President Bola Tinubu on Wednesday assured Nigerians that the tough economic reforms his administration introduced since May 2023 are beginning to yield results, declaring that the country has “turned the corner” after inheriting a “near-collapsed economy.”
Delivering a nationwide broadcast to mark Nigeria’s 65th Independence Anniversary, Tinubu said the sacrifices made by citizens over the last two years are paying off, citing GDP growth, easing inflation, and stronger fiscal health as evidence of progress.
Reforms and Economic Gains
The President explained that ending fuel subsidies and multiple foreign exchange rates created room for more inclusive growth. According to him, federal, state, and local governments now have more resources to meet development needs.
He highlighted key economic achievements:
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Q2 2025 GDP growth of 4.23%, the fastest in four years.
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Inflation decline to 20.12% in August 2025, the lowest in three years.
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Record-breaking non-oil revenue of N20 trillion by August 2025.
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External reserves rising to $42.03 billion, the highest since 2019.
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Debt service-to-revenue ratio cut from 97% to below 50%.
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Trade surplus of N7.46 trillion, driven by a 173% rise in manufactured exports.
Tinubu also noted that oil production rebounded to 1.68 million barrels per day, while Nigeria began refining petrol domestically for the first time in four decades and emerged as Africa’s leading exporter of aviation fuel.
Infrastructure and Social Investment
The President revealed ongoing investments in rail, roads, airports, and seaports, including progress on the Lagos-Calabar Coastal Highway, Kaduna-Kano rail, and approval of $3 billion to complete the Eastern Rail Project.
On social welfare, Tinubu announced that N330 billion has been disbursed to eight million households under cash transfer schemes, while the Nigerian Education Loan Fund (NELFUND) has benefited over 510,000 students across 228 institutions. Additionally, initiatives like Credicorp and YouthCred are expanding access to affordable loans for young Nigerians.
Security and National Unity
The President praised security forces for significant progress against terrorism, banditry, and separatist violence, stating that peace has returned to many communities. He urged Nigerians, especially the youth, to remain hopeful and committed to nation-building.
Message of Hope
Tinubu concluded with a message of resilience and optimism:
“The worst is over. Yesterday’s pains are giving way to relief. Together, we are laying a new foundation cast in concrete, not quicksand.”
