President Tinubu's Reforms
Fiscal & Macroeconomic
Restoring economic stability, credibility and fiscal discipline — connecting national decisions to household and business realities.
Rebuilding Nigeria's Economic Foundation
When President Tinubu took office in May 2023, Nigeria's public finances were under severe strain. Debt service was consuming nearly all government revenue. A distorted foreign exchange system was driving away investment. And fuel subsidies were costing more annually than the government spent on health, education, and infrastructure combined.
The administration made a deliberate choice: address these structural problems directly. The goal was an economy that is transparent, predictable, and capable of delivering for its people over the long term.
What has Changed
Fiscal discipline restored. The fiscal deficit has fallen from 5.4% of GDP in 2023 to 3.0% in 2024. Ways and Means deficit financing — a primary driver of inflation — has been discontinued. Debt service, which once consumed nearly 100% of government revenue, now stands below 40%, freeing resources for public investment.
Foreign reserves strengthened. Reserves have risen from $32 billion to over $49 billion — a 53% increase. The gap between official and parallel exchange rates, once above 30%, has been compressed to less than 2%. Over $10 billion in foreign exchange backlogs owed to businesses have been cleared.
Inflation declining. Headline inflation has fallen for eight consecutive months, from a peak above 34% to 15.15% by December 2025. Food inflation has come down from over 40% to 10.84%.
Tax reform enacted. Legislation signed in June 2025 consolidates over 60 taxes into fewer than 10. Nigerians earning ₦800,000 or less per year pay zero income tax. Small businesses under ₦50 million in turnover are exempt from company tax.
Revenue growing. Government revenue has more than doubled. FAAC allocations to states have grown by 60%, putting more resources into local roads, healthcare, and education.
What it Means For Nigerians
Lower inflation means household budgets stretch further. The minimum wage has risen from ₦30,000 to ₦70,000. Tax relief for low earners and small businesses means more money stays in the hands of those who earned it. And as debt obligations ease, more of every naira collected goes toward services rather than servicing the past.
The foundation has been rebuilt. The work of delivering on it continues.
Key Metrics
May 2023 → 2025
+53% · Eight-year high
Sharp convergence
−7.25 percentage points
Peaked at ~40% · Now falling
Minimum Wage
+133% increase · 2024
“Courage and vision have paid off. These reforms are not cosmetic. They are foundational.”
Tax Revolution · Signed June 2025 · Effective January 1, 2026
Fiscal & Macroeconomic Reforms
Taxes Consolidated
Four Tax Reform Acts signed into law — the most comprehensive fiscal overhaul Nigeria has seen since 1999.
Workers Earning ≤ ₦800,000/yr
Every worker on the ₦70,000 minimum wage keeps every kobo. No income tax deducted.
SME Tax Exemption
Small businesses below ₦50M turnover exempt from company income tax, capital gains tax, and development levy.
Rewarding Job Creation
Companies hiring new workers get a 50% tax deduction on those salaries for 3 years. Raising wages for lowest-paid earns a further 50% deduction.
Agricultural Enterprises
Corporate tax holiday for agricultural enterprises from commencement of operations — boosting food production and rural investment.
One of Africa's Lowest
Basic food, education, healthcare, and transport zero-rated — protecting the poorest households from VAT burden.
Student Finance · NELFUND
Nigerian Education Loan Fund
Interest-free student loans — a scheme that did not exist 30 months ago. For the first time, Nigerian students from low-income backgrounds have a structured, government-backed route to financing higher education.
Interest-free loans disbursed
Students funded
Total applications