“Tinubu’s Economic Revolution: 2 Years of Unprecedented Growth and Reform
The Tinubu administration, bolstered by the economic genius of Wale Edun, has achieved a remarkable turnaround in Nigeria’s financial sector. In just two years, the government has reduced the budget deficit from nearly 100% of total revenue to less than 25%, and debt service to revenue ratio has plummeted from over 100% to under 40%. The net external reserve has skyrocketed from $4 billion to over $40 billion, despite paying off $8 billion in FX backlog and $3 billion in IMF debt. Additionally, tax reforms have yielded impressive results, with the tax-to-GDP ratio increasing from 10% to 13.5% and record-breaking tax collections from FIRS and Customs Service.
These economic reforms, described as the most audacious in Nigeria’s history by Bloomberg, have transformed the country’s economy into an unending growth trajectory. With an average growth rate of over 3.4% in two years, compared to below 3% in the preceding eight years, Nigeria’s economic prospects look brighter than ever. The success of the Tinubu administration’s economic policies can be attributed to the President’s finance and account background, as well as the expertise of Minister Wale Edun. As global economic rating agencies upgrade Nigeria’s economic rating to its best in over 30 years, it’s clear that the country’s financial future is looking up.
