President Bola Ahmed Tinubu has said Nigeria’s inability to provide adequate electricity, functional infrastructure, and modern public services is a direct result of decades of waste and poor economic planning.
In his Independence Day broadcast to the nation on October 1, Tinubu reflected on the state of the country’s economy and the tough reforms his administration has undertaken since taking office in May 2023.
In his words, “We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, building seaports, railroads, and international airports, comparable to the bends in the world. Because we failed to make the necessary investment decades ago, our administration is setting things right now.”
Tinubu said his government inherited “a near-polar economy caused by decades of fiscal policy distortions and misalignment that had impaired regrowth.” Faced with a choice to either continue “business as usual” or pursue bold changes, he said his administration “chose the path of reform. We chose the path of tomorrow over the comfort of today.”
He said those difficult decisions are now beginning to yield results. “Less than three years later, the seeds of those difficult decisions are bearing fruit. In resetting our country for sustainable growth, we ended the corrupt economy. At the same time, the masses received little or nothing from our commonwealth.”
The president noted that public funds are now being redirected to more productive sectors. “Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, health care, national security, agriculture, and political economy infrastructure such as roads, power, broadband, and social investment programmes.”
He stressed that these efforts are aimed at long-term national development. “We are racing against time. We must build the roads we need, repair the wounds that have become descriptive, and control 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.”
Despite the challenges, Tinubu said the worst is over. “I’m pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pain is giving way to relief. I salute your endurance, support, and understanding.”
He highlighted that Nigeria’s economy is showing signs of strong recovery, stating that the country recorded a GDP growth of 4.23 percent in the second quarter of 2025 the fastest in four years and higher than the 3.4 percent projected by the IMF. He added that inflation fell to 20.12 percent in August 2025, its lowest in three years.
He said the administration has achieved “12 remarkable economic milestones” in the last two years through sound fiscal and monetary policies. According to Tinubu, Nigeria recorded a “record-breaking increase in non-oil revenue, achieving 2025 targets by August with over ₦20 trillion. In September 2025 alone, we raised ₦3.65 trillion. That is 411 percent higher than the amount raised in May 2023.”
He added that the country’s fiscal position has improved significantly. “We have restored physical health, our debt service to revenue ratio has been significantly reduced from 97 percent to below 50 percent. We have beat down the infamous ways and means advances that threaten our economic stability and trigger inflation.”
He also defended the controversial removal of the petrol subsidy, saying the money saved has been reinvested in the real economy. “Following the removal of the corrupt petroleum subsidy, we have paid trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.”
The president pledged of continued service. “I will continue to work for you and justify the confidence you repose in me to steer the ship of our nation to safe harbour.”
Erizia Rubyjeana
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