By Sesi Noah As Nigeria marked its 65th Independence anniversary on Wednesday, President Bola Tinubu used his national broadcast to reflect...
By Sesi Noah
As Nigeria marked its 65th Independence anniversary on Wednesday, President Bola Tinubu used his national broadcast to reflect on what he described as key milestones under his administration in the past 28 months.
He said the government has diversified its revenue base, recording an unprecedented rise in non-oil income and easing the country’s debt servicing burden. According to him, Nigeria’s external reserves have grown to their highest levels in years, while the tax base has expanded in a way that eases pressure on low-income earners.
On trade, the President noted that the country has maintained a consistent surplus, with non-oil exports gradually catching up to oil exports. He also pointed to a rebound in crude oil production and the resumption of domestic petrol refining after decades of dependence on imports.
Tinubu added that reforms in the foreign exchange market have helped stabilise the naira and put an end to multiple exchange rates that previously fuelled corruption. He also highlighted social investments, saying millions of vulnerable households have received cash support under government programmes.
The President described solid minerals as one of the fastest-growing sectors of the economy, with coal mining bouncing back strongly. He said his administration is also pushing ahead with major rail and highway projects across the country, including the Lagos-Calabar Coastal Highway and the Kano-Kaduna rail line.
On the global stage, Tinubu claimed that Nigeria’s economic reforms are winning international recognition, with improved credit ratings and a booming stock market. He further noted that the Central Bank recently cut interest rates for the first time in five years, a move he said reflects growing confidence in the country’s economic stability.
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