The Convener of the Bola Ahmed Tinubu Ideological Group (BAT-IG), Mr Bamidele Atoyebi, has said that the fiscal and structural reforms introduced under President Bola Ahmed Tinubu’s administration have contributed to significant growth in government revenue, foreign reserves, banking sector capital and non-oil earnings.
Atoyebi made the claim while highlighting developments across key government institutions, including the Federal Inland Revenue Service (FIRS), Nigerian National Petroleum Company Limited (NNPCL), Nigeria Customs Service, solid minerals sector, Nigeria’s foreign reserves and the Central Bank of Nigeria.
At the FIRS, Atoyebi pointed to a steady rise in revenue collection over recent years, noting that collections increased from ₦4.95 trillion in 2020 to ₦6.41 trillion in 2021 and ₦10.1 trillion in 2022.
He said revenue generation continued to grow, reaching ₦12.37 trillion in 2023 before rising further to ₦21.7 trillion in 2024, exceeding the government’s target by 11 per cent.
According to him, the growth continued between October 2023 and September 2025, when total revenue collections reached ₦47.39 trillion. He noted that non-oil taxes accounted for more than 76 per cent of the revenue generated during the period, describing the development as evidence of increasing diversification of Nigeria’s revenue base.
Atoyebi said the figures reflected the impact of improved tax administration and efforts to reduce dependence on crude oil earnings.
“The shift toward non-oil revenue is one of the most important developments in Nigeria’s fiscal landscape. It demonstrates that government revenue is increasingly being supported by broader economic activity rather than dependence on crude oil earnings alone,” he said.
On Nigeria’s foreign reserves, the BAT-IG convener said the country’s reserves grew from $35.4 billion in 2020 to $49.49 billion in May 2026, describing the increase as a reflection of improved investor confidence and increased capital inflows.
“Rising reserves strengthen the country’s ability to withstand external shocks, support exchange-rate stability and enhance investor confidence in the economy,” he said.
Atoyebi also highlighted the completion of the Central Bank of Nigeria’s 24-month banking recapitalisation programme, which required commercial banks to maintain minimum capital bases of ₦250 billion for international banks, ₦125 billion for national banks and ₦25 billion for regional banks.
He described the exercise as a major step towards strengthening Nigeria’s financial system and positioning banks to support larger investments across the economy.
“A stronger banking sector provides the foundation for sustainable economic growth. The successful completion of recapitalisation by all institutions demonstrates resilience within the financial system and positions banks to support larger investments across the economy,” he said.
The BAT-IG convener added that the combination of increased tax revenue, improved oil remittances, rising mining receipts, stronger foreign reserves and a recapitalised banking sector points to the emergence of a more diversified and resilient economy.
According to him, the reforms have strengthened revenue collection across key government agencies, reduced reliance on oil income and improved Nigeria’s fiscal outlook.
“President Tinubu is applying the same reform-driven approach that transformed Lagos into an economic powerhouse,” he said.
“True nation-building often requires difficult decisions and structural adjustments before the benefits become visible. The results emerging across revenue generation, foreign reserves and investment flows suggest that those reforms are beginning to yield measurable outcomes.”
The comments come amid continued debate over the impact of ongoing economic reforms introduced by the Tinubu administration, including changes to taxation, foreign exchange management and public sector finances, with supporters highlighting long-term gains while critics continue to raise concerns over short-term pressures on households and businesses.
