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President Tinubu insists “the worst is over” as reforms begin to yield results
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GDP grows at fastest pace in four years, inflation drops to three-year low
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External reserves hit $42bn, debt ratio falls below 50%
President Bola Ahmed Tinubu has declared that Nigeria has overcome the most difficult phase of its economic reforms, insisting that the country has “turned the corner” towards recovery and sustainable growth.
In his 65th Independence Anniversary broadcast on Wednesday, the President reassured Nigerians that the pains of recent policy decisions were already giving way to relief, with positive indicators showing that the economy is stabilising.
According to him: “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 highlighted that the removal of fuel subsidies, the unification of exchange rates, and renewed fiscal discipline had created the conditions for growth, allowing the Federal and State governments to channel more resources into infrastructure, education, healthcare and social investments.
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The President noted that Nigeria’s Gross Domestic Product grew by 4.23 per cent in the second quarter of 2025 — the fastest pace in four years — while inflation dropped to 20.12 per cent in August, the lowest in three years. He added that external reserves had climbed to $42.03 billion, the highest since 2019, and that debt service-to-revenue ratio had fallen from 97 per cent to below 50 per cent.
Tinubu stressed that the reforms were not without sacrifices but maintained that the measures were necessary to secure the country’s economic future. “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,” he said.
The President urged Nigerians to support the drive for productivity, innovation, and enterprise, reiterating his call for citizens to patronise locally made goods and contribute to national development.
