By Queen Kunde
The Independent Media and Policy Initiative (IMPI) has declared that President Bola Ahmed Tinubu’s economic reforms have laid a stronger foundation for Nigeria’s economy, saying the country has moved away from years of fiscal instability towards greater economic stability and productivity.
In a policy statement released in July to assess the administration’s first 36 months in office, the group said President Tinubu inherited an economy battling huge debts, soaring inflation, a nearly empty treasury and a heavy dependence on borrowing from the Central Bank of Nigeria.
According to IMPI, one of the administration’s first major decisions was to stop relying on the CBN’s Ways and Means advances, which it described as inflationary borrowing, and convert existing debts into long-term bonds.
The group argued that many of Nigeria’s economic problems dated back several administrations, saying successive governments between 1999 and 2023 relied heavily on borrowing while failing to build adequate financial buffers despite earning substantial oil revenues.
IMPI also defended the removal of fuel subsidy, describing it as one of the biggest economic decisions taken by the Tinubu administration. It said the policy has significantly increased monthly allocations to federal, state and local governments, giving them more resources for development projects.
The organisation further claimed that Nigeria’s debt profile and debt servicing burden have improved under the current administration, noting that the debt service-to-revenue ratio has dropped significantly compared to 2023.
On foreign exchange, IMPI praised the unification of the exchange rate windows, arguing that the previous practice of defending the naira consumed hundreds of billions of dollars over the years without preventing the currency from weakening. It said the current policy has brought greater stability to the foreign exchange market while encouraging local production and exports.
The policy group also pointed to improvements in government revenue, saying tax collections have risen sharply since 2023, while the country’s tax base has expanded with millions of additional taxpayers captured in the system.
According to the report, non-oil exports reached a record level in 2025, reflecting what it described as growing success in economic diversification and reduced dependence on crude oil earnings.
IMPI further cited ongoing recruitment by banks, fintech firms, oil and gas companies, manufacturers, consulting firms and government housing projects as evidence that the economy is becoming more job-oriented.
While acknowledging that many Nigerians continue to face economic hardship, the group maintained that the reforms were necessary to rebuild the country’s fiscal foundation and position the economy for long-term growth.
It added that the reforms have strengthened investor confidence, improved Nigeria’s credit outlook and reduced the risk of future fiscal crises.