President Bola Tinubu on Wednesday assured Nigerians that the country has entered a phase of recovery and stability, saying the sacrifices of the past two years are beginning to yield results.
In a nationwide broadcast to mark Nigeria’s 65th Independence Anniversary, Tinubu recalled inheriting what he described as a “near-collapsed economy” in May 2023, but insisted that his administration’s reforms have put the nation on a stronger footing.
He said the removal of fuel subsidies, the unification of foreign exchange rates, and tighter fiscal measures have redirected resources into education, healthcare, security, agriculture, and infrastructure. “Yesterday’s pains are giving way to relief. The worst is over,” Tinubu declared.
The President highlighted recent economic gains, including second-quarter GDP growth of 4.23 percent—Nigeria’s fastest in four years—alongside a fall in inflation to 20.12 percent in August, the lowest in three years. He also pointed to record non-oil revenue, reduced debt service-to-revenue ratio, stronger reserves of $42.03 billion, and a five-quarter trade surplus.
Tinubu said oil production has rebounded to 1.68 million barrels per day, while domestic petrol refining resumed for the first time in four decades. He noted progress in transport infrastructure, with rail, road, and coastal highway projects advancing, and foreign investors responding with renewed confidence.
On security, he commended the military and other agencies for gains against terrorism, banditry, and separatist violence, stating that peace has returned to several previously troubled communities.
The President also highlighted youth-focused programmes, including the Nigerian Education Loan Fund, which he said has supported over 500,000 students, and new credit schemes such as Credicorp and YouthCred for graduates and corps members.
Tinubu acknowledged that inflation and high living costs remain pressing concerns but argued that the alternative would have been economic collapse. “The true measure of our success will be in the food on our tables, the quality of our schools, the electricity in our homes, and the safety of our communities,” he said.
Paying tribute to Nigeria’s founding fathers, Tinubu urged citizens to sustain hope and productivity, promising that his government would continue to consolidate gains for inclusive growth and national progress.
