President Bola Ahmed Tinubu, in his Independence Day address on Wednesday, declared that Nigeria’s economic struggles are easing, crediting his administration’s bold reforms for turning the tide after years of fiscal mismanagement.
“Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth,” Tinubu said in his national broadcast.
“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.”
The president insisted that tough decisions taken since 2023—such as ending fuel subsidies and dismantling multiple foreign exchange rates—were beginning to pay off. According to him, these moves redirected resources from “a rentier economy benefiting only a tiny minority” towards sectors that directly improve citizens’ lives, including healthcare, education, national security, agriculture, and infrastructure.
“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,” Tinubu said, saluting Nigerians for their patience and resilience.
Tinubu highlighted fresh data showing a recovery in Africa’s largest economy. He noted that the country’s Gross Domestic Product grew by 4.23 percent in the second quarter of 2025, its fastest pace in four years, surpassing the International Monetary Fund’s projection of 3.4 percent. Inflation also dropped to 20.12 percent in August, the lowest in three years.
“Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results,” he declared.
The president listed what he called 12 “remarkable milestones” achieved under his administration. These included a record-breaking surge in non-oil revenue, a sharp reduction in Nigeria’s debt service-to-revenue ratio, stronger foreign reserves now at $42.03 billion, and the stabilisation of the naira following foreign exchange reforms.
Nigeria’s trade balance, he said, has shifted in favour of surplus for five consecutive quarters, with non-oil exports now making up 48 percent of trade. Oil production has also rebounded to 1.68 million barrels per day, boosted by better security in the Niger Delta and new investments.
Beyond macroeconomic indicators, Tinubu highlighted measures to ease the burden on ordinary Nigerians. “Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of N25,000 each,” he said.
He also touted progress on critical infrastructure, including rail projects such as the Kano-Katsina-Maradi and Kaduna-Kano lines, the Lagos-Calabar Coastal Highway, and the Sokoto-Badagry Highway. The Federal Executive Council, he revealed, has approved $3 billion to complete the Eastern Rail Project.
“We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people. We have to plan for the generations that will come after us,” the president urged.
According to Tinubu, international investors and institutions are beginning to reward Nigeria’s reform efforts. He cited recent upgrades from sovereign credit rating agencies and a record boom in the stock market, which surged from 55,000 points in May 2023 to 142,000 points as of late September 2025.
“The world is taking notice of our efforts,” Tinubu said, adding that the Central Bank’s recent decision to cut interest rates for the first time in five years underscored confidence in the country’s macroeconomic stability.
While acknowledging that challenges remain—especially in power, transport, and industrial growth—Tinubu urged Nigerians to stay the course.
“Fellow Nigerians, we are racing against time. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right,” he said.
The president concluded his address with a pledge to continue working for the people, saying: “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.”
