President Bola Tinubu announced that his administration has achieved 12 “remarkable economic milestones” in just over two years, asserting that his fiscal and monetary policies are now “delivering tangible results.”
The President made the statement during a televised broadcast marking Nigeria’s 65th Independence anniversary.
Mr Tinubu asserted: “Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results.”
He detailed the following positive trends:
- GDP Growth: The Gross Domestic Product (GDP) grew by 4.23% in the second quarter of 2025—the nation’s “fastest pace in four years” and exceeding the 3.4% projection by the International Monetary Fund.
- Inflation: Inflation declined to 20.12% in August 2025, marking the “lowest level in three years.”
- Non-Oil Revenue: The country achieved a “record-breaking increase in non-oil revenue,” surpassing the 2025 target of N20 trillion by August. The President added: “In September 2025 alone, we raised ₦3.65 trillion—411 per cent higher than in May 2023.”
- Debt Service Ratio: The debt service-to-revenue ratio experienced a major drop from 97% to under 50%, which he said eases pressure on public finances.
- External Reserves: External reserves “surged to $42.03 billion in September 2025—Nigeria’s highest since 2019.”
- Naira Stability: The Naira had stabilized following the elimination of multiple exchange rates, which the President said previously “fuelled corruption.”
- Stock Market: The stock market is experiencing an “unprecedented boom,” with the all-share index rising from 55,000 points in May 2023 to 142,000 points as of September 26, 2025.
- Interest Rates: The Central Bank of Nigeria slashed interest rates for the first time in five years at its last MPC meeting, reflecting confidence in macroeconomic stability.
Mr Tinubu noted that the controversial petroleum subsidy removal had “freed trillions of Naira for real-sector investments and pro-poor social programmes.”
- Oil and Gas: Daily oil production rose to 1.68 million barrels from about one million in May 2023 due to improved security. He highlighted that Nigeria is now refining PMS (fuel) domestically for the first time in 40 years and leads Africa in aviation fuel exports.
- Tax Reform: The tax-to-GDP ratio “had risen to 13.5 per cent from less than 10 per cent.” The President stated: “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.”
- Social Programmes: N330 billion has been disbursed under the Social Investment Programme to eight million households receiving ₦25,000 in one or two tranches.
- Infrastructure: Transport networks are expanding rapidly, with rail and water transport growing by over 40% and 27%, respectively. Projects like the 284-kilometre Kano-Katsina-Maradi Standard Gauge rail and the Kaduna-Kano rail are “nearing completion,” and FEC recently approved $3 billion to complete the Eastern Rail Project.
- Global Confidence: International credit rating agencies have upgraded Nigeria’s outlook, citing improved economic fundamentals.
Mr Tinubu added that the administration is “working diligently to boost agricultural production and ensure food security,” and that the solid minerals sector, particularly coal mining, is now contributing significantly to GDP.
He concluded by stating the government remains focused on enhancing national safety and defeating insurgency.
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