The Independent Media and Policy Initiative (IMPI) has said the economic reforms introduced by President Bola Tinubu’s administration have strengthened Nigeria’s fiscal position through improved revenue generation and increased economic diversification.
The group’s Chairman, Dr Omoniyi Akinsiju, made the assertion in a statement issued on Wednesday in Abuja, attributing the gains to ongoing tax reforms and efforts to expand the country’s non-oil export base.
According to Akinsiju, Nigeria’s fiscal outlook has improved significantly and the country can no longer be described as financially distressed, although he acknowledged that further efforts are needed to boost government revenue.
He said tax revenue increased from N711 billion in May 2023 to N28.79 trillion in 2025, while the number of registered taxpayers rose to more than 19 million.
Akinsiju added that more than 814,000 new corporate taxpayers had been brought into the tax net during the period, while the country’s tax-to-GDP ratio increased from about 10 per cent to more than 13.5 per cent.
He also pointed to the performance of the non-oil sector as evidence of the administration’s economic diversification agenda, noting that non-oil exports reached a record 6.1 billion US dollars in 2025.
According to him, Nigerian non-oil products were exported to 120 countries, reflecting the impact of policies aimed at reducing the country’s dependence on crude oil exports.
Akinsiju further said the diversification drive was stimulating employment across sectors including banking, technology, manufacturing, consulting, oil and gas, and housing.
He cited ongoing recruitment by private sector organisations, alongside government-backed housing projects, as indicators of expanding economic activity and job creation.
The IMPI chairman maintained that while the reforms had begun to yield measurable results, sustaining the momentum would require continued efforts to broaden the revenue base and deepen economic diversification.
