President Tinubu addressed Nigerians on Wednesday to commemorate Nigeria’s 65th anniversary.
Eko Hot News reports that President Bola Tinubu has declared that Nigeria is emerging from its most difficult economic period in recent history, insisting that the bold reforms introduced by his administration are now producing measurable results across key sectors.
The President, in a national broadcast to mark the country’s 65th Independence anniversary, said the “worst is over” and praised Nigerians for their resilience through a turbulent period of structural adjustments.
“I am pleased to report that we have finally turned the corner. The worst is over,” the President said. “Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.”
President Tinubu said the economy is now on a strong recovery path, with gross domestic product (GDP) growth reaching 4.23 per cent in the second quarter of 2025, the fastest in four years and ahead of the International Monetary Fund’s projection of 3.4 per cent. Inflation, he added, fell to 20.12 per cent in August, its lowest level in three years, while efforts to increase food production and improve security are beginning to reduce prices.
According to Tinubu, the progress recorded over the past two years reflected deliberate fiscal and monetary policies that had reversed decades of distortions. Among the highlights were record-breaking non-oil revenue, higher tax collection, trade surpluses, stronger reserves, and a more stable currency.
The President disclosed that non-oil revenue surpassed N20 trillion by August, hitting the administration’s full-year target ahead of schedule. In September alone, N3.65 trillion was raised, a 411 per cent increase over the figure recorded in May 2023. He added that the debt service-to-revenue ratio had fallen from 97 per cent to below 50 per cent, while the government had begun repaying “Ways and Means” advances that once threatened fiscal stability.
Tinubu said the removal of the petrol subsidy had freed trillions of naira for investment in social programmes and infrastructure across all tiers of government. External reserves rose to $42.03 billion in September, their highest level since 2019, while the tax-to-GDP ratio increased from under 10 per cent to 13.5 per cent, with further growth expected when a new tax law takes effect in January.
He noted that the country had achieved trade surpluses for five consecutive quarters, with the latest surplus in Q2 2025 rising 44.3 per cent to N7.46 trillion. Non-oil exports accounted for 48 per cent of total trade, signalling significant diversification. Manufactured goods exports also jumped by 173 per cent, and oil production rebounded to 1.68 million barrels per day from about one million in May 2023.
