October 2, 2025-Published by Cyril
The Presidency has outlined 12 major gains of President Bola Tinubu’s economic reforms, stressing that Nigeria’s economy has recorded measurable progress since his administration took office.
In a post shared on his official X handle, Sunday Dare, Special Adviser to the President on Media and Public Communication, explained that Nigeria’s economy, which was on the brink of collapse before May 2023, is now witnessing reforms across trade, foreign reserves, taxation, debt servicing, fuel subsidy removal, budget management, and job creation.
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According to Dare, Nigeria has moved from running a persistent trade deficit to achieving a trade surplus, easing pressure on the country’s external accounts. He also noted that the unification of exchange rates has reduced distortions between the official and parallel markets, restoring confidence in the system.
On foreign reserves and FX, Dare stated that the unmet foreign exchange demand of $7 billion and depleted reserves below $4 billion in early 2023 have now improved, with reserves rebuilt to over $23 billion, while FX access has been restored even for naira card transactions.
Other key highlights of the reforms include:
- Tax-to-GDP ratio increased from below 10% to over 15%, while debt servicing has dropped from 97% to less than 50% of revenue.
- Fuel subsidy removal freed up funds for investments and guaranteed fuel supply.
- Budget deficit is declining while capital expenditure on infrastructure is expanding.
- Ways and Means borrowing from the Central Bank has been curtailed, restoring fiscal discipline.
- Oil and gas production has improved with renewed security and reforms tackling theft and mismanagement.
- A more predictable investment climate is attracting capital inflows and sovereign rating upgrades.
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- Inflation, though still high, has begun to moderate while interest rates stabilize.
- Reforms are creating deliberate pathways to tackle poverty and unemployment through infrastructure and job opportunities.
- Public financial management has become more transparent, coordinated, and disciplined.
Dare concluded that without Tinubu’s reforms, Nigeria would have faced worsening deficits, collapsing reserves, ballooning debt, hyperinflation, and potential economic collapse.
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