President Bola Ahmed Tinubu on Tuesday assured Nigerians that the country has “turned the corner” economically, declaring that the pains of reform are beginning to yield visible results.
In his national broadcast to mark Nigeria’s 65th Independence Anniversary, Tinubu said his administration inherited a “near-collapsed economy” in May 2023, but chose to embark on bold reforms instead of “business as usual.”
He explained that his government had to end fuel subsidies and multiple foreign exchange rates, which for years had only enriched a few while leaving ordinary Nigerians with nothing.
“Our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results,” he said.
According to him, Nigeria’s Gross Domestic Product grew by 4.23 percent in the second quarter of 2025, the fastest pace in four years and higher than the IMF’s projection of 3.4 percent.
Inflation, which stood at record highs during the early days of his administration, has declined to 20.12 percent in August 2025, the lowest level in three years.
Tinubu also noted that government revenue has improved significantly, with non-oil income exceeding N20 trillion by August 2025.
He added that Nigeria’s external reserves had climbed to $42.03 billion, the highest since 2019, while the country had recorded a trade surplus for five consecutive quarters.
He maintained that while reforms had brought hardship to many families, they were necessary to prevent the country from sliding into bankruptcy.
“Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding,” he told Nigerians.
