President Bola Ahmed Tinubu has said that the reforms started by his administration is already yielding results.
In a nationwide Independence Day broadcast, the President said, ‘Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results.’
The President who also gave account of his stewardship said the second quarter 2025 Gross Domestic Product grew by 4.23%-Nigeria’s fastest pace in four years-and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years.
According to the President, the present administration is working diligently to boost agricultural production and ensure food security, reducing food costs.
He further revealed that, ‘In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies:
‘We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.
‘ We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous ‘Ways and Means’ advances that threatened our economic stability and triggered inflation.
‘Following the removal of the corruptpetroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
‘We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September-the highest since 2019.
‘Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.
‘We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ?7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent.’