The Independent Media and Policy Initiatives (IMPI) has credited President Bola Tinubu with engineering a turnaround in Nigeria’s economy through what it described as the deployment of tools of economic progressivism.
In a policy statement signed by its Chairman, Dr. Omoniyi Akinsiju, the group argued that the administration’s reforms marked a decisive break from what it called decades of fiscal profligacy and oligarchic control of state resources.
IMPI said that prior to the economic reforms initiated in May 2023, Nigeria’s economy was dominated by a deeply entrenched elite comprising political actors, military officers, and business interests who controlled access to public resources, particularly in the oil sector.
According to the group, the pre-reform structure was sustained by a patronage system that disproportionately benefited a few, while the majority of Nigerians faced hardship. It cited data indicating that 63 per cent of the population about 133 million people were living in multidimensional poverty as of 2022.
The group noted that the fuel subsidy regime had been “rife with corruption” and functioned as a “feeding bottle” for a select group of beneficiaries. It also criticised the former multiple exchange rate system, alleging that it enabled arbitrage opportunities for “FX subsidy merchants” who exploited disparities between official and parallel market rates.
IMPI further stated that by the time President Tinubu assumed office, Nigeria was spending approximately 97 per cent of its total revenue on debt servicing, a situation it described as “disastrous.”
It also pointed to structural weaknesses predating the current administration, noting that Nigeria’s crude oil and gas export value peaked at $93.89 billion in 2011 and declined significantly after 2014, with only intermittent recoveries.
The group maintained that the Tinubu administration has since stabilised the economy and dismantled entrenched interests through reforms anchored on fiscal restructuring, exchange rate unification, and public investment policies.
Among the measures it listed were fiscal and taxation reforms, redistributive spending, estate and wealth taxes, labour and wealth protection policies, monetary and financial reforms, infrastructure development, and expanded public investment.
Highlighting outcomes it attributed to the reforms, IMPI said allocations from the Federation Account Allocation Committee (FAAC) rose significantly in 2025, with the three tiers of government sharing over ₦33.27 trillion in the first eleven months representing a 30 per cent increase over the same period in 2024. It noted that a record ₦3.64 trillion was distributed in September 2025.
On inflation, the group stated that the rate declined from a peak of 34.6 per cent in November 2024 to 15.10 per cent in January 2026, marking what it described as over nine months of consistent disinflation.
It added that food inflation dropped to 8.89 per cent year-on-year in January 2026, down from 29.63 per cent in January 2025. According to IMPI, this represents the first single digit food inflation reading in over a decade and the lowest level since August 2011.
The group also observed a narrowing gap between the official and parallel foreign exchange markets. As of February 24, 2026, it said the naira traded at about ₦1,349.24 to the dollar in the official market and between ₦1,355 and ₦1,420 in the parallel market, shrinking the spread from about 60 per cent previously to roughly 2 per cent.
IMPI further claimed that the naira is currently ranked as the world’s second best performing currency this year, gaining more than 7 per cent against the US dollar.
The policy group concluded that the administration’s reforms have restored macroeconomic stability and laid the foundation for sustainable growth, while reducing structural distortions in the economy.
