NGScorecard

Tinubu declared on inauguration day that the petrol subsidy had ended, with no transition period. The NNPC was directed to immediately charge market-reflective pump prices.

Pump prices rose from ₦187/litre to over ₦700/litre overnight. The fiscal saving was real — estimated at ₦3–4 trillion annually — but no adequate palliative infrastructure was in place. The ₦8,000/month cash transfer reached only a fraction of intended beneficiaries.

The presidency directed the Central Bank of Nigeria to collapse all multiple exchange rate windows — official, investor/exporter, parallel — into a single market-determined rate, ending rent-seeking access to cheap dollars.

The naira was devalued from ~₦460/$ to over ₦1,500/$ at the low point. The structural distortion was removed. Foreign portfolio investment returned by Q1 2024 and the parallel market premium narrowed significantly.

To ease the inflation shock following the subsidy removal, Tinubu directed the suspension of import tariffs on rice, wheat, maize, and other food staples for 150 days. The NCS was instructed to waive duties at ports of entry.

Food imports increased and port throughput rose, providing some short-term price relief. However, local farmers protested the policy as it undercut domestic production. The waiver lapsed and prices returned to trend by early 2024.

Tinubu launched the Presidential CNG Initiative, directing the conversion of at least 50,000 commercial vehicles to run on compressed natural gas annually. NNPCL and the Ministry of Petroleum were directed to expand CNG fueling infrastructure across 20 states.

Conversion centres were established in a handful of states. Far fewer than 50,000 vehicles were converted in 2024. CNG station rollout was slower than projected due to infrastructure and financing constraints. The initiative remained active as of 2026.

Tinubu signed the Electricity Act Amendment within days of inauguration, allowing states to generate, transmit, and distribute electricity independently of the national grid. States could now license their own electricity companies.

At least 11 states began establishing their own electricity markets by 2025. Lagos, Rivers, and Ogun states moved fastest. The national grid continued to suffer collapses, but state-level alternatives began emerging. A significant structural reform, though full impact will take years.

Following the Taiwo Oyedele Tax Reform Committee's 2023 recommendations, four bills were transmitted to the National Assembly: the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Bill. They proposed consolidating 50+ taxes into a simplified framework.

After months of controversy — particularly over the VAT distribution formula which northern governors opposed — all four bills were passed by the Senate in February 2025 and signed into law. The reforms streamline tax collection and expand the tax base, though implementation will take years.

Citing a political crisis between Governor Siminalayi Fubara and the Rivers State House of Assembly (allied with FCT Minister Wike), Tinubu declared a six-month State of Emergency, suspending Fubara, his deputy, and the entire legislature. A sole administrator was appointed.

The declaration was highly controversial and challenged in court. Critics argued it was politically motivated to settle a score between Tinubu's ally Wike and Fubara. The Supreme Court upheld the declaration in May 2025. Fubara was restored after the SoE ended.

NERC approved a 240% tariff increase for Band A (premium) electricity consumers in April 2024, raising rates from ₦68/kWh to ₦225/kWh. After public backlash and labour union threats, the presidency directed NERC to suspend and review the hike.

The directive created regulatory uncertainty in the electricity sector. Discoms argued the rollback made cost-reflective tariffs impossible, threatening investment in the sector. A partial review restored some increase but below the original level — satisfying neither consumers nor investors.

Tinubu signed the Access to Higher Education Act on Democracy Day 2023, establishing NELFUND to provide interest-free loans to Nigerian university students to cover tuition and upkeep. The fund was to be seeded with ₦500 billion over five years.

NELFUND was established and began disbursing loans in 2024. However, the first disbursement round reached fewer than 100,000 students against a target of millions. Application processes were complex, awareness was low, and the ₦500 billion capitalisation target was not fully met.

Tinubu declared a national food emergency and directed the release of strategic grain reserves, accelerated distribution of farm inputs, and deployment of the military to protect farmers in conflict zones. A Presidential Food Systems Coordinating Unit was established.

Grain reserves were partially released. Input distribution was uneven across states. Food inflation peaked at over 40% in early 2024 before easing. The military deployment helped in some farming communities but could not address the structural causes of food insecurity. Food prices remained elevated into 2026.