National Economic Renewal
Hard Choices; Lasting Foundations.
When President Tinubu took office on 29 May 2023, he faced a choice between comfortable delay and necessary reforms. He chose reforms. This page explains what changed, why, and what remains to be consolidated.
Ending the fuel subsidy
The subsidy consumed enormous public funds while benefiting just a few and excluding the majority. Subsidy removal was announced at inauguration and money once spent on subsidy now funds roads, health, education and transfers.
Unifying the exchange rate
Multiple exchange rates fuelled arbitrage and discouraged investment. Market-reflective foreign exchange reforms were introduced resulting in improved external reserves. Sustained stability and stronger protection for small businesses are evident.
Tax reform
Four tax bills were signed on 26 June 2025, effective 1 January 2026. They are intended to simplify the system, widen the base and relieve low-income earners. The new laws took effect only this year 2026. A full cycle is needed to judge their effect.
Crude-for-Naira and local refining
Domestic refiners, including the Dangote Refinery, can buy crude and supply refined products in naira, reducing pressure on foreign exchange.
Improved FAAC Allocations to Federal, State and Local Governments
Improved collection through Nigerian Revenue Service and a wider tax base results in improved FAAC Allocations enabling sub-nationals to deliver on projects and programs.
Ended Ways and Means creation, rescuing the economy from its damaging effects.
The reforms have shown positive results on the economy, however, they come at a price; and finishing the work is how that price pays off.