Oct. 1, 2025
President Bola Tinubu says in just over two years his administration has achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies.
The President, speaking during a televised broadcast marking Nigeria’s 65th Independence anniversary, said his reforms were now delivering tangible results.
According to him, “Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results.
“In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies.”
Tinubu said Gross Domestic Production (GDP) growth, inflation, agricultural production, and food security indicators were all showing positive trends.
“The second quarter 2025 Gross Domestic Product grew by 4.23%, Nigeria’s fastest pace in four years and outpaced the 3.4 per cent projected by the International Monetary Fund.
“Inflation declined to 20.12 per cent in August 2025, the lowest level in three years.
“The administration is working diligently to boost agricultural production and ensure food security, reducing food costs,”Tinubu added.
He further revealed that Nigeria had surpassed its 2025 non-oil revenue target of N20 trillion by August.
“We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion.
“In September 2025 alone, we raised N3.65 trillion, 411 per cent higher than in May 2023.”
Tinubu said there was a major drop in the debt service-to-revenue ratio from 97 per cent to under 50 per cent, easing pressure on public finances.
While the controversial petroleum subsidy removal had freed trillions of Naira for real-sector investments and pro-poor social programmes, external reserves had surged to $42.03 billion in September 2025—Nigeria’s highest since 2019.
On tax reforms, the president said the focus was on broadening the tax base without overburdening existing payers.
“Our tax-to-GDP ratio had risen to 13.5 per cent from less than 10 per cent.
“The ratio is expected to increase further when the new tax law takes effect in January.
“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.”
Tinubu highlighted Nigeria’s trade surplus for five consecutive quarters as proof that economic diversification was taking root.
On oil, he noted that daily production rose to 1.68 million barrels from about one million in May 2023, due to improved security and fresh investments as Nigeria is now refining PMS (fuel) domestically for the first time in 40 years and leads Africa in aviation fuel exports.
Tinubu said the Naira had stabilised following the elimination of multiple exchange rates, which previously fuelled corruption.
”N330 billion had been disbursed under the Social Investment Programme to eight million households receiving N25,000 in one or two tranches.
“The solid minerals sector, particularly coal mining, is now contributing significantly to GDP.
On infrastructure, he said, transport networks were expanding rapidly across the country.
“Rail and water transport grew by over 40% and 27 per cent ,respectively. The 284-kilometre Kano-Katsina-Maradi Standard Gauge rail and Kaduna-Kano rail are nearing completion.
“Work is progressing well on the legacy Lagos-Calabar Coastal Highway and
Sokoto-Badagry Highway.”
“The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project,” he said.
Tinubu said international credit rating agencies had upgraded Nigeria’s outlook, citing improved economic fundamentals.
“Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2023 to 142,000 points as of September 26, 2025,”the president said.
”The Central Bank of Nigeria at its last MPC meeting slashed interest rates for the first time in five years, reflecting confidence in macroeconomic stability,” he said.
