By James Okezie
President Bola Tinubu’s administration says it has implemented seven structural reforms in the last three years aimed at repositioning Nigeria’s economy, from subsidy removal to tax and electricity sector changes.
Below is a breakdown of the policies the government cites as its core economic actions since May 2023:
• Fuel Subsidy Removal
The government says it ended a fuel subsidy regime that cost about ₦4.3 trillion annually. Officials argue the subsidy largely benefited the wealthy, cabals and smugglers, while rural households using other energy sources saw little impact.
The administration estimates the removal saves between ₦4 trillion and ₦6 trillion yearly, funds it says are now being channeled into government reserves.
• Foreign Exchange Unification
For years, Nigeria operated multiple exchange rates. The Central Bank sold dollars at about ₦400 while the parallel market traded at about ₦800, creating what the government calls arbitrage opportunities worth hundreds of billions.
In June 2023, the administration unified the rates. Officials say a single market rate has increased transparency and reduced rent-seeking in the forex market.
• Tax Reform
The administration says it collapsed more than 60 federal, state and local taxes and levies into fewer than 10.
Under the new framework, individuals earning ₦800,000 or less annually are exempt from personal income tax. Businesses with turnover below ₦50 million are exempt from company income tax.
The World Bank has described Nigeria’s tax reform as a “global reference point.”
• Foreign Reserves and Investment
Government data shows Nigeria’s foreign reserves rose from $33 billion in May 2023 to $50 billion, the highest level in 13 years.
Foreign investment inflows also increased, from $90 million to $720 million in one quarter, according to official figures. The administration says the rise reflects renewed investor confidence.
• Stock Market and Inflation
The Nigerian Exchange gained 136 per cent between May 2023 and September 2025. The National Bureau of Statistics reports GDP growth, while inflation, which peaked at 34.8 per cent in December 2024, has eased to 15 per cent.
The government says the figures, published by the NBS and confirmed by international agencies, reflect improving macroeconomic stability.
• Electricity Act
For 60 years, electricity generation and distribution were controlled centrally from Abuja.
The Electricity Act signed by Tinubu decentralised power, allowing states to generate, transmit and distribute electricity. The government says ending the monopoly will attract competition and investment to the sector.
• NIMC Act 2026
The administration says it modernised Nigeria’s identity management system through the NIMC Act 2026. Officials cite the database’s role in identifying 7 suspected Boko Haram commanders among Hajj returnees.
The government argues a credible identity system is necessary for taxation, security and service delivery.
The administration maintains that no previous government implemented this number of structural reforms within the first three years of office.
The Presidency did not provide additional comment beyond the data released by relevant ministries and agencies.