President Bola Tinubu Addresses Controversies and Economic Progress
President Bola Tinubu addressed the nation for the first time on recent controversies surrounding allegations that U.S. President Donald Trump planned to attack Nigeria over alleged religious persecution. The remarks were made during a meeting of the Federal Executive Council (FEC) in Abuja, where discussions focused on various national challenges and future strategies.
The President emphasized the importance of maintaining diplomatic relations with global partners, especially after the appointment of two new ministers: Dr. Bernard Mohammed Doro and Dr. Kingsley Tochukwu Udeh (SAN). He assured the public that the Nigerian government is committed to engaging with international allies while addressing domestic issues.
“We will overcome our designation as a country of concern by the U.S. and defeat terrorism,” said Tinubu. “Despite political headwinds and the fears of our people, we will continue to engage with partners.”
He highlighted the success of the $2.3 billion eurobond, which was oversubscribed by 400%, as a sign of confidence in Nigeria’s economic reforms. This achievement, he added, demonstrates the government’s resolve to move forward with unity and purpose, guided by the Renewed Hope Agenda.
Security Challenges and Government Response
As the Commander-in-Chief of the Armed Forces, President Tinubu urged Nigerians not to succumb to despair. He assured the public that the government would defeat all forms of terrorism and secure every part of the country. He also called on ministers and officials to maintain consistent communication and avoid conflicting messages.
“Do we have problems? Yes. Are we challenged by terrorism? Yes. But we will defeat terrorism. We will overcome the CPC designation. Nigeria is one happy family, and we shall spare no effort until we eliminate all criminals from our society,” Tinubu stated.
Economic Growth and Reforms
During the cabinet meeting, President Tinubu directed the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to present an update on the nation’s economic performance. Edun noted significant improvements in macroeconomic indicators, including a 4.23% GDP growth in Q2 2025, the highest in a decade outside the post-COVID rebound.
Edun explained that the reforms under the Renewed Hope Agenda are aimed at building a competitive economy that creates jobs and lifts millions out of poverty. Key achievements include:
- A nearly doubling of industrial sector growth from 3.72% to 7.45%
- Inflation easing to 18.02% in September 2025
- Foreign exchange reserves exceeding $43 billion
- A trade surplus of N7.4 trillion
- A shift in consumer spending, with citizens now spending about half their income on basic needs, compared to almost 90% previously
Vision for the Future
Edun expressed confidence in Nigeria’s ability to achieve a one-trillion-dollar economy by 2030 through sustained annual growth of 7%. He also highlighted the significance of Nigeria’s removal from the Financial Action Task Force Grey List, which marks a milestone in strengthening financial integrity.
At the World Bank/IMF annual meetings, global leaders commended Nigeria’s progress and revised IMF growth forecasts of nearly 4%. Edun emphasized the urgency of mobilizing domestic resources to finance infrastructure and drive sustainable, job-rich growth.
The successful $2.35 billion Eurobond issuance, with an order book peaking at over $13 billion, reflects continued investor confidence in Nigeria’s reform agenda and leadership.
Collaboration and Reform Strategies
To ensure inclusivity, Edun urged ministers overseeing sectors such as infrastructure, mining, education, health, agriculture, the blue economy, digital innovation, arts, and culture to collaborate with sub-national governments. This collaboration aims to identify and package projects that meet investor expectations.
“Every Naira must be optimised to sustain momentum amid global liquidity constraints,” Edun said. “Where there is less funding from multilateral institutions, we must rely on our own resources. The next phase of reforms will remove barriers holding back investors.”
New Appointments
Dr. Bernard Mohammed Doro will manage the Humanitarian Ministry, while Dr. Kingsley Tochukwu Udeh will oversee the Ministry of Science and Innovation.