President Bola Ahmed Tinubu has assured Nigerians that the country has made a decisive turn in its economic reforms, declaring that the worst is over and the hardships of yesterday are beginning to give way to relief.

In a nationwide broadcast to commemorate Nigeria’s 65th Independence Anniversary, the president said his administration was concerned about the temporary pains of the reforms, but added that the alternative would have led Nigerians into bankruptcy.

President Tinubu, who went down memory lane, said the founding heroes and heroines of the country believed it was Nigeria’s manifest destiny to lead the black race as the largest black nation on earth, adding that the promise of independence has been tested by profound social, economic, and political challenges, and “we have survived.”

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He said, “While we may not have achieved all the lofty dreams of our forebearers, we have not strayed too far from them as the country in the last 65 years has made tremendous progress in economic growth, social cohesion, and physical development.

“While it is much easier for those whose vocation is to focus on what ought to be, we must recognise and celebrate our significant progress. Nigerians today have access to better education and healthcare than in 1960.”

Difficult decisions

President Tinubu explained that on assuming office, his administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth, saying that “As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. 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. In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth.

“Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes.

“These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the federal and state governments, including local governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.”

The president said his administration is racing against time to “build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people. We have to plan for the generations that will come after us.

“We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago.”

He, however, said the present administration is setting things right: “I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.

“Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. 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.

“The administration is working diligently to boost agricultural production and ensure food security, reducing food costs,” he said.

Achievements

Listing some of his achievements, President Tinubu said that in the last two years, his administration has achieved 12 remarkable economic milestones as a result of the implementation of sound fiscal and monetary policies.

He listed some of them as the attainment of a record-breaking increase in non-oil revenue, achieving the 2025 target by August, with over N20 trillion.

He said, “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. 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.”

President Tinubu said the ratio is expected to increase further when the new tax law takes effect in January.

He further said, “Nigeria is 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 N7.46 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. 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.

“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.

Insecurity

Speaking on the prevailing insecurity, Tinubu said he is working to enhance national security, ensuring that the  economy experiences improved growth and performance as the officers and men of the armed forces and other security agencies are working tirelessly and making significant sacrifices to keep the country safe.

He said, “They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation.

“Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes.”

Youth programmes

Addressing the youth, the president urged them to continue to dream big, innovate, and conquer more territories in various fields of science, technology, sports, and the art and creative sector.

He said, “Our administration, through policies and funding, will continue to give you wings to fly sky-high.  We created NELFUND to support students with loans for their educational pursuits.

“Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.”

He said Credicorp, another initiative of his administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more, even as YouthCred, which he promised last June, is already a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement.

In his message of hope to Nigerians, the president acknowledged that his administration’s reforms have come with some temporary pains.

He said the alternative of allowing the country to descend into economic chaos or bankruptcy was not an option, insisting that “Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.

“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. Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas.

“Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing. In this regard, I urge the sub-national entities to join us in nation-building.  Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce.

“Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes. Finally, let all hands be on deck. Let us believe, once more, in the boundless potential of our great nation. With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here,” he said.