President Bola Tinubu has declared that Nigeria is emerging from its most difficult economic period in recent history, insisting that the bold reforms introduced by his administration are now producing measurable results across key sectors.
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In a national broadcast to mark the country’s 65th Independence anniversary, Tinubu said the “worst is over” and praised Nigerians for their resilience through a turbulent period of structural adjustments.
“I am pleased to report that we have finally turned the corner. The worst is over,” the President said. “Yesterday’s pains are giving way to relief. I salute your endurance, support and understanding. 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.”
According to Tinubu, the economy is now on a strong recovery path, with gross domestic product (GDP) growth reaching 4.23 per cent in the second quarter of 2025, the fastest in four years and ahead of the International Monetary Fund’s projection of 3.4 per cent. Inflation, he added, fell to 20.12 per cent in August, its lowest level in three years, while efforts to increase food production and improve security are beginning to reduce prices.
He said the progress recorded over the past two years reflected deliberate fiscal and monetary policies that had reversed decades of distortions. Among the highlights were record-breaking non-oil revenue, higher tax collection, trade surpluses, stronger reserves, and a more stable currency.
Tinubu disclosed that non-oil revenue surpassed N20 trillion by August, hitting the administration’s full-year target ahead of schedule. In September alone, N3.65 trillion was raised, a 411 per cent increase over the figure recorded in May 2023. He added that the debt service-to-revenue ratio had fallen from 97 per cent to below 50 per cent, while the government had begun repaying “Ways and Means” advances that once threatened fiscal stability.
The President said the removal of the petrol subsidy had freed trillions of naira for investment in social programmes and infrastructure across all tiers of government. External reserves rose to $42.03 billion in September, their highest level since 2019, while the tax-to-GDP ratio increased from under 10 per cent to 13.5 per cent, with further growth expected when a new tax law takes effect in January.
Tinubu noted that the country had achieved trade surpluses for five consecutive quarters, with the latest surplus in Q2 2025 rising 44.3 per cent to N7.46 trillion. Non-oil exports accounted for 48 per cent of total trade, signalling significant diversification. Manufactured goods exports also jumped by 173 per cent, and oil production rebounded to 1.68 million barrels per day from about one million in May 2023.
The President also announced that Nigeria was refining petrol domestically for the first time in four decades and had become Africa’s largest exporter of aviation fuel. Meanwhile, the naira had stabilised following foreign exchange reforms, which eliminated multiple exchange rates and curbed arbitrage. The gap between the official and parallel market rates had narrowed significantly, and the currency was no longer solely influenced by fluctuations in the oil price.
On social investment, Tinubu said N330 billion had been disbursed to eight million vulnerable households, many of whom had already received two out of three N25,000 cash transfer tranches. He highlighted strong growth in the mining sector, which rebounded from a 22 per cent decline in the first quarter to 57.5 per cent in the second quarter, and pointed to solid minerals as a new driver of industrial growth.
He also detailed ongoing infrastructure projects designed to boost trade and connectivity, including rail, road, port, and airport expansions. Rail and water transport grew by over 40 per cent and 27 per cent, respectively, while key projects such as the 284-kilometre Kano-Katsina-Maradi Standard Gauge and Kaduna-Kano rail lines were nearing completion. Construction was also advancing on the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, and $3 billion had been approved to complete the Eastern Rail Project.
International confidence in Nigeria’s economy, Tinubu said, was growing. Credit rating agencies had upgraded the country’s outlook, the stock market had soared from 55,000 points in May 2023 to 142,000 points by late September, and the Central Bank had cut interest rates for the first time in five years.
Reflecting on the state of the economy when he took office, the president said Nigeria was on the brink of collapse after decades of “fiscal policy distortions and misalignment” that stifled growth. His administration, he said, had a choice between maintaining the status quo or embarking on fundamental reforms, and chose the latter.
“We chose the path of reform. We chose the path of tomorrow over the comfort of today,” he said. “Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.”
Tinubu defended the removal of subsidies and the unification of foreign exchange rates, stating that they had dismantled rent-seeking systems that benefited a small elite, while the majority gained little from the country’s wealth. The government, he added, had redirected spending towards education, healthcare, agriculture, security, and infrastructure, with the aim of improving the quality of life and creating a more inclusive economy.
“As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder and address our development challenges,” he said.
The President pledged to sustain the reform agenda and maintain the momentum of recovery. “We will continue to work for the people and justify the trust placed in us,” he said, expressing optimism that Nigeria was on a path to lasting stability, prosperity, and growth.
PRESIDENT Bola Tinubu also reaffirmed his administration’s commitment to tackling insecurity, empowering young Nigerians, and sustaining economic reforms that, though painful, he insists are laying the groundwork for a more stable and prosperous future.
The President said the country was making steady progress in the fight against terrorism, banditry, and violent crime, while also investing heavily in policies and programmes to support the country’s youth.
Tinubu praised the military and security agencies for their sacrifices and successes in combating insecurity across the country. “They are winning the war against terrorism, banditry and other violent crimes,” he said. “We see their victories in their blood and sweat to stamp out Boko Haram terror in the North-East, IPOB/ESN terror in the South-East and banditry and kidnapping across the country.”
He said peace had returned to hundreds of previously occupied communities in the North-East and North-West, allowing thousands of displaced people to return home. “We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation,” he added.
Addressing young Nigerians, Tinubu described them as “the greatest assets” of the nation and urged them to “dream big, innovate, and conquer more territories” in science, technology, sports, and the arts. He said his government was implementing targeted policies to support their ambitions and improve access to opportunities.
One of such efforts is the Nigerian Education Loan Fund (NELFUND), which provides students with loans for tertiary education. Tinubu disclosed that about 510,000 students in 228 higher institutions across the country had benefited from the initiative, with N99.5 billion disbursed as loans and N44.7 billion provided as upkeep allowances as of September 10.
Other youth-focused initiatives include Credicorp, which has provided 153,000 Nigerians with N30 billion in affordable loans for vehicles, solar energy systems, home upgrades, and digital devices, and YouthCred, which offers consumer credit to National Youth Service Corps (NYSC) members to aid their resettlement.
Tinubu also highlighted the Investment in Digital and Creative Enterprises (iDICE) programme, designed to support innovation and entrepreneurship among young people. The initiative, driven by the Bank of Industry in partnership with the African Development Bank, the French Development Agency, and the Islamic Development Bank, is nearing full implementation and will provide funding and technical support to startups in the technology and creative industries.
The President acknowledged the economic hardship caused by his government’s reforms, including high inflation and rising living costs, but argued that they were necessary to prevent an economic collapse. “The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” he said. “Together, we are laying a new foundation cast in concrete, not on quicksand.”
He said the real measure of the government’s success would be seen in improved living standards: from food security and quality education to stable electricity and safer communities. Tinubu pledged that the savings and fiscal stability achieved through reforms would be channelled into these critical areas.
Calling for collective action, the President urged Nigerians to embrace productivity and self-reliance. “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,” he said.
He also called on state and local governments to align with federal efforts and accelerate development, citing recent improvements in service delivery, such as faster passport processing by the Ministry of Interior, as an example of how government efficiency could drive progress.
Tinubu concluded his message with an appeal for unity and optimism. “On this 65th anniversary of our independence, my message is one of hope and a call to action,” he said. “The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise.”
Below is the full speech
Today marks the 65th anniversary of our great nation’s Independence. As we reflect on the significance of this day and our journey of nationhood since October 1, 1960, when our founding fathers accepted the instruments of self-government from colonial rule, let us remember their sacrifice, devotion, and grand dream of a strong, prosperous, and united Nigeria that will lead Africa and be the beacon of light to the rest of the world.
Our founding heroes and heroines—Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Margaret Ekpo, Anthony Enahoro, Ladoke Akintola, Michael Okpara, Aminu Kano, Funmilayo Ransome-Kuti, and other nationalists—believed it was Nigeria’s manifest destiny to lead the entire black race as the largest black nation on earth.
For decades, the promise of our Independence has been tested by profound social, economic, and political challenges, and we have survived. While we may not have achieved all the lofty dreams of our forebearers, we have not strayed too far from them. In 65 years since our Independence, we have made tremendous progress in economic growth, social cohesion, and physical development. Our economy has experienced significant growth since 1960.
Although it is much easier for those whose vocation is to focus solely on what ought to be, we must recognise and celebrate our significant progress. Nigerians today have access to better education and healthcare than they did in 1960. At Independence, Nigeria had 120 secondary schools with a student population of about 130,000. Available data indicate that, as of 2024, there were more than 23,000 secondary schools in our country.
At Independence, we had only the University of Ibadan and Yaba College of Technology as the two tertiary institutions in Nigeria. By the end of last year, there were 274 universities, 183 Polytechnics, and 236 Colleges of Education in Nigeria, comprising Federal, State, and private institutions. We have experienced a significant surge in growth across every sector of our national life since Independence – in healthcare, infrastructure, financial services, manufacturing, telecommunications, information technology, aviation and defence, among others.
Our country has experienced both the good and the bad times in its 65 years of nationhood, as is normal for every nation and its people. We fought a bitter and avoidable civil war, experienced military dictatorships, and lived through major political crises.
In all these, we weathered every storm and overcame every challenge with courage, grit, and uncommon determination. While our system and ties that bind us are sometimes stretched by insidious forces opposed to our values and ways of life, we continue to strive to build a more perfect union where every Nigerian can find better accommodation and find purpose and fulfilment.
Fellow Compatriots, this is the third time I will address you on our independence anniversary since I assumed office as your President on May 29, 2023. In the last 28 months of my administration, like our founding fathers and leaders who came before me, I have committed myself irrevocably to the unfinished nation-building business.
Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. 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. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.
In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes.
These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.
Fellow Nigerians, we are racing against time. 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. 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.
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. I salute your endurance, support, and understanding. 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.
Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. The second quarter 2025 Gross Domestic Product grew by 4.23%—Nigeria’s fastest pace in four years—and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.
In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies:
We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.
We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous “Ways and Means” advances that threatened our economic stability and triggered inflation. Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September—the highest since 2019.
Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.
We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%.
Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.
Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta. Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.
The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.
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.
Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil.
The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively.
The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.
The world is taking notice of our efforts. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.
At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.
SECURITY:
We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes.
YOUTH:
I have a message for our young people. You are the future and the greatest assets of this blessed country. You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector. Our administration, through policies and funding, will continue to give you wings to fly sky-high. We created NELFUND to support students with loans for their educational pursuits. Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.
Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more.
YouthCred, which I promised last June, is a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement.
Under our Renewed Hope Agenda, we promised to build a Nigeria where every young person, regardless of background, has an equitable opportunity to access a better future—thus, the Investment in Digital and Creative Enterprises (iDICE) programme. The Bank of Industry is driving the programme, in collaboration with the African Development Bank, the French Development Agency, and the Islamic Development Bank. This initiative is at the cusp of implementation. Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.
A MESSAGE OF HOPE
Fellow Nigerians, I have always candidly acknowledged that these reforms have come with some temporary pains. The biting effects of inflation and the rising cost of living remain a significant concern to our government. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. 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.
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. Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas. Today, the governors at the state level and local government autonomy are yielding more developments.
Therefore, on this 65th Anniversary of Our Independence, my message is hope and a call to action. The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing. In this regard, I urge the sub-national entities to join us in nation-building. 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.
Finally, let all hands be on deck. Let us believe, once more, in the boundless potential of our great nation.
With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.
Happy 65th Independence Anniversary, and may God continue to bless the Federal Republic of Nigeria.
Amen.
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