By Gabriel Ameh
ABUJA – The Independent Media and Policy Initiative (IMPI) has credited President Bola Ahmed Tinubu with laying a new fiscal foundation for Nigeria’s economy, arguing that key reforms introduced over the past 36 months have improved public finances, reduced debt pressure and strengthened macroeconomic stability.
In a policy statement titled “Impact Analysis of Tinubu’s 36 Months of Resetting Nigeria’s Economic Building Blocks,” the group said the Tinubu administration inherited a fragile economy in May 2023, characterised by an almost empty treasury, soaring inflation, rising public debt and a debt service-to-revenue ratio that had climbed to about 96 percent.
According to IMPI Chairman, Omoniyi M. Akinsiju, years of excessive borrowing, heavy reliance on the Central Bank of Nigeria’s Ways and Means advances and what it described as unsustainable fiscal policies had weakened Nigeria’s economic structure before the current administration assumed office.
The policy group argued that one of the administration’s earliest interventions was the securitisation of outstanding Ways and Means advances into long-term bonds while ending routine dependence on the financing window to fund government expenditure.
IMPI further maintained that the removal of fuel subsidy, the unification of Nigeria’s foreign exchange market and reforms in tax administration have significantly improved government revenue and fiscal management.
It noted that monthly allocations from the Federation Account Allocation Committee (FAAC) have consistently exceeded ₦1.5 trillion since the subsidy removal, compared to an average of about ₦650 billion before the reforms, giving state and local governments greater fiscal capacity.
The group also said Nigeria’s debt service-to-revenue ratio declined from about 97 percent in 2023 to 50 percent in 2025, while the country’s debt-to-GDP ratio remained within internationally acceptable limits despite fresh borrowing to finance infrastructure.
On foreign exchange, IMPI argued that harmonising exchange rate windows ended decades of costly interventions used to defend the naira, claiming that previous administrations spent hundreds of billions of dollars on exchange-rate support with limited success.
According to the report, the Tinubu administration’s foreign exchange reforms have improved market stability, strengthened investor confidence and contributed to Nigeria recording a trade surplus by late 2025.
The policy statement also highlighted improvements in tax revenue, non-oil exports and domestic production, saying tax collections rose sharply while non-oil exports reached a record $6.1 billion in 2025.
IMPI further cited ongoing recruitment by financial institutions, oil companies, manufacturers and development organisations as evidence that the economy is gradually becoming more employment-driven.
The group concluded that although economic challenges remain, the reforms introduced over the last three years have repositioned Nigeria for long-term growth, improved fiscal sustainability and enhanced the country’s investment outlook.
It added that the gains recorded so far should be consolidated through sustained implementation of ongoing economic reforms.
