President Bola Tinubu in a boisterous mood insisted that the sacrifices of the last two years have started yielding results, promising that the country is now on the path of recovery and stability.
He reassured Nigerians that the nation’s economic storm was beginning to ease, and declared that the toughest phase of the reforms was behind the nation while commending the citizenry for their endurance, support, and understanding.
The President In a nationwide broadcast on the occasion of Nigeria’s 65th Independence Anniversary on Wednesday, recalled that his administration inherited a near-collapsed economy when he took over the reins of power on May 29, 2023, but declared that the nation has finally turned the corner.
Tinubu stressed that as a result of the tough decisions his administration 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 to address their development challenges.
“Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.
“In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes.
“ These initiatives will generally improve Nigerians’ quality of life. 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, to address our development challenges,” Tinubu emphasised.
Pointing out that Nigeria was racing against time, the Nigerian leader maintained that the country must build the roads it needs, repair the ones that have become decrepit, and construct the schools the children will attend and the hospitals that will care for the people.
Tinubu stated that his administration was making plans for the generations, lamenting that Nigeria does not have enough electricity to power its industries and homes today, or the resources to repair its deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because it failed to make the necessary investments decades ago.
He added: “Our administration is setting things right. I am pleased to report that we have finally turned the corner. The worst is over, I say. 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.”
Under his leadership, Tinubu said that the economy is recovering fast, and the reforms he started over two years ago are delivering tangible results.
According to him, the second quarter 2025 Gross Domestic Product (GDP) grew by 4.23 per cent—Nigeria’s fastest pace in four years—and outpaced the 3.4 per cent projected by the International Monetary Fund (IMF).
Besides, the President boasted that inflation declined to 20.12 per cent in August 2025, the lowest level in three years, while the administration is working diligently to boost agricultural production and ensure food security, reducing food costs.
The President listed what he characterised as ‘12 remarkable economic milestones’ as a result of the implementation of sound fiscal and monetary policies by his government.
“We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411 per cent higher than the amount raised in May 2023.
“We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97 per cent to below 50 per cent. We have paid down the infamous ‘Ways and Means’ advances that threatened our economic stability and triggered inflation. Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
“We have a stronger foreign reserve position than three years ago. Our external reserves increased to $42.03 billion this September—the highest since 2019.
“Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners,” Tinubu stressed.
According to him, Nigeria is now a net exporter, recording a trade surplus for five consecutive quarters, and is now selling more to the world than it is buying, a fundamental shift that strengthens the nation’s currency and creates jobs at home.
Nigeria’s trade surplus, the President stressed, increased by 44.3 per cent in Q2, 2025 to N7.46 trillion ($4.74 billion), the largest in about three years as goods manufactured in Nigeria and exported jumped by 173 per cent.
In the same vein, he stated that non-oil exports, as a component of Nigeria’s export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent, signalling that the country is diversifying its economy and foreign exchange sources outside oil and gas.
In the energy sector, he affirmed that oil production rebounded to 1.68 million barrels per day from barely 1 million in May 2023, attributing the increase to improved security, new investments, and better stakeholder management in the Niger Delta.
Furthermore, he said that the country has made notable advancements by refining petrol domestically for the first time in four decades and has also established itself as the continent’s leading exporter of aviation fuel.
“The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.
“Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to 8 million households, many of whom have received either one or two out of the three tranches of N25,000 each.
“Coal mining recovered dramatically from a 22 per cent decline in Q1 to 57.5 per cent growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil,” he noted.
Tinubu said the current administration was expanding transport infrastructure across the country, covering rail, roads, airports, and seaports, revealing that rail and water transport grew by over 40 per cent and 27 per cent, respectively.
On the 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line, he stated that these infrastructure were nearing completion, while work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
According to him, the Federal Executive Council (FEC) recently approved $3 billion to complete the Eastern Rail Project.
Tinubu stated that the world has started taking notice of the government’s efforts, with sovereign credit rating agencies having upgraded their outlook for Nigeria, recognising its improved economic fundamentals.
The stock market, the President said, is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025, while at its last Monetary Policy Committee (MPC) meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in the country’s macroeconomic stability.
As Nigerians reflect on the significance of the day and their journey of nationhood since October 1, 1960, Tinubu paid tributes to Nigeria’s founding fathers, including: Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Margaret Ekpo, Anthony Enahoro, Ladoke Akintola, Michael Okpara, Aminu Kano, Funmilayo Ransome-Kuti, and other nationalists—who believed it was Nigeria’s manifest destiny to lead the entire black race as the largest black nation on earth.
While Nigeria may not have achieved all the lofty dreams of its forebearers, the President assured that it has not strayed too far from them, stressing that the nation has made tremendous progress in economic growth, social cohesion, and physical development.
“Our country has experienced both the good and the bad times in its 65 years of nationhood, as is normal for every nation and its people,” he stated.
On security, the Nigerian leader stated that his administration was working diligently to enhance national security, ensuring the economy experiences improved growth and performance.
He said that the officers and men of the nation’s Armed Forces and other security agencies were working tirelessly and making significant sacrifices to keep Nigeria safe.
“They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping.
“We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-west and North-east, and thousands of our people have returned safely to their homes,” he stated.
Speaking to young people, he described them as the future and the greatest assets of the country, urging them to continue to dream big, innovate, and conquer more territories in their various fields of science, technology, sports, and the art and creative sector.
He highlighted the impact of the Nigerian Education Loan Fund (NELFUND), positing that approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions.
“As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion. Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more.
“YouthCred, which I promised last June, is a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement,” he disclosed, acknowledging that the reforms have come with some pains.
“Fellow Nigerians, I have always candidly acknowledged that these reforms have come with some temporary pains. The biting effects of inflation and the rising cost of living remain a significant concern to our government.
“However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.
“However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.
“The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities. Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas.
“Today, the governors at the state level, and the local government autonomy are yielding more developments. Therefore, on this 65th Anniversary of Our Independence, my message is hope and a call to action.
“The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing,” he added.
