President Bola Ahmed Tinubu has said that the reforms introduced by his administration have started yielding results, including the stabilisation of the Naira.
President Tinubu disclosed that he inherited a troubled economy but chose the path of reforms to make amends.
He made these remarks while addressing Nigerians on the commemoration of the country’s 65th Independence Anniversary on Wednesday, October 1, 2025.
His words: “Fellow Nigerians, Today marks the 65th anniversary of our great nation’s Independence. As we reflect on the significance of this day and our journey of nationhood since October 1, 1960, when our founding fathers accepted the instruments of self-government from colonial rule, let us remember their sacrifice, devotion, and grand dream of a strong, prosperous, and united Nigeria that will lead Africa and be the beacon of light to the rest of the world.
“Our founding heroes and heroines—Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Margaret Ekpo, Anthony Enahoro, Ladoke Akintola, Michael Okpara, Aminu Kano, Funmilayo Ransome-Kuti, and other nationalists—believed it was Nigeria’s manifest destiny to lead the entire black race as the largest black nation on earth.
“For decades, the promise of our Independence has been tested by profound social, economic, and political challenges, and we have survived. While we may not have achieved all the lofty dreams of our forebearers, we have not strayed too far from them. In 65 years since our Independence, we have made tremendous progress in economic growth, social cohesion, and physical development. Our economy has experienced significant growth since 1960.
“Although, it is much easier for those whose vocation is to focus solely on what ought to be, we must recognise and celebrate our significant progress. Nigerians today have access to better education and healthcare than in 1960. At Independence, Nigeria had 120 secondary schools with a student population of about 130,000. Available data indicate that, as of year 2024, there were more than 23,000 secondary schools in our country.”
Tinubu recalled that at Independence, Nigeria had only the University of Ibadan and Yaba College of Technology as the two tertiary institutions in the country, emphasising that by the end of last year, there were 274 universities, 183 polytechnics, and 236 colleges of education in Nigeria, comprising federal, state, and private institutions.
According to him, Nigeria has experienced significant growth across every sector of national life since Independence, including healthcare, infrastructure, financial services, manufacturing, telecommunications, information technology, aviation and defence, among others.
He also noted that Nigeria has experienced both good and bad times in its 65 years of nationhood, explaining that this is normal for every nation and its people. “We fought a bitter and avoidable civil war, experienced military dictatorships, and lived through major political crises. In all these, we weathered every storm and overcame every challenge with courage, grit, and uncommon determination.
“While our system and ties that bind us are sometimes stretched by insidious forces opposed to our values and ways of life, we continue to strive to build a more perfect union where every Nigerian can find better accommodation and find purpose and fulfilment. Fellow Compatriots, this is the third time I will address you on our independence anniversary since I assumed office as your President on May 29, 2023. In the last 28 months of my administration, like our founding fathers and leaders who came before me, I have committed myself irrevocably to the unfinished nation-building business.
“Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.”
The President mentioned that, as part of efforts to reset the country for sustainable growth, his government ended the corrupt fuel subsidy regime and abolished multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority.
“At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes.
“These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.”
He acknowledged that Nigeria is racing against time, highlighting the importance of building the roads the country needs, repairing those that have become decrepit, and constructing the schools that children will attend, as well as the hospitals that will care for the people.
The Nigerian leader revealed that his administration has plans for future generations, admitting that Nigeria does not yet have enough electricity to power its industries and homes, nor the resources to repair deteriorating roads or build seaports, railroads, and international airports comparable to the best in the world, because past administrations failed to make the necessary investments decades ago.
He further stated: “Our administration is setting things right. I am pleased to report that we have finally turned the corner. The worst is over, I say. 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.”
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