Nigeria Revenue Service: Economy Out of the Woods After Difficult Adjustments

Nigeria's economy has emerged from a period of challenging adjustments, according to Dr. Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service (NRS). Speaking on Channels Television’s Sunday Politics, Adedeji highlighted a range of significant reforms implemented since President Bola Tinubu took office in May 2023. These included the removal of petrol subsidies, unification of the foreign exchange market, the implementation of the Petroleum Industry Act (PIA), tighter monetary policy, and an ongoing tax overhaul.

Adedeji noted that these reforms have produced stronger and more measurable outcomes across the economy, leading to stronger exchange rate stability, moderating inflationary pressures, and improved liquidity conditions. He said that the reforms have boosted business confidence, enabling companies and investors to make long-term decisions with greater certainty.

The NRS boss also praised the banking sector recapitalisation and the ongoing tax reforms, stating that they have improved the overall business climate, reduced structural inefficiencies, and enhanced the operating environment for capital-intensive and export-oriented firms. The service projected that revenue mobilisation could further strengthen as e-invoicing coverage expands and new tax laws become fully operational in 2026 and 2027.