Tinubu said Nigerian GDP grew by 4.23%, inflation dropped to 20.12% due to reserves reached $ 42.03 billion

Ball President Ahmed Tinubu on Wednesday marked Nigeria’s 65th anniversary with a review of the economic reform of his government, presenting the numbers that he described as evidence of a country “turning in the corner” after years of instability.

Speaking in Abuja, the President revealed that the State Gross Domestic Product (GDP) developed by 4.23 percent in the second quarter of 2025, the fastest growth rate of Nigeria in four years, and above the 3.4 percent projection of international monetary funds. He added that inflation subsided to 20.12 percent in August 2025, the lowest level in three years.

“Under our leadership, our economy recovered quickly, and the reforms that we started more than two years ago gave real results,” said Tinubu.

According to the President, government revenue has increased sharply, with non-miny income exceeding ₦ 20 trillion in August 2025, beyond this year’s target. In September alone, the Federal government collected ₦ 3.65 trillion, an increase of 411 percent compared to May 2023.

Tinubu also noted a significant increase in fiscal health, quoting a reduction in the ratio of debt service to Nigeria’s income from 97 percent to below 50 percent. He associated this with the removal of gasoline subsidies and repayment of the progress of “ways and means”, which he said previously “threatened economic stability and triggering inflation.”

The President further announced that external reserves rose to $ 42.03 billion in September 2025, the highest level since 2019. In taxation, he said the tax ratio to the country’s GDP had increased to 13.5 percent from less than 10 percent and was projected to grow further when the tax law only began in January.

“This reform is not about increasing the burden on existing taxpayers but about expanding bases and providing assistance to low -income producers,” he said.

Tinubu highlighted the Nigerian transition to a clean exporter, reporting that the country had maintained a trade surplus for five consecutive quarters. In the second quarter of 2025, the trade surplus grew 44.3 percent to ₦ 7.46 trillion ($ 4.74 billion), the largest in three years.

Goods produced locally and exported abroad increased by 173 percent, while non-miny exports rose to 48 percent of total exports, compared to the share of 52 percent of oil.

“This is a fundamental change that strengthens our currency and creates jobs at home,” the President said.

Apart from this profit, Tinubu urged the Nigerians to remain committed to building the nation. “We must become a producer country, not only consumers,” he said, emphasizing the importance of paying taxes, patronizing artificial-nigerian goods, and maintaining reforms to secure long-term growth.