The Presidency has highlighted twelve major areas where reforms introduced under President Bola Tinubu have reshaped Nigeria’s economic outlook, stressing that the country is no longer where it used to be before May 2023. According to Sunday Dare, spokesperson for the Presidency, these reforms have addressed long-standing structural problems, stabilized the system, and prevented deeper economic collapse.
“Thanks to the reforms under President Bola Tinubu, Nigeria is no longer where it used to be,” Dare said. “The painful but necessary steps have already started producing measurable results.” He noted that the impact can be tracked across twelve economic and fiscal indices, showing where the country was before May 2023, where it stands today, and what would have happened if reforms had not been introduced.
On balance of trade and payments, he explained that Nigeria had been running consistent trade deficits, importing more than it exported. “Today the tide has shifted. Through reforms, Nigeria now records a trade surplus, easing pressure on external accounts,” he said, warning that without reforms, the deficit would have only worsened.
On exchange rate, Dare recalled how multiple exchange windows in the past created distortions and widened the gap between the official and parallel markets. “With reforms, the exchange rate has been unified, narrowing the gap and reducing uncertainty. Without this, the premium would have expanded and further eroded confidence,” he stated.
Speaking on foreign exchange reserves, he said unmet FX demand had reached $7 billion in early 2023, with net reserves below $4 billion. “Reforms have since cleared FX forwards and rebuilt reserves to over $23 billion. Without interventions, unmet demand would have risen above $10 billion and reserves could have collapsed into negative territory,” he added.
On tax-to-GDP and debt service, the Presidency noted that the tax-to-GDP ratio had been stuck below 10 percent while 97 percent of government revenue was being used for debt servicing. “Today, the ratio has risen above 15 percent, while debt service has dropped below 50 percent of revenue. Without reforms, debt service would have consumed more than 100 percent, leaving nothing for salaries or infrastructure,” Dare said.
He further explained that fuel subsidies were draining national resources while still leaving citizens with fuel scarcity. “The subsidy has been removed, freeing funds for investments and ensuring steady supply. States now receive positive FAAC inflows. Without reforms, the subsidy system would have collapsed, leaving citizens with both scarcity and no fiscal relief.”
On the budget, Dare noted that deficits were previously rising while capital spending was shrinking. “Now the deficit is declining and infrastructure spending is growing. If reforms were not carried out, deficits would have ballooned and capital spending would have disappeared,” he remarked.
He also pointed out that Ways and Means financing, which had exceeded ₦30 trillion by May 2023, has now been curtailed. “Without reforms, overdrafts could have crossed ₦50 trillion, dragging Nigeria into a debt crisis of unprecedented proportions,” he warned.
On oil and gas production, Dare said the sector had been declining due to theft and mismanagement. “Reforms and renewed security have lifted production, restoring Nigeria’s key revenue stream. Without reforms, output would have remained encumbered, starving the economy of foreign exchange and revenue,” he said.
In terms of policy environment, Dare explained that the past was marked by inconsistency and investor fear. “Today reforms have created predictability and earned sovereign rating upgrades. Without reforms, Nigeria would have remained unattractive to both local and foreign investors,” he added.
Addressing inflation and interest rates, he admitted that inflation was high before reforms and rising fast. “While inflation remains elevated, it has started to moderate, and interest rates are stabilizing. Without reforms, Nigeria could have faced hyperinflation and crippling interest rates,” he said.
On poverty and jobs, he noted that poverty was worsening before reforms. “Today, reforms are creating new opportunities through infrastructure and job-focused policies. Without them, more Nigerians would have lost livelihoods and poverty would have become even deeper,” he said.
Finally, on public financial management, the Presidency stressed that the system was previously weak and inefficient. “Reforms have strengthened coordination, transparency, and discipline in fiscal management. Without them, inefficiency would have persisted and pushed Nigeria into fiscal collapse,” Dare stated.
He concluded that while challenges remain, the country is on a path of recovery. “These reforms are not just about today. They are laying the foundation for a stronger, more stable, and prosperous Nigeria,” he said.