President Bola Tinubu says the end has come to wasteful and opaque tax waivers, marking a turning point in Nigeria’s economic governance.
Speaking at his administration’s second anniversary on Thursday, he framed the decision as part of sweeping reforms to stabilise the economy, restore transparency, and set the nation on a path to sustainable growth.
These waivers, which cost the nation over ₦1.3 trillion in 2023 alone, had characterised previous governments, but Tinubu’s government is ending them.
Easing Inflation And Economic Recovery
Also, he claims that inflation, a pressing challenge for many Nigerians, is finally easing.
Prices of everyday essentials like rice have started to fall, offering relief to households.
According to him, the oil and gas sector, which is the backbone of the economy, is showing strong signs of recovery.
Rig counts have surged by more than 400% since 2021, attracting over $8 billion in new investments.
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Tinubu emphasised that the economy is stabilising and positioning itself to handle global shocks better.
Ending Inflation Drivers And Boosting Local Refining
Furthermore, his administration halted Ways & Means financing, which had driven persistent inflation.
The Nigerian National Petroleum Corporation (NNPC) has shed the burden of fuel subsidies and now contributes net funds to the national coffers.
This progress reflects efforts to boost fuel supply through local refining.
Achieving Fiscal Discipline And Transparency
In addition, the government has pursued fiscal discipline actively.
It cut the fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024 by improving revenue collection and increasing financial transparency.
In just the first quarter of 2025, the government recorded revenues exceeding ₦6 trillion.
Overall, Tinubu’s reforms signal a new chapter focused on transparency, growth, and building a stronger Nigeria.
