Economic Reforms Earn Praise, But Nigerians Still Face Hardship
President Bola Ahmed Tinubu’s administration has been awarded a performance score of 65.45% after three years in office, according to a comprehensive assessment conducted by RTC Advisory. The report, titled “Tinubu’s 3 Years in Office: Reform Gains, Challenges and the Road Ahead,” evaluates the administration’s achievements and shortcomings across key sectors of governance.
The assessment reviewed performance in seven strategic areas: Economic Policy and Structural Reforms, Infrastructure Development, Social Policy, Security, Foreign Policy, Anti-Corruption and Governance, as well as Industry, Trade and Investment.
According to RTC Advisory, the administration inherited a fragile economy in May 2023, characterized by massive fiscal deficits, an unsustainable fuel subsidy regime, multiple foreign exchange rates, declining foreign investments, and weakening public finances. In response, the government embarked on far-reaching reforms aimed at stabilizing the economy and restoring investor confidence.
Economic Reforms and Fiscal Gains
One of the administration’s most significant decisions was the removal of fuel subsidies and the liberalization of the foreign exchange market. These measures, though controversial, have reportedly generated substantial fiscal savings and improved government revenue.
The report states that fuel subsidy removal now saves approximately ₦12 trillion annually, while allocations from the Federation Account Allocation Committee (FAAC) increased from ₦16.28 trillion in 2023 to ₦35.81 trillion in 2025.
Nigeria’s external reserves also improved significantly, rising from approximately $35 billion in 2023 to about $50 billion in 2026. Additionally, non-oil revenue recorded an impressive growth of around 165 percent between the first half of 2023 and the first half of 2025.
However, these reforms came with immediate economic consequences. Inflation surged to approximately 34.8 percent in late 2024, public debt increased from ₦97.3 trillion to ₦159.3 trillion, and the purchasing power of many Nigerians declined sharply.
Infrastructure Development Continues
The report highlights several major infrastructure projects initiated under the administration. Among them are the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, both designed to improve connectivity and stimulate economic growth.
Other efforts include railway expansion projects and housing finance initiatives aimed at addressing the nation’s housing deficit. The enactment of the Electricity Act 2023 also marked a significant shift by devolving power sector regulation and governance to state governments.
Despite these developments, the report notes that power supply challenges remain, while Nigeria continues to grapple with an estimated housing deficit of 28 million units.
Social Welfare Programs and Human Development
The administration expanded social intervention programs, including the Household Uplifting Programme cash transfers, which reportedly reached about 9.2 million beneficiaries. Through the Nigerian Education Loan Fund (NELFUND), student loans worth ₦95.6 billion have also been disbursed.
Furthermore, the national minimum wage was increased from ₦30,000 to ₦70,000 in 2024, while skills acquisition initiatives such as the Labour Employment and Empowerment Programme (LEEP) and the 3 Million Technical Talent (3MTT) programme trained hundreds of thousands of Nigerians.
Nevertheless, the report observes that rising inflation has significantly reduced the real value of these interventions. Poverty levels have climbed to approximately 62.63 percent, and an estimated 15 million children remain out of school.
Security and Governance Challenges
Security remains one of the administration’s most critical challenges. Government spending on security increased from ₦2.98 trillion in 2023 to ₦4.9 trillion in 2026. New security deployments, modern surveillance equipment, and the recruitment of 50,000 police officers were also recorded.
Despite these efforts, incidents of terrorism, banditry, kidnapping, and other violent crimes continue to affect many parts of the country. RTC Advisory noted that while progress has been made, several critical counter-terrorism strategies are yet to be fully implemented.
On governance and anti-corruption, the report credits the administration with securing over 7,500 convictions and recovering assets worth billions of naira. However, concerns remain regarding judicial delays and bureaucratic inefficiencies.
Foreign Policy and Investment Outlook
The assessment indicates that Nigeria’s international standing has improved under the Tinubu administration. Reforms in the oil and gas sector have attracted renewed foreign direct investment, while initiatives such as the National Single Window have enhanced trade facilitation.
The Nigeria Tax Act 2025 and the Industrial Policy 2025 were also highlighted as major reforms aimed at improving the business environment and boosting investor confidence.
The Road Ahead
Overall, RTC Advisory concluded that President Tinubu’s administration has made substantial progress in correcting long-standing structural distortions within Nigeria’s economy. The 65.45 percent score reflects achievements in fiscal management, economic stabilization, infrastructure development, and governance reforms.
However, the report emphasizes that the true measure of success will depend on the government’s ability to translate these macroeconomic gains into improved living standards, sustainable job creation, enhanced security, and better welfare for ordinary Nigerians.
As the administration enters its fourth year, expectations remain high that the benefits of ongoing reforms will become more visible in the daily lives of citizens across the country.
