007.
“If you examine the Renewed Hope Agenda closely, you will find its roots in the experiences and lessons learned from Lagos, Nigeria’s most populous state and its largest sub-national economy,” he said.
“President Tinubu laid the solid foundation that we continue to strengthen and build upon today.”
The governor commended the President for his courage in taking tough but necessary fiscal and structural decisions, including the removal of the petrol subsidy and the unification of exchange rates.
“The first decision our President took on assuming office was removing the petrol subsidy — a difficult decision with significant cost-of-living implications, but one that was necessary,” he said.
“We were not going to survive for much longer as a country under that level of fiscal burden, rife with abuse and corruption. Mr President deserves another round of applause for that single idea.”
He said Tinubu’s subsequent fiscal reforms, including new tax laws and exemptions for small businesses, represent “a hard reset from dysfunction to efficiency, from waste to productivity.”
“The turnover threshold at which small and medium enterprises are exempted from company income tax has been raised from ₦25 million to ₦100 million,” he noted.
“This means that companies with gross annual earnings below ₦100 million are fully exempted from company income tax and capital gains tax. In addition, income below ₦800,000 is fully exempt from personal income tax.”
According to Sanwo-Olu, the new fiscal regime has freed up resources for critical development priorities — roads, power, education, healthcare, and security.
“Today, that story has changed,” he said.
“Ask any state or local government chairman — they will tell you how much of a new lease of life they have under President Tinubu’s watch. There is now more money to do more that benefits every Nigerian.”
The governor highlighted Tinubu’s unwavering commitment to empowering the sub-national tiers of government.
“Between 2023 and 2024, allocations to states have grown by almost two-thirds, while those of local governments have increased by nearly 50%,” Sanwo-Olu said.
“Mr President also took the issue of local government financial autonomy to the Supreme Court and won, ensuring that the tier of government closest to the people has the resources to meet their needs.”
He added that the President has also embarked on a comprehensive review of the nation’s security architecture with a view to creating state police.
“The President said clearly, ‘I have to create state police. We must protect our children, our livelihoods, our places of worship and recreation,’” Sanwo-Olu quoted.
“When President Tinubu sets out to achieve a fundamental reform, regardless of the odds, he delivers — carrying all stakeholders along.”
Reflecting on Nigeria’s history, Sanwo-Olu urged present-day leaders to emulate the late Sir Ahmadu Bello, the Sardauna of Sokoto, for his courage, discipline and commitment to development.
“How many of our political class embody his unwavering commitment to service and his obsession with human development?” he asked.
“Do our policies reflect a desire to make him proud, or have we drifted from the values he embodied? These are moral mirrors that hold us up even today.”
He commended the Arewa House for preserving the Sardauna’s legacy and turning his former residence into a living memorial.
“To the credit of the people of Northern Nigeria, they did not allow the Sardauna’s compound to fall into ruin,” he said.
“Instead, it was turned into the Arewa House — a permanent memorial to one of the greatest Africans of all time.”
Sanwo-Olu also recalled the President’s own remarks at the 2021 Sardauna Memorial Lecture, where Tinubu, then APC National Leader, said development must recognise regional diversity while ensuring national unity.
“Asiwaju said two years before becoming President that development must move in unison, without any group or region feeling left out,” Sanwo-Olu said.
“That nuanced appreciation of our diversity is central to the Renewed Hope philosophy.”
Boluwatife Enome
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