President Bola Ahmed Tinubu has announced that his administration has recorded 12 significant economic milestones in just over two years, attributing the progress to sound fiscal and monetary reforms.
In a nationwide broadcast to mark Nigeria’s 65th Independence Anniversary, the president said his economic reforms were now producing tangible results.
“Under our leadership, our economy is recovering fast, and the reforms we introduced are delivering concrete outcomes,” Tinubu stated.
According to him, recent data show positive developments across critical sectors such as GDP growth, inflation, agriculture, food security, revenue generation, and external reserves.
He noted that Nigeria’s Gross Domestic Product (GDP) grew by 4.23% in the second quarter of 2025 the fastest pace in four years and higher than the International Monetary Fund’s 3.4% projection. Inflation, he added, dropped to 20.12% in August, its lowest level in three years.
On revenue, Tinubu disclosed that Nigeria had already surpassed its non-oil revenue target of ₦20 trillion for 2025 as early as August. “In September alone, we generated ₦3.65 trillion 411% higher than in May 2023,” he said.
The president also revealed that the nation’s debt service-to-revenue ratio had fallen sharply from 97% to below 50%, easing fiscal pressures. He credited the removal of petroleum subsidies with freeing trillions of naira for social investments and real-sector growth.
Other highlights of his address include:
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External reserves rising to $42.03 billion in September 2025, the highest since 2019.
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A rise in Nigeria’s tax-to-GDP ratio from under 10% to 13.5%, with expectations of further growth when the new tax law takes effect in January.
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Trade surpluses recorded for five consecutive quarters, underscoring economic diversification.
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Oil production increasing from about one million barrels per day in May 2023 to 1.68 million barrels per day.
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Domestic refining of PMS for the first time in 40 years, alongside leadership in aviation fuel exports in Africa.
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Stabilisation of the Naira following the elimination of multiple exchange rates.
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Disbursement of ₦330 billion to eight million households under the Social Investment Programme.
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Growth in the solid minerals sector, especially coal mining, with increased contributions to GDP.
On infrastructure, Tinubu highlighted ongoing progress in transport development:
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Rail and water transport grew by 40% and 27%, respectively.
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The 284-kilometre Kano-Katsina-Maradi and Kaduna-Kano Standard Gauge rail projects are nearing completion.
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Work is advancing on the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway.
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The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.
He further stated that international credit rating agencies had upgraded Nigeria’s outlook, citing stronger fundamentals. The stock market, he said, had surged from 55,000 points in May 2023 to 142,000 points as of September 26, 2025.
In addition, the Central Bank of Nigeria recently cut interest rates for the first time in five years, signaling confidence in macroeconomic stability.
On national security, Tinubu reassured Nigerians of his government’s commitment to tackling insurgency and ensuring safety, which he described as critical to sustaining economic growth.
