By Ghazali Ibrahim
President Bola Ahmed Tinubu used his Independence Day address on Wednesday, October 1, 2025, to project a message of economic optimism, declaring that Nigeria is on “a firm path to prosperity” after two years of difficult reforms.
Speaking to Nigerians in a nationwide broadcast marking the country’s 65th anniversary, Tinubu said his administration had recorded 12 “remarkable economic milestones” through what he described as bold fiscal and monetary policies.
From record-breaking non-oil revenues to stabilising the Naira and boosting foreign reserves, the president insisted the sacrifices of the past two years are yielding measurable results.
1. Record Non-Oil Revenue Growth
Nigeria surpassed its 2025 non-oil revenue target by August, generating N20 trillion ahead of schedule. In September alone, collections rose to N3.65 trillion, a 411% jump compared to May 2023.
2. Restoration of Fiscal Health
Tinubu said the country’s debt service-to-revenue ratio dropped below 50%, down from 97% at his inauguration. He noted that “Ways and Means” borrowings from the CBN had been reduced, while subsidy removal freed up trillions for investment in infrastructure and welfare.
3. Boost in Foreign Reserves
External reserves grew to $42.03 billion in September 2025, the highest level since 2019, which Tinubu described as proof of economic resilience.
4. Rising Tax-to-GDP Ratio
The tax-to-GDP ratio climbed from less than 10% to 13.5%, with a new tax law expected in January 2026 to expand the tax base without increasing the burden on ordinary citizens.
5. Nigeria Now a Net Exporter
For the first time in years, Nigeria posted five consecutive quarters of trade surplus. In Q2 2025, surplus rose 44.3% to N7.46 trillion ($4.74 billion). Manufactured exports also grew 173%, while non-oil exports now make up nearly half of total trade.
6. Rebound in Oil Production
Crude production increased to 1.68 million barrels per day, up from 1 million in May 2023. Tinubu also celebrated the local refining of petrol for the first time in four decades and Nigeria’s emergence as Africa’s leading exporter of aviation fuel.
7. Stabilisation of the Naira
After years of volatility, the naira has stabilised, with the gap between official and parallel market rates narrowing significantly. Tinubu attributed this to FX reforms, remittance inflows, and fresh capital injections.
8. Social Investment Programme
The government disbursed N330 billion to eight million vulnerable households under its cash transfer scheme, aimed at cushioning the impact of reforms.
9. Recovery of Coal Mining
Coal mining surged by 57.5% in Q2 2025 after years of decline, marking solid minerals as a key sector in Nigeria’s diversification drive.
10. Expansion of Infrastructure
Tinubu said massive investments are ongoing across rail, roads, seaports, and airports. He highlighted progress on the Kano-Katsina-Maradi rail, the Kaduna-Kano line, the Lagos-Calabar Coastal Highway, and the Sokoto-Badagry Highway.
11. Global Recognition of Economic Reforms
Nigeria’s sovereign credit ratings have improved, while the stock market surged from 55,000 points in May 2023 to 142,000 points as of September 2025.
12. Reduced Interest Rates
For the first time in five years, the Central Bank cut interest rates, which Tinubu said reflected renewed confidence in Nigeria’s macroeconomic stability.
In his closing remarks, the president said:
“We have endured turbulence, but today the Nigerian economy is more resilient, more diversified, and more stable than it was two years ago.”
