Introduction to Nigeria’s 65th Independence Anniversary
Nigeria is celebrating its 65th anniversary of independence, and President Bola Tinubu has taken this opportunity to highlight some of the achievements of his administration. In his Independence Day broadcast, the President listed key reforms and economic milestones that his administration has recorded in the past 28 months.
Economic Achievements
The President’s administration has made significant progress in diversifying government earnings beyond crude oil. Some of the key economic achievements include:
Record Non-Oil Revenue Growth
The administration has attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, they raised N3.65 trillion, which is 411 percent higher than the amount raised in May 2023.
Improved Fiscal Health
Nigeria’s debt servicing burden has been reduced significantly, with the debt service-to-revenue ratio decreasing from 97% to below 50%. The administration has also paid down the infamous ‘Ways and Means’ advances that threatened the country’s economic stability.
Stronger Foreign Reserves
The external reserves have increased to $42.03 billion, the highest since 2019, giving Nigeria a cushion against global shocks.
Rising Tax-to-GDP Ratio
The tax-to-GDP ratio has risen to 13.5 percent from less than 10 percent, with the government expanding its tax base without overburdening ordinary Nigerians.
Nigeria Now a Net Exporter
For the first time in years, Nigeria is selling more to the world than it buys, with non-oil exports representing 48 percent of total exports.
Oil Production Rebound
Crude output has increased after years of underperformance, rebounding to 1.68 million barrels per day from barely one million in May 2023.
Stabilisation of the Naira
The foreign exchange reforms have curbed volatility, and the Naira has stabilised, with the multiple exchange rates that fostered corruption and arbitrage now a thing of the past.
Social and Infrastructure Development
The administration has also made significant progress in social and infrastructure development, including:
Social Investment in Vulnerable Households
Under the social investment programme, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.
Solid Minerals Sector Growth
Coal mining has rebounded, signalling diversification in natural resources, with coal mining recovering dramatically from a 22% decline in Q1 to 57.5% growth in Q2.
Transport Infrastructure Expansion
The administration is accelerating work on major rail and highway projects, including the 284-kilometre Kano-Kastina-Maradi rail project and the Kaduna-Kano rail line, which are nearing completion.
Global Recognition and Monetary Policy
The administration’s economic reforms have received global recognition, with sovereign credit rating agencies upgrading their outlook for Nigeria. The stock market is also experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025. The Central Bank has responded by lowering interest rates, expressing confidence in the country’s macroeconomic stability.
Conclusion
In conclusion, President Bola Tinubu’s administration has made significant progress in various sectors, including economy, social development, and infrastructure. The administration’s efforts to diversify government earnings, reduce debt servicing burden, and stabilise the Naira have yielded positive results. The global recognition of Nigeria’s economic reforms and the growth of the stock market are also testaments to the administration’s efforts. As Nigeria celebrates its 65th independence anniversary, the country can look forward to a brighter future with the continuation of these positive trends.
