The Presidency has said that President Bola Ahmed Tinubu has recorded notable achievements even though he has not spent up to three years in office. According to the Presidency, the reforms introduced by the Tinubu administration are already producing results, despite the hardship many Nigerians are still facing.
This position was made public by the President’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, while reacting to a recent report by The Economist magazine on Nigeria’s economy under President Tinubu.
In a post shared on X (formerly Twitter), Onanuga said President Tinubu took over a deeply troubled economy in 2023 but has since taken bold steps to fix long-standing problems.
“President Tinubu has not spent three years yet and he has a lot to show for his stewardship,” Onanuga wrote. He then quoted The Economist of January 29, which reviewed the President’s performance and the state of Nigeria’s economy.
According to the report, the scale of the problems Tinubu inherited when he assumed office cannot be overstated. When he became president in May 2023, Nigeria’s Central Bank was in serious trouble. The bank had about $7 billion in obligations it could not meet, which was equal to about 1.4 per cent of the country’s Gross Domestic Product (GDP) at the time.
This situation badly damaged confidence in Nigeria’s economy and caused many foreign investors to withdraw their funds. The Central Bank was also criticized for weak monetary policies, poor management of foreign exchange reserves, and the maintenance of a complex and unsustainable multiple exchange rate system.
In addition to these problems, the Federal Government was spending huge amounts of money on fuel subsidy. In 2022 alone, the government reportedly spent about $10 billion on fuel subsidy, an amount equal to 2.2 per cent of Nigeria’s GDP. This placed a heavy burden on public finances and limited spending on other important sectors such as health, education, and infrastructure.
Upon assuming office, President Tinubu introduced what The Economist described as “drastic structural reforms” to address these challenges. One of his first major decisions was the removal of fuel subsidy, a policy that had existed for decades but had become increasingly costly and inefficient.
The Tinubu administration also ended the multiple exchange rate system and allowed the naira to float more freely. This move was aimed at restoring confidence in the foreign exchange market and attracting investors back into the country.
To tackle rising inflation caused by these reforms, the Central Bank tightened monetary policy by raising interest rates. According to the report, this was done to reduce inflationary pressure and stabilise the economy.
The government also focused on improving security in the Niger Delta, a region critical to Nigeria’s oil production. Oil theft, vandalism, and insecurity had reduced output for years. Alongside security efforts, the administration offered tax incentives to attract investors and boost oil production.
While acknowledging these steps, The Economist noted that the reforms have come at a high cost for ordinary Nigerians. Nearly three years after Tinubu took office, many citizens, especially the poor and middle class, are still struggling with high fuel and food prices. Poverty levels have risen, and daily living has become more difficult for many households.
However, the report suggested that the “bitter medicine” being administered by the government is beginning to work. One key sign is inflation. Nigeria’s annual inflation rate, which reached a nearly 30-year high of 34.8 per cent in December 2024, dropped significantly to 15.2 per cent by December 2025.
Economic growth is also showing signs of recovery. The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow by 4.4 per cent in 2026. This is seen as a positive sign after years of slow growth and economic uncertainty.
The naira, which suffered two major devaluations in 2023, has also become more stable. In addition, Nigeria’s foreign exchange reserves have increased to $46 billion, their highest level in seven years. This improvement has strengthened the country’s ability to meet its external obligations.
The report also highlighted renewed interest from international investors. On January 22, Shell, a British oil company, announced plans to work with partners to develop a $20 billion offshore oilfield that has remained untapped for over 20 years. The project is expected to be finalised by 2027.
Similarly, Exxon Mobil, an American oil company, has committed $1.5 billion to deepwater oil development projects in Nigeria, with investments planned up to 2027.
Local business leaders are also becoming more confident, according to The Economist. Oil and gas production is gradually rising, driven largely by local firms fixing leaks and improving output in onshore fields. Improved security in the Niger Delta has played a key role in this recovery.
The report added that the combination of rising oil output, improved investor confidence, and better macroeconomic stability should give the government more financial breathing room. It also noted that the weaker naira could make Nigeria’s non-oil exports, such as cocoa and cashew nuts, more competitive in global markets.
Onanuga said the report supports the view of the Tinubu administration that tough reforms were necessary to save the economy from collapse. He admitted that the reforms have been painful but insisted they are already laying the foundation for long-term stability and growth.
Since coming into office, President Tinubu has faced criticism over rising cost of living and public dissatisfaction. Labour unions and civil society groups have repeatedly called for measures to ease the hardship faced by Nigerians.
The Presidency, however, maintains that the reforms are unavoidable and that their benefits will become more visible with time. Officials argue that previous governments postponed difficult decisions, leaving Tinubu with limited options.