Tinubu’s Reforms Boost Nigeria’s Reserves to $50bn and Tax Revenue to ₦28.3tn

A new Nigeria Revenue Service report shows external reserves jumped from $3.99bn in May 2023 to $50.11bn by mid-2026, while annual tax collections rose from ₦12.3tn to ₦28.3tn. Covering Tinubu’s first three years, the report credits fuel subsidy removal, forex-market unification, the Petroleum Industry Act and major tax reforms for lifting GDP growth to 3.89% and easing inflation to 15.9%. The balance of payments swung from a $3.34bn deficit into a $2.38bn surplus. Oil output hit 1.9mbpd, refining capacity reached 700,000bpd and local petrol now meets 90% of demand. Foreign capital imports and stock market indices also climbed, while the debt-to-GDP ratio declined to 32.3%.

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