The Presidency has released a detailed breakdown of the progress recorded under President Bola Tinubu’s economic reforms, describing them as “decisive steps that pulled Nigeria back from the brink of collapse.”
In a statement shared on Thursday via his official X handle, the Special Adviser to the President on Media and Public Communication, Sunday Dare, noted that Nigeria’s economy was at a breaking point before May 2023 but is now showing clear signs of recovery.
According to him, Tinubu’s reforms have touched nearly every sector — from trade and foreign reserves to taxation, debt servicing, subsidy removal, budget deficit reduction, and overall fiscal discipline.
12 Key Gains of Tinubu’s Economic Reforms
Trade Surplus Restored – Nigeria moved from running consistent trade deficits to now recording a surplus, easing pressure on external accounts.
Unified Exchange Rate – Multiple exchange rate windows have been collapsed into one, narrowing the gap between official and parallel markets.
Stronger Foreign Reserves – From below $4 billion in early 2023, reserves have rebounded to over $23 billion, while unmet FX demand has been cleared.
Improved Debt Management – Debt servicing, which consumed 97% of revenue, has dropped below 50%, while tax-to-GDP has risen from below 10% to above 15%.
Fuel Subsidy Removal – The elimination of fuel subsidy has freed resources for investment, guaranteed supply, and ensured states now receive positive FAAC allocations.
Reduced Budget Deficit – Nigeria’s budget deficit is declining while capital expenditure for infrastructure has expanded.
Fiscal Discipline Restored – Borrowing through Ways and Means from the CBN (which had hit ₦30 trillion) has been curbed, bringing stability to fiscal management.
Revival of Oil and Gas Sector – Reforms and tighter security have boosted crude production, reversing years of decline caused by theft and sabotage.
Investor Confidence Rebuilt – A more transparent policy environment has attracted capital inflows and earned sovereign credit rating upgrades.
Moderating Inflation – Though still high, inflation is beginning to slow down, with interest rates stabilising to support businesses.
Job Creation & Poverty Reduction Pathways – Infrastructure projects and inclusive policies are gradually opening opportunities for decent work while targeting poverty reduction.
Stronger Public Finance Management – Transparency, coordination, and accountability in government spending have significantly improved.
Dare stressed that without Tinubu’s reforms, Nigeria would have been faced with collapsing reserves, hyperinflation, rising debt, and possible economic failure.
He concluded:
“President Tinubu inherited an economy on life support. Today, the foundation for long-term stability and growth is being rebuilt.”
