By Obinna Uballa
President Bola Ahmed Tinubu on Wednesday used his Independence Day broadcast to highlight his administration’s achievements in the last 28 months, insisting that Nigeria has “turned the corner” and is on a path to sustainable growth.
In his nationwide address to mark Nigeria’s 65th Independence anniversary, Tinubu defended the removal of fuel subsidy and other tough reforms introduced since May 2023, saying they were necessary to rescue the country from “a near-collapsed economy caused by decades of fiscal distortions and misalignment.”
“We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit. The worst is over,” the president declared.
Economic gains
Tinubu listed what he described as 12 major economic milestones of his administration, including stabilisation of the naira, stronger foreign reserves at $42 billion, a trade surplus for five consecutive quarters, and improved oil production of 1.68 million barrels per day, the highest since he took office.
According to him, Nigeria’s GDP grew by 4.23 per cent in the second quarter of 2025, the fastest pace in four years, while inflation dropped to 20.12 per cent in August—the lowest in three years.
He further noted that non-oil exports now account for 48 per cent of Nigeria’s trade, with goods manufactured locally rising by 173 per cent. “For the first time in four decades, Nigeria is refining PMS domestically and has emerged the continent’s leading exporter of aviation fuel,” he said.
The president also pointed to rising non-oil revenue, improved debt sustainability, and reforms that ended multiple foreign exchange windows. “The naira is no longer determined by fluctuations in crude oil prices, and the arbitrage system is history,” he said.
Infrastructure and investment
Tinubu said the federal government was investing heavily in transport and energy infrastructure, with rail and water transport growing by over 40 per cent and 27 per cent respectively. He mentioned the Kano-Katsina-Maradi and Kaduna-Kano rail projects, as well as ongoing work on the 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.
On the stock market, Tinubu said investor confidence had surged, with the All-Share Index climbing to 142,000 points in September, from 55,000 in May 2023. Sovereign credit rating agencies, he added, had upgraded Nigeria’s outlook.
Security and stability
Acknowledging persistent insecurity, Tinubu said the armed forces had recorded victories against Boko Haram, IPOB/ESN, banditry and kidnapping. “Peace has returned to hundreds of our liberated communities in the North-West and North-East, and thousands of our people have returned safely to their homes,” he said, paying tribute to the sacrifices of security personnel.
Support for the poor and youth
On social investment, the president said N330 billion had been disbursed to eight million households, while initiatives such as NELFUND, Credicorp and YouthCred had provided loans to students, young graduates and households.
He also pointed to the forthcoming iDICE programme, backed by international partners, to support innovation in the tech and creative sectors.
Message of hope
While admitting that many Nigerians were still grappling with high costs of living, Tinubu urged citizens to endure the “temporary pains,” assuring that reforms were yielding results.
“The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities,” he said.
He called on states and local governments to play their part in delivering services, and urged Nigerians to embrace productivity, innovation and patronage of locally made goods.
“Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. I say Nigeria first,” Tinubu said.
The president closed his address with optimism: “With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.”
