Abuja: President Bola Tinubu announced that his administration has achieved 12 significant economic milestones in just over two years, driven by sound fiscal and monetary policies. Speaking during a televised broadcast marking Nigeria's 65th Independence anniversary, the president highlighted that his reforms are now delivering tangible results.
According to News Agency of Nigeria, President Tinubu stated that under his leadership, Nigeria's economy is recovering rapidly, with numerous reforms bearing fruit. He cited Gross Domestic Product (GDP) growth, a decline in inflation, and improvements in agricultural production and food security as evidence of positive trends. The GDP for the second quarter of 2025 grew by 4.23%, which is Nigeria's fastest pace in four years, surpassing the International Monetary Fund's projection of 3.4%.
The president noted that inflation reduced to 20.12% in August 2025, marking the lowest level in three years. Efforts to boost agricultural production and ensure food security have been successful in reducing food costs. Furthermore, Nigeria exceeded its 2025 non-oil revenue target by August, reaching over N20 trillion.
President Tinubu reported a significant reduction in the debt service-to-revenue ratio, easing pressure on public finances. The removal of the petroleum subsidy has freed trillions of Naira for real-sector investments and social programs. Additionally, external reserves surged to $42.03 billion in September 2025, the highest since 2019.
On tax reforms, Tinubu emphasized broadening the tax base rather than overburdening existing payers, with the tax-to-GDP ratio rising to 13.5% from less than 10%. This ratio is expected to increase with the new tax law effective in January. The law aims to expand the tax base and provide relief to low-income earners.
Tinubu highlighted Nigeria's trade surplus for five consecutive quarters as proof of economic diversification. In the oil sector, daily production rose to 1.68 million barrels due to improved security and investments. Nigeria is now refining PMS domestically for the first time in 40 years and leads Africa in aviation fuel exports.
The president also noted the stabilization of the Naira following the elimination of multiple exchange rates and the disbursement of N330 billion under the Social Investment Programme to eight million households. The solid minerals sector, particularly coal mining, is now contributing significantly to GDP.
Infrastructure development is progressing, with transport networks expanding rapidly. Rail and water transport grew by over 40% and 27%, respectively, with significant progress on major rail projects and highways. The Federal Executive Council has approved $3 billion to complete the Eastern Rail Project.
Tinubu stated that international credit rating agencies have upgraded Nigeria's outlook, citing improved economic fundamentals. The stock market has experienced an unprecedented boom, with the all-share index rising from 55,000 points in May 2023 to 142,000 points as of September 26, 2025. The Central Bank of Nigeria recently reduced interest rates, reflecting confidence in macroeconomic stability.