James Emejo in Abuja Executive Chairman of Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, yesterday declared that the Nigerian economy had emerged from a difficult period of adjustment. Adedeji said a combination of far-reaching reforms had moved the country from acute macroeconomic distress to a more stable and increasingly resilient footing. Speaking on Channels Television’s Sunday Politics, he identified the removal of petrol subsidy, unification of the foreign exchange market, implementation of the Petroleum Industry Act (PIA), tighter monetary policy, and ongoing tax overhaul as the major reforms driving improvement in economic fundamentals. Adedeji added that the reforms implemented by President Bola Tinubu since May 2023, when he was sworn in, were beginning to produce stronger and more measurable outcomes across the economy. He said the economy was now showing “strong signs of full recovery and accelerated growth” following the difficult adjustments triggered by the initial reforms. According to him, improvements in exchange rate stability, moderating inflationary pressures, and liquidity conditions have strengthened business confidence and enabled companies and investors to make longer-term decisions with greater certainty. Adedeji stated, “Nigeria’s economy is showing strong signs of full recovery and accelerated growth following a series of necessary reforms by the current administration. “The economy has moved decisively from acute macroeconomic distress to a more stable and increasingly resilient footing. “This is as a result of President Bola Tinubu’s economic management acumen and doggedness in implementing his reforms as part of his Renewed Hope Agenda for the country.” The NRS boss stated that the banking sector recapitalisation had strengthened the financial system’s capacity to support large-scale corporate financing, adding that the ongoing tax reforms have simplified administration and broadened the revenue base. He said, “These reforms have improved the overall business climate and reduced structural inefficiencies as well as enhanced the operating environment for capital intensive and export-oriented firms by improving market efficiency, strengthening macroeconomic stability, increasing investor confidence.” He affirmed that comprehensive structural reforms embarked upon by the current administration had translated into measurable improvements in corporate financial performance through stronger market fundamentals and a more predictable business environment. “The resulting improvements in operational efficiency, financial transparency, and investment planning provide a clear economic explanation for the substantial increases in both revenue and earnings before tax recorded by many of the companies in this dataset,” Adedeji said. Separately, in its report, titled, “National Economic Performance: Baseline (May 29, 2023) vs Current Outlook (Mid-June 2026): A Comparative Review of President Bola Ahmed Tinubu Administration’s Economic Reform Programme,” NRS said the economy inherited four mutually reinforcing distortions in May 2023. The report said the distortions included an unsustainable fuel subsidy regime, a fragmented and opaque foreign exchange market, an oil sector producing substantially below capacity, and a tax base far below its potential. According to the report, the removal of the fuel subsidy and unification of the exchange rate within days of Tinubu’s assumption of office constituted the two foundational adjustments from which several subsequent improvements could be traced. The service said subsidy removal freed federally collectible revenue that had previously been consumed by fuel under-recovery, while FX unification eliminated round-tripping and arbitrage, restoring price discovery and credibility to the currency market. It said the impact had increasingly become visible in government revenue, investment, production and corporate performance. Tax collections rose from N12.3 trillion in 2023 to N21 trillion in 2024 and N28.3 trillion in 2025, while total collections stood at N27.1 trillion in the first eight months of 2026. The improvement also pushed the tax-to-GDP ratio to 13 per cent from 10.3 per cent in 2023, although NRS said there remained considerable room for further expansion towards the government’s 18 per cent target. It attributed the revenue growth to the digitalisation of tax administration, expansion of the tax base, and the implementation of the new tax framework. The national e-invoicing system for large taxpayers, it said, was among the key digital initiatives supporting improved compliance, while four new laws that came into effect on January 1, 2026 further transformed the country’s tax administration.
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