The Nigeria Revenue Service (NRS) says the country’s economy is recovering and becoming more stable following recent reforms introduced by President Bola Tinubu’s administration.
In an internal report, the agency said Nigeria has moved away from “severe macroeconomic distress” toward a more resilient position. It attributed the progress to key policy changes, including the removal of fuel subsidies, foreign exchange reforms, and efforts to improve oil production and tax collection.
According to the report, oil output rose to 1.73 million barrels per day by July 2026, exceeding Nigeria’s OPEC quota. Tax revenue also more than doubled, increasing from N12.3 trillion in 2023 to N27.1 trillion in mid-2026, driven by digital reforms and new tax laws.
The NRS noted improvements across several economic indicators. Inflation has begun to ease, the balance of payments recorded a surplus of $2.38 billion in early 2026, and external reserves climbed significantly. Economic growth also increased to 3.8 percent in the first half of 2026, up from 2.74 percent in 2023.
Nigeria’s capital market saw strong gains, with market capitalisation rising from N30.36 trillion in 2023 to N161 trillion in 2026. The report linked this to improved investor confidence and banking sector reforms.
The agency also highlighted structural changes, including Nigeria becoming a net exporter of petroleum products through local refining initiatives such as the naira-for-crude arrangement.
In the social sector, the report said the minimum wage has doubled since 2023, while the number of out-of-school children declined slightly. It also pointed to investments in agriculture and compressed natural gas (CNG), which have created jobs and attracted funding.
Despite these gains, the NRS acknowledged ongoing challenges. Public debt increased to N159.28 trillion, though the debt-to-GDP ratio declined to 32.3 percent, indicating improved economic capacity. The report added that sustained policy implementation will be needed to maintain growth and translate reforms into long-term benefits for citizens.
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