President Bola Tinubu on Wednesday reeled out what he described as 12 remarkable economic milestones achieved under his administration in just over two years, attributing the progress to “sound fiscal and monetary policies.”
In his televised broadcast to mark Nigeria’s 65th Independence Anniversary, the President said his government’s bold reforms were already yielding tangible results across key sectors of the economy.
Economic Growth and Inflation
Tinubu noted that Gross Domestic Product (GDP) grew by 4.23% in Q2 2025, the fastest in four years and ahead of IMF projections of 3.4%. Inflation, he added, declined to 20.12% in August 2025, its lowest in three years.
He stressed that government was working to further boost agricultural production and ensure food security to ease food costs.
Non-Oil Revenue and Debt
The President disclosed that Nigeria had surpassed its 2025 non-oil revenue target of ₦20 trillion by August, with ₦3.65 trillion raised in September alone—over 400% higher than May 2023 figures.
According to him, the debt service-to-revenue ratio has fallen from a crippling 97% to under 50%, giving public finances breathing space.
Reforms, Reserves and Tax Base
Tinubu defended the fuel subsidy removal, saying it has freed up trillions of naira for social programmes and investments. He revealed that foreign reserves have surged to $42.03 billion, the highest since 2019.
On tax, he said the tax-to-GDP ratio has improved to 13.5% from less than 10%, and is expected to rise further with new tax laws effective January 2026. He emphasised that the reforms are about expanding the tax base, not overburdening existing taxpayers, while providing relief for low-income earners.
Trade, Oil, and Energy
The President said Nigeria has recorded a trade surplus for five consecutive quarters, showing diversification gains. Crude oil production, he added, has rebounded to 1.68 million barrels per day, from about one million in May 2023, due to improved security and investment.
He also announced that Nigeria is now refining petrol domestically for the first time in 40 years and has become Africa’s leading exporter of aviation fuel.
Currency, Social Investment, and Solid Minerals
Tinubu said the naira had stabilised following the elimination of multiple exchange rates, while ₦330 billion has been disbursed under the Social Investment Programme to about eight million households.
He noted that the solid minerals sector, especially coal mining, is now contributing significantly to GDP.
Infrastructure Expansion
Highlighting infrastructure, he said rail and water transport have grown by 40% and 27% respectively. Major projects nearing completion include the Kano-Katsina-Maradi Standard Gauge Rail, Kaduna-Kano Rail, Lagos-Calabar Coastal Highway, and Sokoto-Badagry Highway.
He added that the Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.
Market Confidence and Security
Tinubu said international credit rating agencies have upgraded Nigeria’s outlook, while the stock market has surged from 55,000 points in May 2023 to 142,000 points in September 2025.
He revealed that the Central Bank had slashed interest rates for the first time in five years, reflecting improved macroeconomic stability.
On security, the President assured that government remains committed to defeating insurgency and ensuring peace as the bedrock of sustainable economic growth.