IMPI Says Tinubu’s Reforms Have Reset Nigeria’s Economy, Improved Fiscal Stability
Oru Leonard
The Independent Media and Policy Initiative (IMPI) has credited President Bola Tinubu’s administration with laying a stronger economic foundation for Nigeria, saying reforms introduced over the past 36 months have improved fiscal stability, reduced debt pressures, and repositioned the economy for sustainable growth.
In a policy statement signed by its Chairman, Dr. Omoniyi M. Akinsiju, the group argued that the Tinubu administration inherited a severe fiscal crisis in May 2023, marked by mounting debt obligations, high inflation, dwindling public finances, and heavy reliance on the Central Bank of Nigeria’s Ways and Means advances.
According to IMPI, one of the administration’s earliest fiscal decisions was to securitise the outstanding CBN advances into long-term bonds and discontinue further dependence on inflationary financing.
The organisation traced Nigeria’s fiscal challenges to economic policies implemented between 1999 and 2015, arguing that despite earning nearly one trillion dollars in oil revenue during the period, successive administrations left behind significant debt burdens and weakened fiscal reserves.
It also criticised the borrowing of commercial loans to finance recurrent expenditure during the administration of former President Goodluck Jonathan, describing the move as a major fiscal misstep that contributed to Nigeria’s growing debt profile.
IMPI noted that Nigeria’s total public debt rose to about $108.23 billion by the end of 2023 but said the Tinubu administration reduced it to $94.2 billion by October 2025 before fresh borrowing for infrastructure projects increased the figure to about $110.97 billion by April 2026.
Despite the increase, the group maintained that Nigeria’s debt-to-GDP ratio remained at a sustainable 32.3 per cent, while the debt service-to-revenue ratio declined from 97 per cent in 2023 to 50 per cent in 2025.
The policy group also highlighted the removal of petrol subsidy as a major fiscal reform, noting that it boosted monthly Federation Account Allocation Committee (FAAC) disbursements to states and local governments from an average of about ₦650 billion before the reform to over ₦1.5 trillion after subsidy removal.
On foreign exchange reforms, IMPI said the harmonisation of Nigeria’s exchange rate windows had improved market stability and reduced the cost of defending the naira. It claimed the Central Bank’s interventions in the foreign exchange market between 2024 and 2025 were significantly lower than previous administrations while contributing to improved exchange rate stability and a stronger trade balance.
The group further stated that tax reforms had expanded the tax base, increased government revenue, and improved the country’s tax-to-GDP ratio, while non-oil exports reached a record $6.1 billion in 2025, reflecting progress in economic diversification.
According to IMPI, sectors including banking, fintech, manufacturing, oil and gas, agriculture, and construction are creating new employment opportunities, supported by both private sector expansion and government initiatives such as the Renewed Hope Housing Programme.
The organisation concluded that the Tinubu administration’s reforms have shifted Nigeria from a consumption-driven economy to an investment-led and productivity-focused model, strengthening investor confidence and creating a more sustainable fiscal outlook.
