Nigeria Records N20tr Non-Oil Revenue, $42bn Reserves — Tinubu
President Bola Ahmed Tinubu on Wednesday declared that Nigeria’s bold economic reforms are paying off, with non-oil revenues hitting an unprecedented N20 trillion and external reserves climbing to $42.03 billion, the highest level in six years.
In his Independence Day broadcast to mark Nigeria’s 65th anniversary, the President said his administration inherited “a near-collapsed economy” in 2023 but chose to pursue difficult reforms instead of “watching the nation drift.”
“Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,” Tinubu told Nigerians.
He disclosed that non-oil revenue collections had already surpassed the 2025 annual target by August, with N3.65 trillion raised in September alone, representing a 411 percent jump compared to May 2023. According to the President, the country’s debt service-to-revenue ratio has dropped sharply from 97 percent in 2023 to below 50 percent, while the controversial “Ways and Means” advances that once destabilised the economy have been cleared down.
“We have freed up trillions of naira for targeted investment in the real economy and social programmes for the most vulnerable,” Tinubu said.
Tinubu also reported that Nigeria’s foreign reserves had risen to $42.03 billion in September 2025, the strongest buffer since 2019, supported by steady oil output and record non-oil exports. He noted that the economy has maintained a trade surplus for five consecutive quarters, with non-oil exports now making up 48 percent of trade — a signal of diversification away from heavy reliance on crude oil.
Other economic indicators cited in the broadcast include GDP growth of 4.23% in Q2 2025, the fastest pace in four years; inflation at 20.12% in August, the lowest in three years; and stabilisation of the naira after years of volatility, following forex reforms.
Tinubu acknowledged the hardships caused by the reforms, especially higher living costs, but assured that the benefits were beginning to outweigh the pains. “Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding,” he said.
The President urged Nigerians to complement government efforts by boosting domestic production, farming, and supporting local industries. “Let us be a nation of producers, not just consumers. Let us patronise Made-in-Nigeria goods. I say Nigeria first,” he added.
Tinubu’s Independence Day message framed his presidency as one of sacrifice and economic renewal, insisting that Nigeria is now firmly on the path to sustainable growth.