Tinubu lists economic milestones in 28 months of his administration, eyes further gains

President Bola Tinubu has presented what he described as 12 “remarkable economic milestones” achieved in his 28 months in office, crediting disciplined fiscal and monetary policies for Nigeria’s turnaround.

In his 65th Independence Day address, Tinubu acknowledged the “temporary pains” caused by removing fuel subsidies and multiple exchange rates but insisted the alternative—”allowing our country to descend into economic chaos or bankruptcy”—was not an option.

Some of the key economic highlights listed by Tinubu in his address

Among the standout achievements:

• Non-Oil Revenue Surge: By August 2025, the administration claims it raised ₦20 trillion in non-oil revenue — achieving its full-year target months early. In September alone, ₦3.65 trillion was collected, which Tinubu said is 411% higher than the amount raised in May 2023.
• Debt Burden Reduced: The debt service-to-revenue ratio was brought down from a sky-high 97% to below 50%, alongside the full repayment of “Ways and Means” advances.
• Foreign Reserves at Six-Year High: External reserves reached $42.03 billion in September 2025, the highest level since September 2019.
• Trade Surplus & Export Diversification: Nigeria has posted a trade surplus for five consecutive quarters. In Q2 2025, the surplus hit ₦7.46 trillion (≈ $4.74 billion), a 44.3% increase year-on-year. Manufactured exports soared 173%, and non-oil exports now account for 48% of total exports versus 52% for oil.
• Naira Stabilisation: The currency has trended toward stability, with narrowing gaps between official and parallel market rates. Analysts cite stronger reserves and reduced speculative activity as key supports.
• Social & Sectoral Investments: The administration claims disbursement of ₦330 billion to vulnerable households and sharp rebounds in coal and transport sectors, with growth rates cited as 57.5% for coal and 40%+ in rail and 27%+ in water transport. (These sectoral figures await independent verification.)

Tinubu also cited Q2 2025 GDP growth of 4.23%, the fastest in four years, and inflation cooling to 20.12% in August, the lowest in three years.

The big picture

While many of these claims are consistent with media and economic reports, analysts caution that sustaining momentum will depend on structural reforms, diversifying revenue sources, and insulating Nigeria from external shocks. For instance, although foreign reserves now exceed the international import-cover benchmark, they remain vulnerable to commodity price swings.

Furthermore, while trade surpluses signal resilience, import dependency, infrastructure constraints, and foreign exchange liquidity issues persist across various sectors.

Still, with ratings agencies like Moody’s upgrading Nigeria’s credit outlook to B3 in 2025, citing improved external and fiscal positions, confidence appears to be gradually returning

As Tinubu’s administration seeks to solidify its gains, the coming months will test whether these milestone claims can translate into lasting growth, equitable development, and enhanced global competitiveness.

Read his full Independence Day address here