President Bola Tinubu has declared that Nigeria has “turned the corner” on its economic and social challenges, assuring citizens that the sacrifices of the past two years were beginning to yield measurable results.
In a live nationwide broadcast on Wednesday to commemorate Nigeria’s 65th Independence Anniversary, Mr Tinubu described the period as a “moment of renewal,” stressing that his administration’s reforms were already repositioning the country on the path of stability, growth and self-sufficiency.
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“I am pleased to report that we have finally turned the corner. The worst is over. Yesterday’s pains are giving way to relief. I salute your endurance, support and understanding,” the president said. “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.”
The broadcast, delivered from the Presidential Villa, came against the backdrop of widespread hardship triggered by tough reforms introduced since Mr Tinubu assumed office in May 2023, including the removal of petrol subsidy and foreign exchange liberalisation.
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The president argued that while those measures were painful, they had set the stage for a stronger economy.
Economic rebound
Mr Tinubu highlighted recent data showing Nigeria’s Gross Domestic Product (GDP) expanded by 4.23 per cent in the second quarter of 2025, the fastest pace in four years and above the International Monetary Fund’s (IMF) projection of 3.4 per cent. Inflation, which peaked at historic levels in 2023, eased to 20.12 per cent in August 2025 – the lowest in three years.
“Our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results,” he said. “We are working diligently to boost agricultural production and ensure food security, which is already reducing food costs.”
12 milestones of reform
The president listed 12 economic milestones his government achieved in the last two years:
Record non-oil revenue: Nigeria attained its 2025 revenue target by August, collecting over ₦20 trillion. September alone yielded ₦3.65 trillion, a 411 per cent increase compared to May 2023.
Fiscal health restored: Debt service-to-revenue ratio dropped from 97 per cent to below 50 per cent. The government also cleared portions of the controversial “Ways and Means” borrowings and redirected funds freed from fuel subsidy removal into investments and social programmes.
Stronger reserves: Foreign reserves rose to $42.03 billion in September, the highest since 2019.
Improved tax base: Nigeria’s tax-to-GDP ratio increased to 13.5 per cent from less than 10 per cent. A new tax law to take effect in January 2026 will broaden the tax base while relieving low-income earners.
Trade surplus and diversification: Nigeria recorded a trade surplus for five consecutive quarters. Q2 2025 saw a 44.3 per cent increase, reaching ₦7.46 trillion. Manufactured goods exports rose 173 per cent, with non-oil exports now accounting for 48 per cent of total exports.
Oil sector revival: Output climbed to 1.68 million barrels per day, aided by improved security and investment. For the first time in four decades, Nigeria refined Premium Motor Spirit (PMS) domestically and emerged as Africa’s top exporter of aviation fuel.
Naira stabilisation: The local currency stabilised after volatility in 2023 and 2024, narrowing the gap between official and parallel markets. Tinubu hailed the end of multiple exchange rates as “history.”
Social investments: ₦330 billion was disbursed to eight million poor households under the government’s intervention scheme, with beneficiaries receiving tranches of ₦25,000 each.
Solid minerals growth: Coal mining surged 57.5 per cent in Q2 after earlier declines, signalling the sector’s growing contribution to the economy.
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Transport infrastructure: Major rail and road projects advanced, including the Kano–Katsina–Maradi line, Kaduna–Kano line, Lagos–Calabar Coastal Highway, and Sokoto–Badagry Highway. The Federal Executive Council approved $3 billion for the Eastern Rail Project.
Global recognition: Credit rating agencies upgraded Nigeria’s outlook, while the stock market surged from 55,000 points in May 2023 to 142,000 points by September 2025.
Monetary confidence: The Central Bank cut interest rates for the first time in five years, citing improved macroeconomic stability.
![Godwin Emefiele, the former governor of Central Bank of Nigeria (CBN). [Image sourced from CBN Twitter account]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2023/02/Godwin-Emefiele-Central-Bank-Governor.jpg?fit=1080%2C675&ssl=1)
