President Bola Tinubu has assured Nigerians that the country’s most difficult economic phase has been left behind.
In his Independence Day address marking Nigeria’s 65th anniversary on Wednesday, October 1, 2025, Tinubu said his administration’s reforms — such as removing fuel subsidies and ending multiple exchange rates — have started yielding results.
The president cited a 4.23% GDP growth in Q2 2025 and a drop in inflation to 20.12% as signs that “yesterday’s pains are giving way to relief.”
Tinubu stated his administration inherited “a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.”
“As a new administration, we 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,” he said.
Tinubu noted that his 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.
FULL TEXT: Tinubu’s speech on 65th Independence
Tinubu added that these initiatives will generally improve Nigerians’ quality of life.
The president said: “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.
“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. We have to plan for the generations that will come after us.
“We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right.
“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.”
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