President Bola Ahmed Tinubu on Wednesday marked Nigeria’s 65th Independence anniversary with a defence of his economic reforms, particularly the removal of fuel subsidy, insisting that the toughest phase has passed and the benefits are emerging.
In a nationwide broadcast, Tinubu said his administration inherited “a near-collapsed economy” in 2023 but chose “the path of tomorrow over the comfort of today.” He declared: “Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit. The worst is over.”
The president pointed to a 4.23 per cent GDP growth in Q2 2025, Nigeria’s fastest in four years, a fall in inflation to 20.12 per cent in August - the lowest in three years - and record non-oil revenue of N20 trillion by August. He also cited five consecutive quarters of trade surplus, with non-oil exports rising to 48 per cent of total trade.
Tinubu highlighted achievements including domestic PMS refining, stronger foreign reserves at $42 billion, oil production of 1.68 million barrels per day, a more stable naira, and improved investor confidence reflected in upgraded sovereign ratings.
On infrastructure, he listed major projects such as the Kano-Katsina-Maradi and Kaduna-Kano railways, the Lagos-Calabar Coastal Highway, and the Sokoto-Badagry Highway. He added that $3 billion had been approved to complete the Eastern Rail Project.
He said N330 billion had been disbursed to eight million households under social programmes, while student loans, affordable credit facilities, and youth-targeted financing schemes like YouthCred and iDICE were boosting opportunities.
On security, the president praised the armed forces for “winning the war against terrorism, banditry and other violent crimes,” noting that many North-East and North-West communities had regained peace.
Tinubu acknowledged that Nigerians still face hardship but maintained that reforms are working. “The accurate measure of our success will not be limited to statistics, but in the food on our tables, the quality of education, electricity in our homes, and security in our communities,” he said.
Urging Nigerians to embrace productivity and patriotism, he concluded: “With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.”
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