As Nigeria marks her 65th independence anniversary, President Bola Tinubu has highlighted 12 remarkable economic milestones achieved by his administration in the last two years.
In nationwide broadcast on Wednesday morning October 1, 2025, President Tinubu said his administration “inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.”
The President said his administration had two choices – to continue business as usual and watch the nation drift, or embark on a courageous reform necessary to put the country on the path of sustainability. “We chose the path of reform. We chose the path of tomorrow over the comfort of today, ” he stated.
He said that in resetting the country for sustainable growth, his administration ended the “corrupt fuel subsidies” and multiple foreign exchange rates system “that created massive incentives for a rentier economy, benefiting only a tiny minority.”
According to him the seeds of those painful reforms are already bearing fruits less than three years after.
The Nigerian leader said his administration was able to achieve 12 remarkable economic milestones through diligent implementation of sound fiscal and monetary policies.
Increase in Non-oil Revenue
Highlighting the milestones, Tinubu said the country attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over ₦20 trillion. “In September 2025 alone, we raised ₦3.65 trillion, 411% higher than the amount raised in May 2023,” the president stated.
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He also stated that his administration has restored what he described as “Fiscal Health”, as the debt service-to-revenue ratio has been significantly reduced to below 50 per cent from 97 per cent previously.
He said the “Ways and Means” advances that triggered inflation and threatened the country’s economic stability has been significantly reduced.
He said the the removal of the petroleum subsidy 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.
Foreign Reserves Surge
The president also noted the continuous rise in Nigeria’s foreign reserves, asserting that the country now has a stronger foreign reserve position than three years ago. “Our external reserves increased to $42.03 billion this September—the highest since 2019.”
Tax-to-GDP ratio Rise
Tinubu also stated that the country’s tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent previously, adding that the ratio is expected to increase further when the new tax law takes effect in January 2026.
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He clarified that the tax reform was not meant to increase the burden on taxpayers but geared towards expanding the revenue base to build a better Nigeria, while providing tax relief to low-income earners.
Nigeria now a Net Exporter
The president further stated that Nigeria is now a net exporter having 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,” he stated.
Data released by the National Bureau of Statistics (NBS) revealed that Nigeria’s trade surplus increased by 44.3 per cent in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years. The export of goods manufactured in Nigeria surged by 173 per cent.
Non-oil exports now represent 48 per cent of total export trade volume, 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,” the president added.
Oil Production Rebound
The president also noted a rebound in oil production in the last four months as a result of improved security, new investments, and better stakeholder management in the Niger Delta, a major oil production hub in the country.
NBS data showed that Nigeria’s daily production of crude oil rose to 1.68 million barrels per day, a four year quarter high since 2022.
The president noted that the Nigeria has made a notable progress in domestic refining of PMS for the first time in four decades and also established itself as the continent’s leading exporter of aviation fuel, through the Dangote Refinery that came on stream last year.
Naira Stability
The president also noted that the naira has stabilised after the foreign exchange reform that led to devaluation and volatility between 2023 and 2024.
He observed that the gap between the official rate and the unofficial market (black market) has significantly reduced, following FX reforms, fresh capital and remittance inflows.
”Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices,” he stated.
Social Investment Programme
The president said ₦330 billion has been disbursed to eight million households, to support poor and vulnerable Nigerians under the social investment programme. He said the funds were disbursed in three tranches of ₦25,000 each.
Coal mining
Tinubu said coal mining has recovered from a 22 per cent decline in Q1 to 57.5 per cent 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,” Tinubu stated.
Expanding Transport Infrastructure
The president said his administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. According to him, rail and water transport grew by over 40 per cent and 27 per cent, respectively. He revealed that the 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion, adding that work is also in progress on the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
He revealed that the Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.
Improved credit Rating and Stock Market Boom
He noted that the country’s improved economic fundamentals due to his administration’s reforms has made sovereign credit rating agencies to upgrade their outlook for Nigeria.
According to him, the stock market has also experienced a boom, with the all-share index rising from 55,000 points in May 2003 to 142,000 points as of September 26, 2025.
Monetary Policy and Economic Recovery
Tinubu also highlighted the growing confidence in the country’s macroeconomic stability as the Central Bank during the last MPC meeting slashed interest rates for the first time in five years.
The president maintained that the economy is recovering fast due to his administration’s reforms, citing recent report which showed that the second quarter 2025 Gross Domestic Product (GDP) grew by 4.23 per cent —Nigeria’s fastest pace in four years—and surpassed the 3.4 per cent projected by the International Monetary Fund. He also mentioned that inflation rate declined to 20.12 per cent in August 2025, the lowest level in three years.
The president assured that his administration is working hard to boost agricultural production and ensure food security, reducing food costs.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
