…Says reforms necessary to avert economic chaos, bankruptcy
By Obasola Olatunde
President Bola Ahmed Tinubu declared that Nigeria has definitively overcome its most severe economic challenges, assuring citizens that the worst is over as major reforms initiated by his administration begin to deliver tangible results.
In a nationwide broadcast marking Nigeria’s 65th Independence Anniversary, the President highlighted a string of recent economic successes, positioning the country on a path to recovery and declaring that the difficult but necessary reforms including the scrapping of fuel subsidies, unification of the exchange rate, and tightening of fiscal discipline have finally “turned the corner” for Africa’s largest economy.
“Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding,” he told Nigerians.
The President cited significant economic progress, including 4.23% GDP growth recorded in the second quarter of 2025 and inflation falling to 20.12%.
He noted that non-oil revenue hit a record ₦20 trillion by August 2025 and foreign reserves surged to $42.03 billion, the highest level since 2019.
He noted further that Nigeria recorded a major revenue boost, raising ₦3.65 trillion in September alone a 411 per cent increase compared to May 2023.
“The nation’s fiscal health has been restored, with the debt service to revenue ratio dramatically reduced from 97% to below 50%. The country has also maintained a stronger trade position, posting five consecutive quarters of trade surplus, with non-oil exports now accounting for 48 per cent of total exports.” Tinubu said.
In the financial and energy sectors, the President pointed to significant progress. Daily oil production rose to 1.68 million barrels, and the nation successfully refined Premium Motor Spirit (PMS) locally for the first time in four decades.
The naira, he added, has stabilized significantly, with the gap between the official and parallel market exchange rates narrowing sharply. The stock market also witnessed a boom, climbing from an All-Share Index of 55,000 points in May 2023 to 142,000 points as of late September 2025.
To cushion the effects of the reforms, the President announced that ₦330 billion had been disbursed under the national social investment programme to eight million vulnerable households. Students have benefitted from the NELFUND loan scheme to the tune of ₦99.5 billion, with an additional ₦44.7 billion provided for upkeep allowances. New initiatives, including Credicorp, YouthCred, and the iDICE programme, were also rolled out to give youth access to affordable loans and support for the creative economy.
On infrastructure, Tinubu cited the near completion of the Kano-Katsina-Maradi and Kaduna-Kano standard gauge rail lines, alongside ongoing work on the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway.
On security, Tinubu praised the armed forces for reclaiming communities from terrorists and bandits, assuring citizens that Nigeria’s military is winning the war against Boko Haram in the North East, IPOB/ESN in the South East, and banditry in the North West.
While acknowledging that Nigerians still grapple with the rising cost of living, Tinubu insisted the painful sacrifices of the last two years were vital to avoid “economic chaos or bankruptcy.”
Concluding his address, the President appealed for collective responsibility, urging states and citizens to join the federal drive for productivity by patronising locally made goods, paying taxes faithfully, and embracing enterprise over consumption.
“The federal government will continue to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise. Let us be a nation of producers, not just consumers,” he charged.
“With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here,” he declared