The Nigeria Revenue Service (NRS) announced on Monday, August 10, 2026, that Nigeria’s economy has reached a significant turning point, recording accelerated expansion and heightened fiscal stability following three years of structural policy reforms under President Bola Ahmed Tinubu.
The assessment was delivered during a press conference held at 10:00 AM at the NRS Headquarters Revenue House in Central Business District, Abuja. Addressing economic correspondents, officials unveiled findings from an internal performance audit measuring key economic performance metrics between May 2023 and August 2026.
According to the agency, the Nigerian economy has transitioned from severe macroeconomic imbalance to a stable operational environment characterized by rising foreign reserves, robust revenue generation, and increased domestic industrial output.
Presenting the report, Dr. Zacch Adedeji, Executive Chairman of the NRS, explained that the administration had taken office in mid-2023 under conditions marked by heavy fiscal deficits, widespread currency arbitrage, security vulnerabilities in oil infrastructure, and sub-optimal tax compliance.
He noted that while the initial execution of bold reforms such as foreign exchange rate unification, subsidy elimination, and aggressive tax modernizations imposed significant short-term costs on citizens and businesses, those decisions created the baseline for the current turnaround.
In a supplementary statement released during the briefing, Dare Adekanmbi, Special Adviser on Media to the NRS Chairman, stated:”The systemic adjustments introduced over the past 36 months were unquestionably rigorous, but the statistical evidence today confirms that the economy has exited acute distress. We are now witnessing sustained capital inflows, enhanced non-oil collections, and a return to structural solvency across key macroeconomic sectors.”
The official documentation presented at the conference outlined notable improvements across key indicators: Federal tax collections expanded by 113 percent, increasing from ₦12.3 trillion in May 2023 to ₦27.1 trillion by July 2026, powered by four major tax reform statutes, digital e-invoicing platforms, and executive measures targeting revenue leaks.
Foreign Reserves at 17-Year High, an unrestricted external reserves grew from $3.99 billion in 2023 to $51.9 billion as of July 2026.
Strengthened maritime and onshore security restored crude oil output to 1.73 million barrels per day (bpd) reaching 104 percent of Nigeria’s OPEC baseline. Concurrently, domestic refining capacity rose from 30,000 bpd to 700,000 bpd, enabling local output to satisfy over 90 percent of national premium motor spirit (PMS) demand and eliminating automotive gas oil (diesel) imports entirely by May 2026.
The nation’s trade position shifted to a ₦7.55 trillion surplus in Q1 2026, up from ₦44.7 billion in 2023. Capital importation reached $10.37 billion in the first quarter of 2026 alone, driven by foreign portfolio and direct investment.
Although total public debt rose nominally following foreign exchange adjustments, the debt-to-GDP ratio declined from 38.0 percent to 32.3 percent in 2026, remaining comfortably below international fiscal risk thresholds.
Beyond direct tax collection, the NRS highlighted positive spillovers across domestic equity markets and energy diversification initiatives. The market capitalization of the Nigerian Exchange (NGX) rose from ₦30.36 trillion to ₦161 trillion, supported by banking sector recapitalization and institutional capital participation.
Additionally, the federal Compressed Natural Gas (CNG) initiative attracted over $2 billion in private sector capital, converting more than 100,000 commercial vehicles to gas power and lowering transport overheads across major urban transit corridors.
Speaking from the State House in Abuja later in the afternoon, Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, concluded that the NRS report validates the administration’s long-term developmental blueprint, proving that foundational recalibration was necessary to secure enduring prosperity for the federation.
