President Bola Ahmed Tinubu, in his Independence Day address to the nation on Wednesday, reassured Nigerians that the worst phase of the economic crisis is over, stressing that his government’s bold reforms are already yielding results. He urged citizens to remain hopeful, resilient, and committed to national unity.
Here are the major highlights from his broadcast:
1. Economic Growth
The President announced that Nigeria’s GDP grew by 4.23% in Q2 2025, while inflation dropped to 20.12%, the lowest in three years. He attributed these gains to reforms such as fuel subsidy removal and exchange rate unification, which redirected resources into productive sectors. Non-oil revenue hit over ₦20 trillion by August, surpassing the 2025 target.
2. Stronger Reserves
Tinubu disclosed that external reserves have risen to $42.03 billion, the highest since 2019. He said consistent trade surpluses and stronger reserves reflect growing investor confidence.
3. Fiscal Stability
The President said Nigeria’s debt service-to-revenue ratio had dropped significantly from 97% in 2022 to below 50% today. He noted that the removal of fuel subsidy freed up trillions of naira for investments in healthcare, education, infrastructure, and social welfare.
4. Oil and Energy Sector
Crude oil production has rebounded to 1.68 million barrels per day, up from just one million in May 2023. Tinubu also announced that domestic petrol refining had resumed for the first time in four decades, alongside increased exports of aviation fuel.
5. Infrastructure Drive
Tinubu said strategic projects such as the Lagos–Calabar Coastal Highway and the Kano–Maradi rail line are progressing, describing them as transformative for trade, jobs, and connectivity.
6. Social Investments
Over ₦330 billion has been disbursed to eight million vulnerable households through the Social Investment Programme. The government also launched initiatives like YouthCred and Credicorp to provide loans and financial support for young Nigerians.
7. Student Loans
The Nigerian Education Loan Fund (NELFUND) has already supported 510,000 students across 228 higher institutions nationwide, disbursing ₦99.5 billion in tuition loans and ₦44.7 billion in upkeep allowances.
8. Security Gains
Tinubu said security forces are reclaiming territories from insurgents and bandits, with displaced persons in the North-East and North-West beginning to return home. He reaffirmed his administration’s commitment to defeating insecurity nationwide.
9. Youth Empowerment
The President praised Nigerian youths as the country’s greatest asset, citing initiatives like iDICE, student loans, and creative industry funds. He encouraged young people to innovate and excel globally, while assuring them of government support through funding and policies.
10. Unity and Nationhood
Tinubu paid tribute to Nigeria’s founding fathers and called for renewed patriotism. He urged citizens to support local industries, pay taxes, and remain united to build a stronger nation anchored on collective progress.
The President closed his address with optimism, declaring that “prosperity is near,” and that Nigeria is on a path of sustained growth, peace, and development.
