President Bola Ahmed Tinubu has highlighted what he described as ‘remarkable economic milestones’ achieved by his administration in the last two years, assuring Nigerians that the government’s fiscal and monetary reforms are beginning to yield tangible results.

Delivering his Independence Day address on Wednesday, October 1, 20,25, to mark Nigeria’s 65th anniversary, the President said the government’s policies had not only restored economic stability but also positioned the nation for inclusive growth.

President Tinubu said Nigeria had crossed a historic threshold in non-oil revenue generation.

He also noted that Nigeria’s debt service-to-revenue ratio, which once stood at 97 per cent, had now been reduced to below 50 per cent.

The President explained that the administration had cleared the “Ways and Means” advances that previously destabilised the economy and triggered inflation.

“Following the removal of the corrupt petroleum 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,” he said.

Tinubu announced that Nigeria’s foreign reserves had increased to $42.03 billion in September 2025, the highest level since 2019.

He also stated that the country’s tax-to-GDP ratio had climbed to 13.5 per cent, up from below 10 per cent, adding that a new tax law would take effect in January to expand the tax base while relieving low-income earners.

The President stressed that Nigeria had achieved five consecutive quarters of trade surplus, describing it as a major shift.

“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 now represent 48 per cent of our trade, compared to oil’s 52 per cent,” he said.

According to him, oil production rebounded to 1.68 million barrels per day, up from about one million in May 2023, thanks to better security and investments in the Niger Delta.

For the first time in four decades, petrol is now being refined domestically, while Nigeria has also become Africa’s top exporter of aviation fuel. Tinubu added that the solid minerals sector was recovering strongly, noting that coal mining grew by 57.5% in Q2 after a steep decline earlier in the year.

According to President Tinubu, the ’12 remarkable economic milestones’ as a result of the implementation of fiscal and monetary policies by his administration include:

“1 – We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over ₦20 trillion. In September 2025 alone, we raised ₦3.65 trillion, 411 per cent higher than the amount raised in May 2023.

2 – 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 corrupt petroleum 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.

3 – 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.

4 – 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.

5 – 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. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.

6 – Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta. Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.

7 – The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.

8 – Under the social investment programme to support poor households and vulnerable Nigerians, ₦330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of ₦25,000 each.

9 – Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil.

10 – The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.

11 – The world is taking notice of our efforts. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.

12 – At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.”