Tinubu\’s 12 Economic Achievements in Two Years
Economic Progress and Milestones Under President Tinubu\’s Leadership
President Bola Tinubu has highlighted a series of significant economic achievements over the past two years, attributing them to sound fiscal and monetary policies. These developments have been showcased during a televised address commemorating Nigeria’s 65th Independence anniversary, where the president emphasized the tangible results of his administration’s reforms.
Key Economic Indicators Showing Improvement
The president pointed out that several key economic indicators are showing positive trends. Gross Domestic Product (GDP) growth in the second quarter of 2025 reached 4.23%, marking the fastest pace in four years and surpassing the International Monetary Fund’s projected 3.4%. Inflation also saw a notable decline, dropping to 20.12% in August 2025, which is the lowest level in three years. This reduction in inflation reflects improved economic management and stability.
In addition to these figures, agricultural production and food security have seen improvements. The administration has been working diligently to boost agricultural output and ensure food security, leading to reduced food costs. This effort has contributed to overall economic resilience.
Non-Oil Revenue Growth and Fiscal Management
One of the most impressive achievements is the attainment of a record-breaking increase in non-oil revenue. The administration surpassed its 2025 target of N20 trillion by August 2025, with an amount exceeding N20 trillion. In September 2025 alone, the government raised N3.65 trillion, which is 411% higher than in May 2023. This surge in revenue indicates effective fiscal management and improved tax collection.
Furthermore, the debt service-to-revenue ratio has dropped significantly from 97% to under 50%, easing pressure on public finances. The removal of petroleum subsidies has freed trillions of Naira for real-sector investments and pro-poor social programs. This strategic move has allowed the government to allocate resources more effectively.
External Reserves and Tax Reforms
External reserves have also seen a substantial increase, reaching $42.03 billion in September 2025—Nigeria’s highest level since 2019. This growth in foreign exchange reserves enhances the country’s ability to manage external obligations and support economic development.
On the topic of tax reforms, the president emphasized the focus on broadening the tax base without overburdening existing taxpayers. The tax-to-GDP ratio has risen to 13.5% from less than 10%, and it is expected to increase further when the new tax law takes effect in January. The goal is to expand the tax base to build a stronger economy while providing relief to low-income earners.
Trade Surplus and Oil Production
Nigeria has recorded a trade surplus for five consecutive quarters, indicating successful economic diversification. Oil production has increased from about one million barrels per day in May 2023 to 1.68 million barrels per day, thanks to improved security and fresh investments. Additionally, Nigeria is now refining PMS (fuel) domestically for the first time in 40 years and leads Africa in aviation fuel exports.
Currency Stability and Social Investment
The Naira has stabilized following the elimination of multiple exchange rates, which previously fueled corruption. A total of N330 billion has been disbursed under the Social Investment Programme to eight million households, with each receiving ₦25,000 in one or two tranches. This initiative aims to support vulnerable populations and stimulate economic activity.
Infrastructure Development and Credit Ratings
Infrastructure development has also seen significant progress. Transport networks are expanding rapidly across the country, with rail and water transport growing by over 40% and 27%, respectively. Projects such as the Kano-Katsina-Maradi Standard Gauge rail and Kaduna-Kano rail are nearing completion. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.
International credit rating agencies have upgraded Nigeria’s outlook, citing improved economic fundamentals. The stock market has experienced an unprecedented boom, with the all-share index rising from 55,000 points in May 2023 to 142,000 points as of September 26, 2025. This growth reflects investor confidence in the Nigerian economy.
Interest Rates and Security Focus
At its last Monetary Policy Committee (MPC) meeting, the Central Bank of Nigeria slashed interest rates for the first time in five years, reflecting confidence in macroeconomic stability. On security, the government remains focused on enhancing national safety and defeating insurgency to create an enabling environment for economic growth.
