BY MUSA IDRIS UMAR, OCTOBER 01, 2025 | 10:43 AM

President Bola Ahmed Tinubu says Nigeria is finally emerging from decades of economic hardship, insecurity, and policy failures as his government’s tough reforms begin to deliver results.

In a nationwide broadcast on Wednesday to mark the 65th anniversary of Nigeria’s independence, Tinubu admitted that when he assumed office in May 2023, the country was facing one of its worst economic crises.

He said years of fiscal mismanagement, fuel subsidy abuse, multiple exchange rates, and a lack of investment had left Nigeria with weak infrastructure, poor public services, and a struggling economy.

'Our roads were broken, our schools and hospitals underfunded, our industries failing, and power supply grossly inadequate,' Tinubu said.

He added that insecurity had worsened, with terrorism, separatist violence, and banditry forcing many Nigerians from their homes.

Difficult Decisions to Rescue a Failing Economy

Tinubu said his administration was confronted with two choices: continue failed policies or pursue painful reforms to save the nation’s future.

'We chose reform over complacency,' he stated.

The government scrapped the costly fuel subsidy, unified the exchange rate, and redirected public resources to education, healthcare, infrastructure, and social investment.

'Ending subsidies and removing multiple exchange rates were difficult steps, but they stopped corruption and freed up funds for the people,' he explained.

On security, the president said his government strengthened the armed forces and improved intelligence to combat terrorism and violent crime.

'Our troops are winning battles on several fronts,' he said.

'Peace has returned to many communities, and thousands of displaced persons are returning home.'

Evidence of Economic Recovery

Tinubu said the country had “turned the corner” and was now seeing measurable improvements in key economic indicators.

The nation’s GDP grew by 4.23% in the second quarter of 2025 — the fastest pace in four years.

Inflation dropped to 20.12%, the lowest level in three years, signaling that reforms were starting to pay off.

The president highlighted several major achievements, including record non-oil revenue surpassing ₦20 trillion and a sharp drop in the debt service-to-revenue ratio from 97% to below 50%.

Foreign reserves rose to $42.03 billion, their highest level since 2019.

Nigeria also posted trade surpluses for five consecutive quarters, with non-oil exports now making up 48% of total exports.

Oil production increased to 1.68 million barrels per day, and for the first time in four decades, petrol was refined domestically.

The Naira stabilized, the gap between official and parallel exchange rates narrowed, and ₦330 billion was distributed to eight million vulnerable households.

Massive infrastructure projects are also underway, including new rail lines, highways, and ports to support economic growth.

Investing in Nigeria’s Future Generations

Tinubu described the youth as Nigeria’s greatest asset and promised continued investment in their future.

He said over 510,000 students had benefited from the National Education Loan Fund (NELFUND), while Credicorp provided ₦30 billion in affordable loans for housing, solar energy, and digital tools.

Through YouthCred, thousands of National Youth Service Corps members have received credit support, and the iDICE program is channeling investments into technology and creative industries.

A Call for Patience and Productivity

Tinubu acknowledged that rising prices and high living costs remained a challenge but said the sacrifices were necessary to prevent deeper economic collapse.

'Our success will not only be measured by economic data but by the food on our tables, quality education, reliable electricity, and safer communities,' he said.

He urged citizens to support government efforts by producing locally, paying taxes, and patronizing Nigerian-made goods.

'Let us be a nation of producers, not just consumers,' Tinubu declared.

'Let us put Nigeria first.'

A Renewed Hope for the Future

As Nigeria marks 65 years of independence, Tinubu said the country’s future is bright if citizens remain united and committed to national progress.

'With Almighty God on our side, the dawn of a new, prosperous, self-reliant Nigeria is here,' he said.

'Happy Independence Day, and may God bless the Federal Republic of Nigeria.'