Economy
Reducing Nigeria's dependence on crude oil for its exports and its government revenue has been a stated goal of every administration since the boom of the 1970s. Oil still earns the large majority of the country's foreign exchange.
Oil remained the overwhelming source of government revenue and foreign exchange earnings throughout the term. Non-oil sectors grew, particularly telecoms and services, but the structural dependence on oil was not meaningfully reduced by the time Obasanjo left office.
Oil continued to account for the vast majority of government revenue and foreign exchange earnings throughout the term, and the sharp fall in global oil prices during the 2008-09 financial crisis forced a mid-year budget revision, illustrating the continuing structural exposure the pledge was meant to address.
Agriculture and services grew as a share of a rebased GDP, and the Agricultural Transformation Agenda (Growth Enhancement Scheme, e-wallet fertiliser vouchers) reached millions of farmers. However, oil still accounted for the overwhelming majority of export earnings and roughly 70% of government revenue at the end of the term, leaving the economy exposed when crude prices collapsed in late 2014.
Nigeria experienced two recessions under Buhari (2016 and 2020). Agriculture sector grew, partly via the Anchor Borrowers' Programme. Oil still accounted for over 80% of foreign exchange earnings at end of term. GDP per capita fell in dollar terms.
Each entry is one rated promise — follow it to that administration’s full scorecard. Ratings use the four verdicts defined in the methodology.