Yemi Obafemi
President Bola Ahmed Tinubu has declared that Nigeria’s economy is recovering steadily, with the reforms introduced by his administration over two years ago now delivering tangible results.
Speaking in a national broadcast to mark Nigeria’s 65th Independence Anniversary on Wednesday, October 1, 2025, Tinubu said the reforms were necessary because past administrations failed to make critical investments to secure the nation’s future.
“Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth,” he said.
“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. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.”
He recalled that his government ended the fuel subsidy and dismantled the multiple exchange rate system, which he described as tools of corruption that benefitted a few at the expense of the majority.
According to him, the savings are now being channelled into education, healthcare, national security, agriculture, infrastructure, and social investment programmes to improve Nigerians’ quality of life.
Tinubu highlighted 12 key milestones achieved in the last two years. These include the social investment programme, which has provided direct financial support to millions of poor and vulnerable households; the stabilisation of the naira after years of turbulence; and the rebound of oil production to 1.68 million barrels per day, up from barely one million in May 2023.
On fiscal performance, he noted that Nigeria’s tax-to-GDP ratio has risen to 13.5 percent from less than 10 percent, with further improvements expected as new measures take effect. He also pointed to massive investments in transport infrastructure, including rail, roads, airports, and seaports.
The President added that the Central Bank of Nigeria recently cut interest rates for the first time in five years, citing gains in macroeconomic stability as evidence that the economy has “turned the corner.”
“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. 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, “Tinubu said
