The Central Bank of Nigeria (CBN) has declared that the nation’s economy is showing signs of a significant turnaround, driven by the deep structural reforms introduced by the Tinubu administration.
Speaking at the Hadiza Bala Usman @50 Governance Colloquium in Abuja on Tuesday, the Deputy Governor of the CBN in charge of Economic Policy, Muhammad Abdullahi, stated that the government’s reforms over the past two years are the most far-reaching in decades, addressing core structural issues that have long constrained growth.
“Over the last two years, the reforms implemented in our country have been the deepest and most far-reaching in probably three or four decades,” Abdullahi said.
He highlighted tangible improvements in the macroeconomic environment, noting that Nigeria has recorded its first current account surplus in years, alongside a gradual accretion in foreign reserves which now stand at $46 billion.
Abdullahi observed that previous reform efforts often failed not due to a lack of good intentions, but because of an inability to establish durable systems capable of withstanding political pressure and short-term public anxiety.
He credited the current administration with the credibility and vision to push through holistic and sustainable reforms.
His remarks followed a presentation by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, who identified Nigeria’s weak tax culture as a critical obstacle to development.
Oyedele revealed that personal income tax collection in 2025 stood at just N2 trillion, a figure he described as far below that of comparable economies like South Africa—attributed largely to a lack of public understanding of tax obligations.
Oyedele emphasized that effective reform requires both political will and courage, describing the ongoing tax adjustments as surgery rather than pain relievers challenging to endure but necessary for long-term survival.
Reinforcing this stance, Abdullahi stated that the government’s approach is focused on rooting out structural inefficiencies rather than deploying short-term populist measures.
“It is this underlying system that really can ensure that what we have is sustainable, that it has a long-lasting effect rather than just temporary relief,” he added.
The CBN official’s comments underscore the apex bank’s alignment with broader fiscal reforms aimed at strengthening Nigeria’s macroeconomic stability and laying the groundwork for sustained growth.