{
  "id": 488314,
  "title": "Nigeria: Tinubu's Subsidy Removal, Fx Reforms, Stabilising Nigeria's Economy - Zacch Adedeji",
  "url": "https://urgent.news/2026/08/10/nigeria-tinubus-subsidy-removal-fx-reforms-stabilising-nigerias",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-10T16:28:59.000Z",
  "source": {
    "name": "AllAfrica",
    "slug": "allafrica",
    "url": "https://allafrica.com/stories/202608100591.html"
  },
  "original_language": "en",
  "account": "President Bola Tinubu's administration has embarked on a series of economic reforms in Nigeria, aiming to stabilise the country's struggling economy. The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, defended these reforms, stating that they were necessary due to inherited challenges such as an unsustainable fuel subsidy regime, opaque foreign exchange markets, underperforming oil sector, and a narrow tax base.\n\nMr Adedeji highlighted several indicators of the reforms' positive impact, including the growth in domestic refining capacity from 30,000 barrels per day to 700,000 barrels per day and a significant increase in government revenue from N12 trillion to N40 trillion. He emphasized that the government's objective was not to burden Nigerians but to create an environment for businesses to grow and generate greater prosperity.\n\nThe NRS chairman defended the government's tax reforms, arguing that they were designed to broaden the tax base and improve the business environment, rather than extracting more money from poor Nigerians. About 90% of Value Added Tax (VAT) revenue goes to the states, which, according to Adedeji, has strengthened the finances of sub-national governments.\n\nThe NRS chairman also defended structural reforms in the power sector, education, infrastructure, and access to credit. He highlighted the Electricity Act, which aims to allow greater state participation in the power sector and create investment opportunities. Reliable electricity is crucial for industrialisation and reducing the cost of doing business, he argued.\n\nAdedeji defended the administration's infrastructure spending, distinguishing between budgeting and funding. He cited major infrastructure projects like the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway as examples of long-term economic benefits. He linked infrastructure spending to job creation and economic activity, such as the coastal road and airport reconstruction.\n\nWhile acknowledging concerns about the hardship experienced by Nigerians since the reforms began, Adedeji maintained that the government was focused on consolidating gains and ensuring that the benefits of the reforms translated into improved household prosperity. He rejected the perception that increased government revenue meant taking more money from poor Nigerians, arguing that the government's approach was to expand economic activity and collect more revenue from increased prosperity.\n\nThe NRS chairman defended government expenditure, explaining that it also circulates through the private sector, generating revenue for private businesses and creating employment. He highlighted the administration's support for technical and vocational education, encouraging corporate organisations to create employment opportunities. Adedeji emphasized the critical role of education in reducing poverty and improving economic prospects for young Nigerians.\n\nFinally, Adedeji urged Nigerians to support the consolidation phase of the reforms, emphasizing the government's focus on improving energy security, education, infrastructure, and the broader economic environment. The ultimate objective of the reforms, he stated, was to build an economy capable of generating prosperity without relying on unsustainable government interventions.",
  "summary": "[Premium Times] He said the reforms by the Tinubu administration were necessary because it inherited an economy burdened by an unsustainable fuel subsidy regime, an opaque foreign exchange market, an underperforming oil sector and a narrow tax base.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}