‎By Muhyideen Jimoh
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‎President Bola Tinubu says his administration has achieved 12 remarkable economic milestones in just over two years, driven by sound fiscal and monetary policies.
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‎Speaking during a televised broadcast marking Nigeria’s 65th Independence anniversary, the president said his reforms were now delivering tangible results.
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‎He said: “Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results.
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‎“In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies.”
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‎Tinubu said Gross Domestic Production (GDP) growth, inflation, agricultural production, and food security indicators were all showing positive trends.
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‎“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.
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‎“Inflation declined to 20.12 per cent in August 2025, the lowest level in three years.
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‎“The administration is working diligently to boost agricultural production and ensure food security, reducing food costs,”Tinubu added.
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‎He further revealed that Nigeria had surpassed its 2025 non-oil revenue target of N20 trillion by August.
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‎The president said: “We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over ₦20 trillion.
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‎‘In September 2025 alone, we raised ₦3.65 trillion—411 per cent higher than in May 2023.”
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‎Tinubu said there was a major drop in the debt service-to-revenue ratio from 97 per cent to under 50 per cent, easing pressure on public finances.
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‎He said the controversial petroleum subsidy removal had freed trillions of Naira for real-sector investments and pro-poor social programmes.
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‎External reserves, he added, had surged to $42.03 billion in September 2025—Nigeria’s highest since 2019.
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‎On tax reforms, the president said the focus was on broadening the tax base without overburdening existing payers.
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‎He said: “Our tax-to-GDP ratio had risen to 13.5 per cent from less than 10 per cent.
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‎“The ratio is expected to increase further when the new tax law takes effect in January.
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‎“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.”
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‎Tinubu highlighted Nigeria’s trade surplus for five consecutive quarters as proof that economic diversification wad taking root.
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‎On oil, he said, daily production rose to 1.68 million barrels from about one million in May 2023, due to improved security and fresh investments.
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‎He added that Nigeria is now refining PMS (fuel) domestically for the first time in 40 years and leads Africa in aviation fuel exports.
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‎Tinubu said the Naira had stabilised following the elimination of multiple exchange rates, which previously fuelled corruption.
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‎The president said N330 billion had been disbursed under the Social Investment Programme to eight million households receiving ₦25,000 in one or two tranches.
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‎He added that the solid minerals sector, particularly coal mining, is now contributing significantly to GDP.
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‎On infrastructure, he said, transport networks were expanding rapidly across the country.
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‎“Rail and water transport grew by over 40% and 27 per cent ,respectively. The 284-kilometre Kano-Katsina-Maradi Standard Gauge rail and Kaduna-Kano rail are nearing completion.
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‎“Work is progressing well on the legacy Lagos-Calabar Coastal Highway and
‎” Sokoto-Badagry Highway.
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‎” The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project,” he said.
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‎Tinubu said international credit rating agencies had upgraded Nigeria’s outlook, citing improved economic fundamentals.
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‎“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,”the president said.
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‎He stated that the Central Bank of Nigeria (CBN) at its last MPC meeting slashed interest rates for the first time in five years, reflecting confidence in macroeconomic stability.
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‎On security, Tinubu said the government remains focused on enhancing national safety and defeating insurgency to create an enabling environment for economic growth. (NAN)(www.nannees.ng)

‎Edited by Bashir Rabe Mani