Independence Day Speech: ‘The Worst is Over, Economy is Recovering Fast’ – Tinubu To Nigerians

President Bola Ahmed Tinubu on Wednesday morning Tuesday addressed the nation as Nigeria marked its 65th Independence Anniversary, assuring citizens that his administration’s tough reforms were paying off and that the economy was now firmly on a path of recovery.

Delivering his third Independence Day broadcast since assuming office in May 2023, Tinubu praised Nigerians’ “endurance, support, and understanding,” noting that difficult policy decisions such as the removal of fuel subsidies and foreign exchange reforms had begun to yield results.

“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 said.

Tinubu opened his address by paying tribute to Nigeria’s founding heroes and heroines, including Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Margaret Ekpo, Anthony Enahoro, Ladoke Akintola, Michael Okpara, Aminu Kano, and Funmilayo Ransome-Kuti, among others.

He said their dream of a united and prosperous Nigeria remained alive despite decades of trials.

“At 65, while we may not have achieved all the lofty dreams of our forebearers, we have not strayed too far from them. We have made tremendous progress in economic growth, social cohesion, and physical development,” he said.

The President admitted inheriting a “near-collapsed economy” distorted by decades of poor fiscal management but said his administration chose reforms over complacency.

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“Upon assuming office, our administration faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous reform path. 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.

He highlighted how subsidy removal and the elimination of multiple exchange rates freed trillions of naira now being channelled into education, healthcare, national security, agriculture, and infrastructure.

Tinubu said Nigeria’s economy was growing at its fastest pace in years.

GDP grew by 4.23% in Q2 2025, the fastest in four years and higher than the IMF’s 3.4% projection.

Inflation declined to 20.12% in August 2025, the lowest in three years.

Agricultural reforms are reducing food costs and improving food security.

12 ECONOMIC MILESTONES ACHIEVED

The President listed 12 major achievements recorded in the last two years:

Record Non-Oil Revenue: Over ₦20 trillion raised by August 2025, surpassing targets. In September alone, ₦3.65 trillion was collected, 411% higher than May 2023 figures.

Restored Fiscal Health: Debt service-to-revenue ratio reduced from 97% to below 50%. “Ways and Means” debts cleared; subsidy savings redirected to social programmes.

Stronger Reserves: External reserves rose to $42.03 billion in September 2025, the highest since 2019.

Higher Tax-to-GDP: Now 13.5%, up from below 10%, with a new tax law from January to expand the base and ease burden on low-income earners.

Trade Surplus: Five consecutive quarters of surplus, totalling ₦7.46 trillion ($4.74 billion) in Q2 2025. Non-oil exports now account for 48% of total trade.

Oil Sector Recovery: Output rebounded to 1.68m barrels/day; PMS refined locally for the first time in 40 years. Nigeria is now Africa’s leading exporter of aviation fuel.

Naira Stability: FX reforms narrowed the gap between official and parallel markets. Multiple exchange rates scrapped.

Social Investment: ₦330 billion disbursed to 8 million households under a welfare scheme paying ₦25,000 per tranche.

Solid Minerals Growth: Coal mining surged to 57.5% growth in Q2, from a 22% decline. Solid minerals now central to diversification.

Infrastructure Expansion: Rail and water transport grew by 40% and 27%. Major projects include Kano-Katsina-Maradi rail, Kaduna-Kano line, Lagos-Calabar Coastal Highway, and Sokoto-Badagry Highway, with $3bn approved for the Eastern Rail.

Global Confidence: Credit rating agencies upgraded Nigeria’s outlook. Stock exchange index soared from 55,000 points in May 2023 to 142,000 points in September 2025.

Interest Rate Cut: For the first time in five years, the Central Bank cut rates, citing macroeconomic stability.

“We Must Build for Future Generations”

The President urged Nigerians to remain patient and supportive, stressing that the nation was “racing against time” to deliver infrastructure and opportunities for future generations.

“We must build the roads we need, repair those that are decrepit, construct the schools our children will attend, and the hospitals that will care for our people. We must plan for the generations that will come after us,” Tinubu said.

Tinubu concluded with a message of hope, insisting that Nigeria was on the right track.

“Our country has endured bitter wars, dictatorships, and crises, yet we survived. Today, I assure you that Nigeria is rising again. With courage and resilience, we shall reclaim our destiny as Africa’s beacon of light and strength.”

SECURITY:

“We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes.

YOUTH:

I have a message for our young people. You are the future and the greatest assets of this blessed country. You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector. Our administration, through policies and funding, will continue to give you wings to fly sky-high. We created NELFUND to support students with loans for their educational pursuits. Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.

Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more.

YouthCred, which I promised last June, is a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement.

Under our Renewed Hope Agenda, we promised to build a Nigeria where every young person, regardless of background, has an equitable opportunity to access a better future—thus, the Investment in Digital and Creative Enterprises (iDICE) programme. The Bank of Industry is driving the programme, in collaboration with the African Development Bank, the French Development Agency, and the Islamic Development Bank. This initiative is at the cusp of implementation. Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.

A MESSAGE OF HOPE

Fellow Nigerians, I have always candidly acknowledged that these reforms have come with some temporary pains. The biting effects of inflation and the rising cost of living remain a significant concern to our government. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. 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.

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.

Therefore, on this 65th Anniversary of Our Independence, my message is hope and a call to action. The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing. In this regard, I urge the sub-national entities to join us in nation-building. Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes.

Finally, let all hands be on deck. Let us believe, once more, in the boundless potential of our great nation.

With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.

Happy 65th Independence Anniversary, and may God continue to bless the Federal Republic of Nigeria. Amen,” Tinubu ended his address.