President Bola Tinubu on Wednesday declared that Nigeria’s most difficult period is now behind it, assuring citizens that the country is on a path toward economic recovery and growth.
In a national broadcast to mark Nigeria’s 65th Independence anniversary, Tinubu stated that the government’s reforms, initiated after he assumed office in May 2023, are now beginning to yield visible results. He said the administration had opted for “the path of tomorrow over the comfort of today,” and is now seeing “yesterday’s pains” give way to “relief.”
The President acknowledged the endurance of Nigerians through recent economic hardships and pledged continued dedication to national development, saying he would “justify the confidence” citizens had placed in him.
Reflecting on Nigeria’s history, Tinubu praised the resilience of the country, which, he said, had survived a civil war, years of military rule, and political instability. He described the 65th anniversary as a moment to honour the sacrifices of the nation’s founding fathers and to recognise the progress made since Independence in 1960.
Highlighting achievements in human capital development, Tinubu noted the expansion of educational institutions from only two tertiary institutions at independence to a combined total of 693 institutions by 2024, including universities, polytechnics, and colleges of education.
The President defended key economic policies undertaken by his administration, including the removal of fuel subsidies and the unification of foreign exchange rates. He said these moves were essential to correct distortions in the economy and stop rent-seeking practices that had favoured only a minority.
According to Tinubu, the reforms have redirected national resources towards more inclusive development, allowing for increased investment in infrastructure, education, healthcare, agriculture, and national security.
He outlined a list of 12 economic milestones achieved within his two years and four months in office. Among them, he reported a 4.23% GDP growth in Q2 2025—the fastest in four years—and a decline in inflation to 20.12%, the lowest in three years.
Further economic indicators shared by the President included a surge in non-oil revenue, a sharp drop in debt service-to-revenue ratio, and a rise in foreign reserves to $42.03 billion. Tinubu also noted that the country’s tax-to-GDP ratio had grown to 13.5%, with further gains expected when a new tax law takes effect in January.
Nigeria, he said, has recorded trade surpluses for five consecutive quarters, with manufactured exports growing by 173%. He added that non-oil exports now account for 48% of total trade, indicating progress in economic diversification.
On the oil and gas front, Tinubu stated that crude oil production had rebounded to 1.68 million barrels per day, supported by improved security and stakeholder management. He also announced the resumption of domestic refining of petroleum products and Nigeria’s emergence as a leading exporter of aviation fuel on the continent.
The President said the naira had stabilised following reforms in the foreign exchange market. He pointed to reduced volatility and narrowing of the gap between official and parallel market rates as signs of improved currency stability. He also mentioned a boost in investor confidence, citing a booming stock market, improved sovereign credit ratings, and the Central Bank’s first interest rate cut in five years.
On security, Tinubu stated that the military and other security agencies were “winning the war” against terrorism, banditry, and violent crime. He said “peace has returned” to many communities, particularly in the North-East and North-West, enabling the safe return of thousands of displaced persons.
He pledged to prioritise food security and invest in agriculture to reduce food prices. He also emphasised the need for critical infrastructure such as roads, schools, hospitals, ports, and airports to support future generations.
Turning to the youth, Tinubu described them as the “greatest assets of this blessed country” and highlighted initiatives aimed at empowering young Nigerians. These include the Nigeria Education Loan Fund, which has provided financial assistance to over 500,000 students, and credit programmes such as Credicorp and YouthCred, which offer loans for housing, digital devices, and post-NYSC resettlement.
He also cited the Investment in Digital and Creative Enterprises (iDICE) programme, valued at $600 million, which is supported by international development partners and aims to boost innovation and enterprise in the digital and creative sectors.
The President reported that under the national social investment programme, N330 billion had been disbursed to eight million vulnerable households, and significant work is ongoing to expand the country’s transport network, including road, rail, air, and seaport infrastructure. Major projects such as the Lagos-Calabar Coastal Highway and the Eastern Rail Project are currently underway.
Acknowledging the challenges that have accompanied reforms, Tinubu reiterated his earlier position that these were “temporary pains” necessary to prevent economic collapse. He said inflation and the high cost of living remain concerns, but insisted that “the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option.”
Concluding his third Independence Day broadcast as President, Tinubu issued a rallying call for national productivity and unity. He encouraged Nigerians to support local industries, stating, “Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce.”
He also called for tax compliance and greater civic responsibility, adding, “Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes. Finally, let all hands be on deck.”
With a message of optimism, Tinubu assured Nigerians that “the dawn of a new, prosperous, self-reliant Nigeria is here,” asserting that with divine support, the country would continue on its path to renewal.
