|
Getting your Trinity Audio player ready...
|
President Bola Tinubu says Nigeria’s non-oil revenue has improved significantly, rising by 411 percent in September 2025 when compared with what was generated in the corresponding period of 2023.
In his Independence Day speech on Wednesday, President Bola Tinubu said the nation earned over N20 trillion from non-oil revenue between January and August, noting that the economy has turned the corner.
“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 percent higher than the amount raised in May 2023,” he said.
He said the nation has finally turned the corner, and the worst is over.
“ 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.
“Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. The second quarter 2025 Gross Domestic Product grew by 4.23 percent—Nigeria’s fastest pace in four years—and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12 percent in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.”
Tinubu said in the last two years of his administration, the government has achieved 12 remarkable economic milestones, including improvement in non-oil revenue, lower debt servicing, among others.
“Our debt service-to-revenue ratio has been significantly reduced from 97 percent to below 50 percent. 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.”
He added, “We have a stronger foreign Reserve position than three years ago.Our external reserves increased to $42.03 billion this September—the highest since 2019.”
