Nigeria’s economy recovering after painful reforms -NRS

Layer 1 ABUJA — The Nigeria Revenue Service, NRS, has said the Nigerian economy is showing strong signs of recovery and accelerated growth following a series of “painful” reforms implemented by President Bola Tinubu.

The revenue service, in an internal report, said the economy had moved “decisively from acute macroeconomic distress toward a more stable and increasingly resilient footing.”

According to the report, the improvement followed reforms introduced by the Tinubu administration.

The NRS said the administration inherited four major economic distortions: a fiscally unsustainable fuel subsidy regime, an opaque foreign exchange system that discouraged investment, a non-performing oil sector and a tax base “far below its potential.”

It said that despite the initial economic pains associated with the reforms, key indicators were now pointing to recovery, including retreating inflation, an improved balance of payments, increased oil production, higher tax collections and changes in the country’s productive base.