President Bola Tinubu in his national broadcast to mark Nigeria’s sixty fifth independence anniversary boldly declared that the nation’s economy is now experiencing a positive outlook following the tough economic reforms embarked upon by his administration. He proceeded to reel out statistics to back up his claims.
According to the President, his administration inherited a near-collapsed economy caused by decades of fiscal distortions that impaired real growth.
In resetting the country for sustainable growth, President ended the unsustainable and corrupt fuel subsidies and multiple foreign exchange rates which benefited only a tiny minority.
It is true that these bold reforms created initial disruptions in the economy and led to high inflation and cost of living. The good news is that things have stabiiised, and as the President said in his broadcast, the worst is over. Money saved from the subsidy removal is being channelled. to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve the quality of life of Nigerians.
The Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.
The Federal Account Allocation Committee, FAAC, shared over N2 trillion to the three tiers of government for the month of August. This figure is poised to rise further.
It is now the responsibility of the citizens to ask their Governors what they are doing with the huge allocations they now receive. Yes, the President took the bold decision to end the corrupt fuel subsidy regime, but the governors and local government chairmen are enjoying the gains.
Under the current administration, Nigeria’s economy is recovering fast, and the reforms which started over two years ago are delivering tangible results.
The second quarter 2025 Gross Domestic Product grew by 4.23% (four point two three percent), Nigeria’s fastest pace in four years.. Inflation declined to 20.12% in August 2025, the lowest level in three years.
Nigeria has attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, the government raised N3.65 trillion, which is 411% higher than the amount raised in May 2023.
The debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. Following the removal of the corrupt petroleum subsidy, government freed up 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 nation’s external reserves increased to $42.03 billion in September, 2025, the highest since 2019.
On a more positive note, Nigeria has recorded a trade surplus for five consecutive quarters. The nation now sells more to the world than it buys, which represents a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signifies that the economy is being diversified and that the source of foreign exchange is no longer solely from the oil and gas sector
The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following the foreign exchange reforms and fresh capital and remittance inflows.
With stable exchange rates, investors are now in a position to plan for their businesses.
Little wonder that Nigeria is witnessing a huge inflow of Foreign Direct Investment.
Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households
The administration of President Bola Tinubu is expanding transport infrastructure across the country, covering rail, roads, airports, and sea ports The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and the Sokoto-Badagry superhighway.
The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.
The world is already taking notice of the gains of economic reforms in Nigeria. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals.
The stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.
The Central Bank of Nigeria at its last Monetary Policy Committee (MPC) meeting slashed interest rates for the first time in five years, reflecting confidence in the country’s macroeconomic stability.
The nation’s economy is on the right track and President Tinubu deserves our support in implementing his bold economic reforms.
ABOUT THE AUTHOR:
Osikhekha is a public affairs analyst based in Lagos
