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We are building Nigeria’s economy on concrete, not quicksand – Tinubu

President Bola Ahmed Tinubu has declared that his government is building a durable economic base to secure Nigeria’s future. Speaking during the Independence anniversary address, Tinubu reflected on the state of the economy he met on assumption of office, noting that he “inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment
We are building Nigeria’s economy on concrete, not quicksand – Tinubu

President Bola Ahmed Tinubu has declared that his government is building a durable economic base to secure Nigeria’s future.

Speaking during the Independence anniversary address, Tinubu reflected on the state of the economy he met on assumption of office, noting that he “inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.”

He stated that the nation’s currency had gained strength, the capital market is recording historic growth, coal mining has revived significantly, and non-oil trade now makes up 48 percent of the country’s exports.

He also disclosed that foreign reserves climbed to $42.03 billion in September, while N330 billion has been released to assist eight million households through the social investment programme.

“The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” the president stressed.

According to him, “Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.”

Tinubu further stated that states and local councils are now benefitting more than ever from federation allocations.

“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 explained.

He added that success would be measured beyond economic indices.

“The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities.

“Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas.

“Today, the governors at the state level, and the local government autonomy are yielding more developments,” he added.

The president urged citizens to embrace productivity and innovation, charging all Nigerians to “turn on the taps of productivity, innovation, and enterprise.”

We are building Nigeria’s economy on concrete, not quicksand – Tinubu

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Independence Day: Tinubu rolls out 12 economic milestones

President Bola Ahmed Tinubu has said that the country has achieved twelve economic milestones under his administration. He disclosed this in his 65th Independence Day nationwide broadcast on Wednesday. He noted that the economic milestones include the achievement of the 2025 revenue target of N20 trillion in August, restoration of fiscal health, reduction of debt
Independence Day: Tinubu rolls out 12 economic milestones

President Bola Ahmed Tinubu has said that the country has achieved twelve economic milestones under his administration.

He disclosed this in his 65th Independence Day nationwide broadcast on Wednesday.

He noted that the economic milestones include the achievement of the 2025 revenue target of N20 trillion in August, restoration of fiscal health, reduction of debt service to revenue ratio to 50 per cent, clearance of ways and means advances, fuel subsidy removal, naira stability and others.

The twelve economic milestones are:

i. 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% higher than the amount raised in May 2023.

ii. We have restored fiscal health: 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 and triggered inflation. Following the removal of the corrupt petroleum subsidy, we have 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.

iii. 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.

iv. 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.

v. 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 N7.46 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.

vi. 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.

vii. The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.

viii. Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of N25,000 each.

ix. Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil.

x. The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.

xi. The world is taking notice of our efforts. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. 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.

xii. 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.

Independence Day: Tinubu rolls out 12 economic milestones

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Nigeria at 65: Gov Sani urges collective resilience

Kaduna State Governor, Senator Dr. Uba Sani, said 65 years of independence marks a significant milestone in the journey of a nation that has weathered many storms, yet continues to stand tall, proud, and unbroken. He stated this in Independence Anniversary message to the people of Kaduna State. According to him, “Today, Nigeria marks 65
Nigeria at 65: Gov Sani urges collective resilience

Kaduna State Governor, Senator Dr. Uba Sani, said 65 years of independence marks a significant milestone in the journey of a nation that has weathered many storms, yet continues to stand tall, proud, and unbroken.

He stated this in Independence Anniversary message to the people of Kaduna State.

According to him, “Today, Nigeria marks 65 years of independence; a significant milestone in the journey of a nation that has weathered many storms, yet continues to stand tall, proud, and unbroken.

“This anniversary is both a celebration and a call to reflection: a celebration of our collective resilience, and a moment to honour the sacrifices and vision of our founding fathers, who won for us the freedom we now enjoy.

“Their legacy was not forged in ease, but in unity, faith, and an unwavering belief in the greatness of Nigeria. It is a legacy that inspires us to continue building a nation where peace, justice, and opportunity prevail.

“We must not merely commemorate independence: we must make it meaningful for every Nigerian.

“Our path as a nation has been defined by resilience. Through challenges; political, economic, and social. Nigerians have demonstrated an extraordinary capacity to endure and hope.

“The strength of our people, especially here in Kaduna State, continues to be the bedrock of our shared progress.

“This is why, on this historic day, I extend a sincere call to all of us: let us work together, across our communities, faiths, and backgrounds; to confront our challenges and unlock our collective potential. It is in unity that we will continue to give life to the dream of a peaceful, just, and prosperous Nigeria.

“Here in Kaduna State, we are translating vision into action. Our administration is pursuing inclusive development and renewal through strategic and people-centred investments

“As we celebrate today, let us renew our commitment to building a nation where hope thrives and unity endures. With God’s guidance and our collective resolve, we will overcome our challenges and realise the full potential of our state and country.”

Nigeria at 65: Gov Sani urges collective resilience

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No religion under siege in Nigeria – Tinubu

President Bola Tinubu has dismissed allegations of religious genocide in the country, saying no religion is under siege. The president, who said this on Tuesday in Owerri, Imo State capital, described the allegations as unfounded and misleading. According to him, Nigerians, after 65 years of Independence, had grown to appreciate religious and cultural differences and
No religion under siege in Nigeria – Tinubu

President Bola Tinubu has dismissed allegations of religious genocide in the country, saying no religion is under siege.

The president, who said this on Tuesday in Owerri, Imo State capital, described the allegations as unfounded and misleading.

According to him, Nigerians, after 65 years of Independence, had grown to appreciate religious and cultural differences and explore the advantages of diversity in terms of educational, economic, and other productive gains.

Tinubu also allayed fears of religious intolerance in the country.

Aside the unveiling of a book on the 10 years of the APC government in Nigeria authored by the Governor of Imo State, Senator Hope Uzodimma, the President also inaugurated the Owerri-Mbaise-Umahia road, the Assumpta Twin flyover, and the Emmanuel Iwuayanwu Convention Centre.

“Let me also say this clearly, Nigeria is a proud, sovereign nation built on the faith and resilience of its people. Here, no faith is under siege, no community is excluded.

“Our churches, mosques, and traditional shrines stand side by side – not as rivals, but as symbols of the unity that binds us.

“We must never allow outsiders to tell us who we are or sow division among us. We are Nigerians, and we will stand together,” he said.

No religion under siege in Nigeria – Tinubu

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I inherited near-collapsed economy, worst is over – Tinubu

President Bola Ahmed Tinubu has said that when he assumed office on May 29, 2023, he was confronted with an economy on the brink of collapse and had no choice but to take bold, difficult decisions to reposition the country. Tinubu, in his maiden address as president, made headlines by announcing the immediate removal of
I inherited near-collapsed economy, worst is over – Tinubu

President Bola Ahmed Tinubu has said that when he assumed office on May 29, 2023, he was confronted with an economy on the brink of collapse and had no choice but to take bold, difficult decisions to reposition the country.

Tinubu, in his maiden address as president, made headlines by announcing the immediate removal of fuel subsidy, a move that triggered widespread hardship for millions of Nigerians.

In the weeks that followed, his administration rolled out sweeping economic reforms that tightened living conditions further.

Speaking during his Independence Day broadcast, the president declared: “Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.”

According to him, the government had two options: to continue with the old order and watch the country deteriorate further, or to embrace deep-rooted reforms, however painful.

“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,” he stated.

Tinubu stressed that Nigeria has now “turned the corner,” insisting that the worst days are over. He outlined his administration’s vision to rebuild critical infrastructure and expand capacity in power, education, health, and transportation.

“Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people,” Tinubu said.

He added that years of neglect in energy and infrastructure investments had left the country short of electricity, modern ports, rail, and international-standard airports. His government, he assured, is working to correct those gaps.

“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,” the president added.

I inherited near-collapsed economy, worst is over – Tinubu