PRESIDENT Bola Tinubu has replied critics who say his government is yet to achieve much in its two years. In a 65th Independence Anniversary speech on Wednesday morning, Tinubu said while Nigeria now exports more than it imports, oil production and debt-servicing-to-revenue ratio have shot up.
“Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta. Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel,” he claimed.
President Tinubu said the nation’s debt service-to-revenue ratio has been significantly reduced from 97 percent to below 50 percent, revealing that his government has paid down the infamous ‘Ways and Means’ advances that threatened Nigeria’s economic stability and triggered inflation.
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However, though debt-servicing-to-revenue may be declining, total public debt is rising.Nigeria is now more indebted under President Tinubu than all the 4 past presidents combined. From Obasanjo to Jonathan, Nigeria’s debt was less than N15 trillion. President Buhari borrowed N75.26 trillion in his 8 years in office. However, President Tinubu’s net loans stand at N93.5 trillion.
Tinubu further said that following the removal of the corrupt petroleum subsidy, his government has freed up trillions of naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
He said the economy is recovering fast, and the reforms his administration started over two years ago are delivering tangible results. “The second quarter 2025 Gross Domestic Product grew by 4.23%—Nigeria’s fastest pace in four years—and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.”
“We are now a Net Exporter. Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas,” Tinubu noted.
Tinubu revealed that upon assuming office, his administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. He said as a new administration, his government faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. “We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.”
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He noted that in resetting our country for sustainable growth, his administration ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. “At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.”
He stated that the economy improved. “I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.”
Tinubu further claimed that his government has 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 2022. We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September—the highest since 2019.
“Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.”
