President Bola Ahmed Tinubu said his administration had recorded 12 “remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies.”
The president made this disclosure in his nationwide broadcast on Wednesday, October 1, 2025.
Here are the 12 major achievements listed by President Tinubu:
1. Record Non-Oil Revenue Growth
He said the 2025 non-oil target was achieved ahead of schedule with a record-breaking increase.
“We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.”
2. Restoration of Fiscal Health
Nigeria’s debt servicing has dropped below 50% from 97% in 2023, while Ways and Means borrowing has been drastically reduced.
“We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous “Ways and Means” advances that threatened our economic stability and triggered inflation.
Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.”
3. Boost in Foreign Reserves
Nigeria’s external reserves hit $42.03 billion in September, the highest since 2019, showing economic resilience.
4. Rising Tax-to-GDP Ratio
The tax-to-GDP ratio has climbed to 13.5% from below 10%, with reforms set to expand the base further from January without burdening ordinary Nigerians.
5. Nigeria Now a Net Exporter
For the first time in years, Nigeria recorded a trade surplus for five straight quarters.
“We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home.
“Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent.
This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.”
6. Rebound in Oil Production
Output rose to 1.68m barrels per day, while petrol refining resumed locally for the first time in four decades. Nigeria also became Africa’s top exporter of aviation fuel.
7. Stabilised Naira
After previous turbulence, the Naira has stabilised, with FX reforms narrowing the gap between official and parallel market rates.
“The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.
“The multiple exchange rates, which fostered corruption and arbitrage, are now part of history.
Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.”
8. Social Investment Programme
The government has disbursed ₦330bn to eight million households as part of welfare support.
9. Recovery of Coal Mining
Coal mining surged from a 22% decline in Q1 to 57.5% growth in Q2, making solid minerals a key growth driver.
10. Expansion of Infrastructure
Major transport projects are advancing across the country.
“The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively.”
“The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion.
“Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.”
11. Global Recognition of Reforms
Sovereign credit ratings have improved, while the stock market surged from 55,000 points in May 2023 to 142,000 points by September 2025.
12. Reduced Interest Rate
The Central Bank cut interest rates for the first time in five years, reflecting renewed confidence in Nigeria’s economy.
