President Bola Tinubu said on Wednesday that his administration inherited a “near-collapse” company caused by decades of misgovernance in the country.
The Nigerian leader said this in a broadcast to mark Nigeria’s Independence Anniversary.
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He said the state of the economy caused his administration to take tough decisions, including removing “the corrupt fuel subsidy…”
“We chose the path of tomorrow over the comfort of today,” he said.
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He, however, said the initial negative impacts of his policies had started getting better, saying the “worst is over.”
“Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding,” he said.
“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.”
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The president said the second quarter GDP grew by 4.23 per cent, the fastest in four years, and above the International Monetary Fund’s 3.4 per cent forecast. Inflation, which had spiked following the removal of fuel subsidies and unification of exchange rates, fell to 20.12 per cent in August 2025, the lowest level in three years.
He said non-oil revenue had reached a record N20 trillion by August, hitting the 2025 target months ahead of schedule, while September alone generated N3.65 trillion, 411 per cent higher than May 2023. Fiscal health had improved with the debt service-to-revenue ratio falling below 50 per cent from 97 per cent.
The president also noted that external reserves rose to $42.03 billion in September, the highest since 2019. Nigeria’s tax-to-GDP ratio increased to 13.5 per cent, up from less than 10 per cent, with a new tax law coming into effect in January to expand the base while giving relief to low-income earners.
He said Nigeria recorded surpluses on trade for five consecutive quarters, with a 44.3 per cent rise in Q2 2025 to N7.46 trillion ($4.74 billion). Non-oil exports now represent 48 per cent of total exports compared with 52 per cent for oil. “Nigeria is now selling more to the world than we are buying,” Mr Tinubu said, calling the shift “a fundamental change that strengthens our currency and creates jobs at home.”
He said global investors and rating agencies were taking notice. Nigeria’s stock market, he noted, had surged to 142,000 points in September 2025 from 55,000 points in May 2023. The Central Bank also cut interest rates for the first time in five years, citing improved macroeconomic stability.
However, President Tinubu admitted that the real measure of progress went beyond numbers.
“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,” he said.
READ ALSO: 65th Independence Anniversary: What Tinubu said about security, economy, others (FULL TEXT)
The president acknowledged the high cost of living and urged citizens to embrace productivity and patriotism. “Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes.”
“My message is hope and a call to action… With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here,” he concluded.
In recent years, Nigeria has struggled with inflation, a weak currency and slowing growth. While President Tinubu’s reforms, particularly fuel subsidy removal and naira unification, have been widely criticised for worsening hardship, the government insists they are critical for building a more resilient economy.
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