Shola Akinyele
The Federal Government has declared that Nigeria’s economy is “turning the corner,” pointing to record-breaking fiscal achievements that it says mark a major turnaround after two years of sweeping reforms.
The administration, which inherited what it described as a “near-collapsed economy,” stated that bold policies—including the removal of the petroleum subsidy and unification of multiple foreign exchange rates—are now producing tangible results despite initial public discomfort and high living costs.
According to official figures, Nigeria has hit ₦20 trillion in non-oil revenue ahead of its 2025 target. In September alone, the country generated ₦3.65 trillion, a 411% jump compared to May 2023.
The government also reported that Nigeria’s debt service-to-revenue ratio has dropped from 97% to below 50%, following repayments of “Ways and Means” advances and the removal of petroleum subsidies—freeing trillions of naira for investment in critical sectors.
External reserves climbed to $42.03 billion in September 2025, the highest level since 2019, while Nigeria maintained a trade surplus for five consecutive quarters, with Q2 2025 surplus hitting ₦7.46 trillion ($4.74 billion). Exports of manufactured goods rose by 173%, signaling diversification beyond crude oil.
Economic growth also accelerated, with GDP expanding by 4.23% in Q2 2025, the fastest in four years and above IMF projections. Inflation eased to 20.12% in August, its lowest in three years. Meanwhile, the tax-to-GDP ratio rose to 13.5% from under 10%, with reforms set to broaden the tax base and provide relief for low-income earners.
The government said savings from subsidy removal are being channeled into education, healthcare, agriculture, infrastructure, and national security, stressing its commitment to rebuilding neglected sectors and boosting food security.
Follow Us on Social Media“The worst is over,” the government declared. “Nigerians should look beyond current hardships—the seeds of reform are bearing fruit, and our nation is on course toward lasting stability and prosperity.”
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