By Boluwatife Oshadiya

Copyright bizwatchnigeria

In a stirring address delivered on Wednesday to mark Nigeria’s 65th Independence Day, President Bola Ahmed Tinubu offered reassurance to the nation’s citizens, declaring that the toughest phase of the country’s economic challenges has passed and that positive outcomes from his administration’s policies are beginning to emerge.

He encouraged the public to stay resilient and optimistic, emphasizing that “the most challenging times are in the past, and a brighter era of abundance is on the horizon.” During the speech, the President outlined various accomplishments achieved through his government’s initiatives, tying them directly to the bold changes implemented.

Below are the primary takeaways from his message:

Progress in the Economy

President Tinubu reported that the country’s Gross Domestic Product expanded by 4.23% during the second quarter of 2025, alongside a reduction in inflation to 20.12%, marking the lowest rate seen in the past three years. He attributed these improvements to decisive measures such as eliminating fuel subsidies and merging exchange rates, which have shifted funds toward more efficient areas of the economy.

He remarked, “Guided by our stewardship, Nigeria’s economic recovery is accelerating, and the initiatives we launched more than two years ago are yielding concrete benefits. The GDP for the second quarter of 2025 rose by 4.23%—the quickest growth rate in four years for Nigeria—and exceeded the 3.4% forecast from the International Monetary Fund. Inflation fell to 20.12% in August 2025, representing the smallest figure in three years. Our team is actively enhancing agricultural output to secure food supplies and lower prices for essentials.

“Over the past two years under our governance, we’ve accomplished 12 significant economic benchmarks thanks to our robust financial and monetary strategies.

“We’ve seen an unprecedented surge in non-oil earnings, surpassing the 2025 goal by August with more than N20 trillion collected. Just in September 2025, we generated N3.65 trillion, which is 411% greater than the total from May 2023.”

Enhanced Foreign Reserves

He pointed out that Nigeria’s external reserves have climbed to $42.03 billion, the peak level since 2019, and the nation is now experiencing steady trade surpluses. According to him, this reflects increasing trust from investors in the economic landscape.

He added, “Our foreign reserve standing is more robust than it was three years prior. Reserves reached $42.03 billion this September—the strongest since 2019.”

Improved Financial Stability

The President highlighted a substantial decline in the debt service-to-revenue ratio, dropping from 97% in 2022 to under 50% currently.

He elaborated that this development provides greater flexibility for the administration to allocate resources toward healthcare, schooling, public works, and support for the needy.

He stated, “We’ve reinstated fiscal soundness: The ratio of debt servicing to revenues has been dramatically lowered from 97% to less than 50%. We’ve settled the notorious ‘Ways and Means’ loans that posed risks to our financial steadiness and fueled rising prices.

“After abolishing the fraudulent fuel subsidy system, we’ve liberated trillions of Naira for strategic allocations in the genuine economy and aid programs for those in need, including support across federal, state, and local levels.”

Developments in Oil and Energy

President Tinubu shared that daily crude oil output has risen to 1.68 million barrels. He also commended the revival of local petrol refining after a 40-year hiatus, noting that this step will bolster the country’s energy independence and lessen reliance on foreign supplies. He explained, “Crude production has bounced back to 1.68 million barrels daily from just about one million in May 2023. This uptick stems from better safety measures, fresh capital inflows, and improved relations with stakeholders in the Niger Delta region.

“Moreover, Nigeria has achieved key progress by producing PMS locally for the first time in 40 years. The nation has also positioned itself as Africa’s top supplier of aviation fuel.”

Push for Infrastructure

Tinubu mentioned that flagship endeavors, such as the Lagos-Calabar Coastal Road and the Kano-Maradi railway, are advancing as planned. He portrayed these as game-changing projects that will enhance commerce, employment opportunities, and linkages throughout the country.

Support for Social Welfare

He disclosed that in excess of ₦330 billion has been distributed to eight million at-risk families via the Social Investment Scheme. Additionally, he spotlighted programs like YouthCred and Credicorp, aimed at offering financial assistance to families and the younger population.

Educational Funding for Students

Over 510,000 learners have gained from the Nigerian Education Loan Fund, according to Tinubu, who called it a pivotal achievement in democratizing access to tertiary education irrespective of socioeconomic status.

Advances in National Security

The President affirmed that armed forces are regaining control from insurgents and criminals, enabling those displaced in the North-East and North-West to start resettling in their communities. He pledged that the administration’s dedication to eradicating threats to safety remains unwavering.

Initiatives for Youth Development

Tinubu commended the creativity of Nigeria’s young people, pointing to efforts such as iDICE, educational loans, and funding for the arts as targeted strategies to nurture upcoming leaders in innovation and business.

He observed, “I want to address our youth directly. You represent the tomorrow and the most valuable resources of this great land. Keep aspiring boldly, creating new ideas, and achieving successes in areas like science, tech, athletics, and the creative industries.

“Through our policies and financial commitments, we’ll keep providing the support you need to soar. We established NELFUND to offer educational loans for studies. Around 510,000 students from 36 states and the FCT have accessed this, spanning 228 institutions. By September 10, loans totaled N99.5 billion, with maintenance allowances at N44.7 billion.”

Promoting Unity and National Identity

The President honored the pioneers who founded Nigeria, encouraging the populace to find inspiration in their ideals of cohesion and excellence. He appealed to citizens to foster national pride, prioritize domestic goods, and meet responsibilities like tax payments to forge a more resilient country.