President Bola Ahmed Tinubu has declared that Nigeria has crossed twelve major economic milestones since his assumption of office, signaling what he described as a new era of fiscal stability and growth for the country.
Speaking during his nationwide address to mark Nigeria’s 65th Independence Day on Wednesday, the President said the progress cuts across revenue generation, debt management, trade, infrastructure, and social investment.
According to him, Nigeria hit a record-breaking revenue achievement ahead of schedule, raking in over N20 trillion by August 2025, surpassing the 2025 non-oil revenue target. He added that the September collection alone stood at N3.65 trillion — over four times higher than in May 2023.
On fiscal reforms, Tinubu said his administration had significantly reduced the debt service-to-revenue ratio from 97% to below 50%, settled “Ways and Means” borrowings, and ended the long-standing fuel subsidy, freeing up trillions for real economic investments and social welfare.
Other milestones highlighted by the President include:
Foreign Reserves Strengthened: Nigeria’s external reserves have grown to $42.03 billion, the highest since 2019.
Improved Tax Base: The tax-to-GDP ratio now stands at 13.5%, with new tax laws set to expand the base further in January.
Trade Surplus & Diversification: Nigeria has recorded five consecutive quarters of trade surplus, hitting N7.46 trillion in Q2 2025, with non-oil exports rising to 48%.
Oil Production Recovery: Daily crude production has rebounded to 1.68 million barrels, alongside local PMS refining for the first time in four decades.
Naira Stability: The currency has steadied, with the gap between official and parallel markets significantly reduced.
Social Investments: Over N330 billion has been disbursed to eight million poor and vulnerable households.
Solid Minerals Boom: Coal mining surged to 57.5% growth, positioning the sector as a major contributor to GDP.
Infrastructure Expansion: Major projects like the Kano-Kastina-Maradi rail line and Lagos-Calabar coastal highway are nearing completion.
Global Recognition: Nigeria’s credit outlook has been upgraded, while the stock market climbed to an unprecedented 142,000 points in September.
Monetary Policy Shift: For the first time in five years, the Central Bank cut interest rates, citing stronger economic stability.
President Tinubu said these achievements prove that the country is “on the right path” and assured Nigerians that his government remains committed to reforms that will create jobs, stabilise the currency, and strengthen the economy beyond oil dependence.
