Nigeria at 65: Reforms paying off, toughest phase over, Tinubu declares

With a message of renewed optimism, President Bola Ahmed Tinubu on Wednesday assured Nigerians that the country’s economy, battered by years of distortions, is finally on the path of recovery and stability.

In a nationwide broadcast marking Nigeria’s 65th Independence Anniversary, Tinubu said the toughest phase of the economic reforms initiated since he assumed office on May 29, 2023, was now behind the nation.

He saluted Nigerians for their patience, resilience, and support during what he described as a painful but necessary journey.

“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.

Inherited Crisis, Bold Reforms

Tinubu recalled inheriting what he described as a “near-collapsed economy” plagued by decades of fiscal mismanagement. He explained that his administration chose the “path of tomorrow over the comfort of today” by removing fuel subsidies and unifying exchange rates—decisions he admitted brought hardship but have now begun to produce tangible dividends.

According to him, the reforms have allowed all tiers of government to access more resources for development, while funds previously wasted on rent-seeking have been redirected to critical sectors such as education, healthcare, agriculture, security, and infrastructure.

Tinubu further disclosed that non-oil exports now account for 48% of trade, marking significant progress toward economic diversification.

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Energy, Infrastructure, and Social Investment

On energy, the President said oil production had risen to 1.68 million barrels per day, while Nigeria had successfully refined petrol locally for the first time in four decades. He also noted that the country had become Africa’s leading exporter of aviation fuel.

He announced that N330 billion had been disbursed under social investment programmes to 8 million vulnerable households, while solid minerals and coal mining were emerging as new growth drivers.

In infrastructure, Tinubu listed major projects such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Highway, Kaduna-Kano rail line, Kano-Katsina-Maradi Standard Gauge rail project, and the Eastern Rail Project, which received fresh funding approval of $3 billion.

Global Recognition

The President said Nigeria’s reforms were gaining international recognition. Credit rating agencies had upgraded Nigeria’s outlook, the stock market surged to an unprecedented 142,000 points, and the Central Bank cut interest rates for the first time in five years, signalling investor confidence.

Tribute to Founding Fathers

In his Independence message, Tinubu paid glowing tributes to Nigeria’s founding fathers—including Herbert Macaulay, Nnamdi Azikiwe, Obafemi Awolowo, Ahmadu Bello, Tafawa Balewa, Margaret Ekpo, Funmilayo Ransome-Kuti, Anthony Enahoro, and others—whom he described as visionaries who believed in Nigeria’s destiny as a leader of the black race.

“Today, 65 years after independence, we must continue their mission of building a just, prosperous, and united nation,” he said.