“The worst is over, I say. Yesterday’s pains are giving way to relief” – Tinubu says

National Broadcast: Tinubu Marks Nigeria’s 65th Independence, Declares “The Worst is Over”

Fellow Nigerians,

Today, October 1, 2025, marks the 65th anniversary of our nation’s Independence. As we reflect on our journey since 1960, we must remember the sacrifice and grand dream of our founders—from Dr. Nnamdi Azikiwe and Chief Obafemi Awolowo to Funmilayo Ransome-Kuti—who envisioned a prosperous Nigeria leading the entire black race.

For decades, that promise has been tested. While we have not achieved every lofty dream, we have not strayed from them. We have made tremendous progress in physical and social development.

Nigeria’s Educational and Economic Growth: A Historical Look

It is easy for critics to focus solely on current deficits, but we must acknowledge our significant progress since 1960:

Export to Sheets

Our 65 years have included a civil war and military dictatorships, yet we have weathered every storm with uncommon determination.

The Reform Path: Two Years of Turning the Corner (May 2023 – October 2025)

This is the third time I address you on this anniversary since assuming office in May 2023. We inherited a near-collapsed economy marked by fiscal policy distortions. We chose the path of courageous, fundamental reform over drift, choosing the future over the comfort of the present.

We ended the corrupt fuel subsidies and the system of multiple foreign exchange rates that benefited only a tiny minority. This redirection of our economy towards an inclusive path is now funding education, healthcare, security, agriculture, and critical infrastructure. The resources freed up are enabling Federal, State, and Local Governments to better address development challenges.

I am pleased to report that we have finally turned the corner. The worst is over. Yesterday’s pains are giving way to relief, and I salute your endurance.

Fact-Checking the Economic Milestones (Q2/Q3 2025 Claims)

The reforms we started over two years ago are delivering tangible results. Here are 12 key milestones achieved through our fiscal and monetary policies:

1. GDP Growth: The Second Quarter 2025 Gross Domestic Product (Q2 2025) grew by 4.23%, which is Nigeria’s fastest pace in four years and outpaced the IMF’s projected 3.4%.
2. Inflation: Inflation declined to 20.12% in August 2025, the lowest level in three years, signaling that efforts to boost agricultural production are beginning to reduce food costs.
3. Fiscal Health Restored: 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 previously threatened economic stability.
4. Revenue Generation: We achieved a record-breaking increase in non-oil revenue, hitting the 2025 target by August with over ?20 trillion. In September 2025 alone, revenue was ?3.65 trillion, a 411% increase compared to May 2023.
5. External Reserves: Our foreign reserve position is stronger, increasing to $42.03 billion this September—the highest since 2019.
6. Tax Base Expansion: The tax-to-GDP ratio has risen to 13.5% from less than 10%. This is driven by expanding the tax base, not increasing the burden on existing taxpayers.
7. Net Exporter Status: Nigeria has recorded a trade surplus for five consecutive quarters. Our trade surplus increased by 44.3% in Q2 2025 to ?7.46 trillion ($4.74 billion). Manufactured goods exports jumped by 173%.
8. Economic Diversification: Non-oil exports now account for 48% of our export trade, nearing the 52% contribution from oil exports. This signals a fundamental shift in our foreign exchange sources.
9. Oil Sector Recovery: Oil production rebounded to 1.68 million barrels per day (mbpd) from barely 1 mbpd in May 2023, due to improved security and investments. Furthermore, we are now refining PMS domestically for the first time in four decades and are the continent’s leading exporter of aviation fuel.
10. FX Stabilization: The Naira has stabilized following FX reforms and fresh capital inflows. The corrupting gap between the official and unofficial market rates has substantially reduced, and the multiple exchange rate system is now history.
11. Capital Markets and Ratings: 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 2023 to 142,000 points as of September 26, 2025.
12. Monetary Confidence: The Central Bank, at its last Monetary Policy Committee (MPC) meeting, slashed interest rates for the first time in five years, demonstrating confidence in our macroeconomic stability.

Investments in People: Security and Youth

SECURITY: Our security agencies are tirelessly winning the war against terrorism, banditry, and other violent crimes. Peace has returned to hundreds of communities in the North-West and North-East, and thousands of our people have returned safely to their homes. We salute the courage and gallantry of our forces who are working to stamp out terror in the North-East, IPOB/ESN activities in the South-East, and banditry across the nation.

YOUTH DEVELOPMENT: Our young people are the greatest assets of this country. We are actively funding initiatives to give you the wings to fly:

• NELFUND (Student Loans): Approximately 510,000 students across 36 states and the FCT have benefited. Total loan disbursed is ?99.5 billion, with an additional ?44.7 billion for upkeep allowances.
• Credicorp (Affordable Loans): Granted ?30 billion in affordable loans to 153,000 Nigerians for assets like vehicles and home upgrades.
• YouthCred (Consumer Credit): Now active, providing consumer credit for resettlement to tens of thousands of NYSC members.
• iDICE Programme: This initiative, driven by the Bank of Industry in collaboration with international partners, is on the cusp of implementation to support young builders and dreamers in the technology and creative sectors.

A Message of Hope and Accountability

I have always acknowledged that these reforms have come with temporary pains, particularly the rising cost of living. However, allowing the country to descend into economic chaos was not an option. Our progress proves the sacrifices have not been in vain; we are laying a new foundation cast in concrete.

The true measure of our success will be the food on our families’ tables, the quality of education, the electricity in our homes, and the security in our communities.

On this 65th Anniversary, my message is hope and a call to action. The Federal Government will continue to fix the plumbing in our economy. I urge our sub-national entities—State and Local Governments—to turn on the taps of productivity and enterprise. We must be a nation of producers, farm our land, build factories, and patronize ‘Made-in-Nigeria’ goods. I say, Nigeria first.

With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.

Happy 65th Independence Anniversary, and may God continue to bless the Federal Republic of Nigeria. Amen.

Bola Ahmed Tinubu, GCFR President and Commander-In-Chief of the Armed Forces Presidential Villa, Abuja.

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