As Nigeria celebrate 65th anniversary of her independence, today October 1st, President Bola Tinubu has highlighted some of his administration’s achievements.
In his Independence Day broadcast on Wednesday, the President listed key reforms and economic milestones his administration has recorded in the past 28 months.
Below are the highlights:
1. Record Non-Oil Revenue Growth
Tinubu said his administration has diversified government earnings beyond crude oil.
“We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411 percent higher than the amount raised in May 2023.”
2. Improved Fiscal Health
The President stressed that Nigeria’s debt servicing burden has been reduced significantly.
“Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous ‘Ways and Means’ advances that threatened our economic stability.”
3. Stronger Foreign Reserves
Tinubu noted a boost in external reserves, giving Nigeria a cushion against global shocks.
“Our external reserves increased to $42.03 billion this September — the highest since 2019.”
4. Rising Tax-to-GDP Ratio
According to the President, his government is expanding its tax base without overburdening ordinary Nigerians.
“Our tax-to-GDP ratio has risen to 13.5 percent from less than 10 percent. The new tax law will expand the base and provide tax relief to low-income earners.”
5. Nigeria Now a Net Exporter
Tinubu also emphasised that for the first time in years, Nigeria is selling more to the world than it buys.
“Nigeria has recorded a trade surplus for five consecutive quarters… Non-oil exports now represent 48 percent, compared to oil exports at 52 per cent.”
6. Oil Production Rebound
He added that crude output has increased after years of underperformance.
“Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023… the country has made notable advancements by refining PMS domestically for the first time in four decades.”
7. Stabilisation of the Naira
The foreign exchange reforms, Tinubu said, have curbed volatility.
“The Naira has stabilised… The multiple exchange rates, which fostered corruption and arbitrage, are now part of history.”
8. Social Investment in Vulnerable Households
“Under the social investment programme… N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.”
9. Solid Minerals Sector Growth
In mining, Tinubu said coal mining has rebounded, signalling diversification in natural resources.
“Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors.”
10. Transport Infrastructure Expansion
The President maintained that his administration is accelerating work on major rail and highway projects.
“The 284-kilometre Kano-Kastina-Maradi rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing on the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.”
11. Global Recognition of Economic Reforms
Tinubu said international markets are responding positively.
“Sovereign credit rating agencies have upgraded their outlook for Nigeria… Our 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.”
12. Monetary Policy Confidence
The Central Bank has responded by lowering interest rates.
“At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.”