President Bola Ahmed Tinubu on Wednesday assured Nigerians that the country had “turned the corner” economically, declaring that the toughest phase of his administration’s reforms was over as the nation marked its 65th Independence anniversary.
In a national broadcast, Tinubu said painful but necessary measures such as the removal of fuel subsidies and the unification of multiple foreign exchange rates had begun to yield results. He cited a 4.23 percent GDP growth in the second quarter of 2025, the fastest in four years, and a drop in inflation to 20.12 percent, the lowest in three years.
“The worst is over, I say. Yesterday’s pains are giving way to relief,” the President told Nigerians. “I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me.”
Tinubu listed 12 “remarkable economic milestones” his government had achieved in the past two years, including a record ₦20 trillion non-oil revenue, a stronger external reserve of $42.03 billion, a reduction of debt service-to-revenue ratio from 97 to below 50 percent, and a sustained trade surplus now driven almost equally by non-oil exports.
He also highlighted progress in oil production, which rose to 1.68 million barrels per day, and domestic refining of petrol for the first time in four decades. The Naira, he said, had stabilised while the stock market surged to an all-time high.
On security, Tinubu praised the armed forces for reclaiming territories from insurgents, saying peace had returned to parts of the North-East and North-West. “They are winning the war against terrorism, banditry and other violent crimes,” he said.
The President devoted part of his message to the youth, describing them as Nigeria’s “greatest assets.” He outlined initiatives such as student loans under NELFUND, affordable loans through Credicorp, and the YouthCred programme for NYSC members. He also reaffirmed government’s commitment to the iDICE scheme for digital and creative enterprises.
Acknowledging that the cost of living remained high, Tinubu said the alternative to reform would have been “economic chaos or bankruptcy.” He urged citizens to support his “Nigeria First” agenda by paying taxes, patronising local products, and engaging in productive enterprise.
“As we mark 65 years of independence, my message is hope and a call to action,” he said. “With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.”
