President Bola Ahmed Tinubu has said that Nigeria’s economic recovery is being propelled by tough but necessary reforms, noting that his administration’s bold policy decisions are yielding tangible results for the nation.
Daily News 24 reports that he stated this on Wednesday, October 1, in his nationwide broadcast, where he highlighted key achievements in fiscal, monetary, and social policies that are strengthening the economy and improving the quality of life for Nigerians
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Addressing citizens, Tinubu recalled the sacrifices and vision of Nigeria’s founding fathers, including Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, and Margaret Ekpo, who dreamed of a united and prosperous nation. He urged Nigerians to continue building on the progress made over 65 years of independence, stressing the importance of resilience, unity, and productivity.
The President outlined the significant strides his administration has made since assuming office in May 2023, including ending fuel subsidies, removing multiple foreign exchange rates, and redirecting resources towards education, healthcare, agriculture, and infrastructure. These reforms, he said, have strengthened fiscal health, improved social investment, and ensured that government resources reach the most vulnerable.
Highlighting recent economic indicators, Tinubu reported that Nigeria’s Gross Domestic Product grew by 4.23% in the second quarter of 2025, surpassing IMF projections, while inflation dropped to 20.12%, the lowest in three years. Non-oil revenue reached N20 trillion by August 2025, with September alone raising N3.65 trillion. Foreign reserves climbed to $42.03 billion, and the Naira has stabilized following foreign exchange reforms.
Tinubu also noted that Nigeria is now a net exporter for five consecutive quarters, with non-oil exports now representing 48% of total exports. Oil production rebounded to 1.68 million barrels per day, and the country has become the continent’s leading exporter of aviation fuel. Meanwhile, key infrastructure projects, including rail, road, airport, and seaport expansions, are progressing steadily, while sovereign credit agencies have upgraded Nigeria’s economic outlook.
On social programs, the President highlighted the disbursement of N330 billion to eight million households, as well as initiatives such as NELFUND, Credicorp, and YouthCred, which support students, young entrepreneurs, and resettling NYSC members. Tinubu emphasized that these programs empower Nigerians and contribute to a more inclusive economy.
Security remained a priority, with the President commending the armed forces and security agencies for their ongoing efforts to defeat terrorism, banditry, and other violent crimes. He noted that peace has returned to many liberated communities, allowing citizens to safely resume their livelihoods.
Tinubu also addressed the youth directly, urging them to innovate, dream big, and contribute to the country’s growth through technology, creative arts, and entrepreneurship. He stressed that the government will continue to provide opportunities and funding to help young Nigerians achieve their ambitions.
Concluding his address, the President acknowledged that reforms have come with challenges, including inflation and rising living costs, but reaffirmed that the path taken was necessary to prevent economic collapse. He urged all Nigerians to participate in nation-building by supporting local production, paying taxes, and embracing productivity.
“Let all hands be on deck. Let us believe once more in the boundless potential of our great nation,” Tinubu said, expressing confidence that Nigeria is entering a new era of prosperity, self-reliance, and national unity. He wished all Nigerians a happy 65th Independence anniversary.
