President Bola Ahmed Tinubu on Wednesday said Nigeria has “turned the corner” economically, assuring citizens that the painful reforms of his administration are beginning to yield results.
In a nationwide broadcast to commemorate the country’s 65th Independence Anniversary, Tinubu admitted that the cost-of-living crisis had deepened since he assumed office in May 2023, but insisted that the sacrifices were necessary to reset the economy and avert what he described as “national bankruptcy.” “The worst is over. Yesterday’s pains are giving way to relief,” the President declared.
“The worst is over. Yesterday’s pains are giving way to relief,” the President declared.
Economic milestones
Tinubu rolled out a long list of what he called “12 major economic milestones” achieved by his government. These include:
GDP growth of 4.23% in the second quarter of 2025, the fastest in four years.
Inflation reduced to 20.12% in August, the lowest level since 2022.
Non-oil revenue exceeding N20 trillion, hitting the 2025 target before year-end.
Foreign reserves rising to $42.03 billion, the highest since 2019.
A five-quarter run of trade surplus, with non-oil exports now 48% of total exports.
Oil production recovering to 1.68 million barrels per day, alongside local refining of PMS for the first time in four decades.
The President also pointed to the disbursement of N330bn to eight million vulnerable households and new student loans under the Nigeria Education Loan Fund (NELFUND), which has reached over half a million beneficiaries.
On security
Tinubu praised the military for its ongoing operations against insurgents, separatists, and bandits. He claimed that “peace has returned” to several previously displaced communities in the North-East and North-West, even as insecurity remains a pressing concern for citizens across the country.
Youth and reforms
Appealing directly to young Nigerians, Tinubu said:
“You are the future and the greatest assets of this blessed country. Dream big, innovate, and conquer more territories.”
He listed YouthCred, Credicorp loans, and the iDICE programme as proof of government’s investment in young people.
Reactions and political undertone
While Tinubu painted a picture of recovery, his speech is likely to stir mixed reactions among Nigerians grappling with soaring food prices, high transport costs, and lingering power shortages.
Opposition figures have repeatedly accused the administration of burdening citizens with “punitive economic policies” while failing to curb waste in governance. Civil society groups have also raised concerns that the government’s social investment programmes are inadequate compared to the scale of hardship.
Analysts, however, say the President’s emphasis on fiscal reforms, debt reduction, and diversification marks a shift from previous administrations’ reliance on oil revenues.
A call to action
Tinubu ended his broadcast with a message of hope and a call for productivity, urging Nigerians to patronise made-in-Nigeria goods, pay taxes, and support nation-building.
“Let us be a nation of producers, not just consumers,” he said. “With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.”
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