Nigeria’s fiscal reforms have delivered significant improvements in government revenue generation, foreign reserves, banking sector capital and non-oil earnings, according to Bamidele Atoyebi, convener of the Bola Ahmed Tinubu Ideological Group (BAT-IG).
Atoyebi said reforms introduced by President Bola Tinubu’s administration have strengthened revenue collection systems, reduced dependence on crude oil earnings and improved the country’s economic outlook.
He said the reforms reflected a similar approach to the economic transformation strategy that shaped Lagos State during Tinubu’s tenure as governor.
“True nation-building often requires difficult decisions and structural adjustments before the benefits become visible. The results emerging across revenue generation, foreign reserves and investment flows suggest that those reforms are beginning to yield measurable outcomes,” Atoyebi said.
Tax Revenue Growth
The Federal Inland Revenue Service (FIRS) recorded strong growth in tax collections, with revenue rising from N4.95 trillion in 2020 to N6.41 trillion in 2021, before reaching N10.1 trillion in 2022.
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