President Bola Tinubu has declared that Nigeria is emerging from its most difficult economic period in recent history, insisting that the bold reforms introduced by his administration are now producing measurable results across key sectors.
In a national broadcast to mark the country’s 65th Independence anniversary, Tinubu said the “worst is over” and praised Nigerians for their resilience through a turbulent period of structural adjustments.
“I am pleased to report that we have finally turned the corner. The worst is over,” the President said. “Yesterday’s pains are giving way to relief. I salute your endurance, support and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.”
According to Tinubu, the economy is now on a strong recovery path, with gross domestic product (GDP) growth reaching 4.23 per cent in the second quarter of 2025, the fastest in four years and ahead of the International Monetary Fund’s projection of 3.4 per cent. Inflation, he added, fell to 20.12 per cent in August, its lowest level in three years, while efforts to increase food production and improve security are beginning to reduce prices.
He said the progress recorded over the past two years reflected deliberate fiscal and monetary policies that had reversed decades of distortions. Among the highlights were record-breaking non-oil revenue, higher tax collection, trade surpluses, stronger reserves, and a more stable currency.
Tinubu disclosed that non-oil revenue surpassed N20 trillion by August, hitting the administration’s full-year target ahead of schedule. In September alone, N3.65 trillion was raised, a 411 per cent increase over the figure recorded in May 2023. He added that the debt service-to-revenue ratio had fallen from 97 per cent to below 50 per cent, while the government had begun repaying “Ways and Means” advances that once threatened fiscal stability.
The President said the removal of the petrol subsidy had freed trillions of naira for investment in social programmes and infrastructure across all tiers of government. External reserves rose to $42.03 billion in September, their highest level since 2019, while the tax-to-GDP ratio increased from under 10 per cent to 13.5 per cent, with further growth expected when a new tax law takes effect in January.
Tinubu noted that the country had achieved trade surpluses for five consecutive quarters, with the latest surplus in Q2 2025 rising 44.3 per cent to N7.46 trillion. Non-oil exports accounted for 48 per cent of total trade, signalling significant diversification. Manufactured goods exports also jumped by 173 per cent, and oil production rebounded to 1.68 million barrels per day from about one million in May 2023.
The President also announced that Nigeria was refining petrol domestically for the first time in four decades and had become Africa’s largest exporter of aviation fuel. Meanwhile, the naira had stabilised following foreign exchange reforms, which eliminated multiple exchange rates and curbed arbitrage. The gap between the official and parallel market rates had narrowed significantly, and the currency was no longer solely influenced by fluctuations in the oil price.
On social investment, Tinubu said N330 billion had been disbursed to eight million vulnerable households, many of whom had already received two out of three N25,000 cash transfer tranches. He highlighted strong growth in the mining sector, which rebounded from a 22 per cent decline in the first quarter to 57.5 per cent in the second quarter, and pointed to solid minerals as a new driver of industrial growth.
He also detailed ongoing infrastructure projects designed to boost trade and connectivity, including rail, road, port, and airport expansions. Rail and water transport grew by over 40 per cent and 27 per cent, respectively, while key projects such as the 284-kilometre Kano-Katsina-Maradi Standard Gauge and Kaduna-Kano rail lines were nearing completion. Construction was also advancing on the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, and $3 billion had been approved to complete the Eastern Rail Project.
International confidence in Nigeria’s economy, Tinubu said, was growing. Credit rating agencies had upgraded the country’s outlook, the stock market had soared from 55,000 points in May 2023 to 142,000 points by late September, and the Central Bank had cut interest rates for the first time in five years.
Reflecting on the state of the economy when he took office, the president said Nigeria was on the brink of collapse after decades of “fiscal policy distortions and misalignment” that stifled growth. His administration, he said, had a choice between maintaining the status quo or embarking on fundamental reforms, and chose the latter.
“We chose the path of reform. We chose the path of tomorrow over the comfort of today,” he said. “Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.”
Tinubu defended the removal of subsidies and the unification of foreign exchange rates, stating that they had dismantled rent-seeking systems that benefited a small elite, while the majority gained little from the country’s wealth. The government, he added, had redirected spending towards education, healthcare, agriculture, security, and infrastructure, with the aim of improving the quality of life and creating a more inclusive economy.
“As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder and address our development challenges,” he said.
The President pledged to sustain the reform agenda and maintain the momentum of recovery. “We will continue to work for the people and justify the trust placed in us,” he said, expressing optimism that Nigeria was on a path to lasting stability, prosperity, and growth.
PRESIDENT Bola Tinubu also reaffirmed his administration’s commitment to tackling insecurity, empowering young Nigerians, and sustaining economic reforms that, though painful, he insists are laying the groundwork for a more stable and prosperous future.
The President said the country was making steady progress in the fight against terrorism, banditry, and violent crime, while also investing heavily in policies and programmes to support the country’s youth.
Tinubu praised the military and security agencies for their sacrifices and successes in combating insecurity across the country. “They are winning the war against terrorism, banditry and other violent crimes,” he said. “We see their victories in their blood and sweat to stamp out Boko Haram terror in the North-East, IPOB/ESN terror in the South-East and banditry and kidnapping across the country.”
Leave a Comment