The Tinubu Administration: A New Chapter in Nigeria's Journey

On 29 May 2023, President Bola Ahmed Tinubu, GCFR, was sworn in as the 16th President of the Federal Republic of Nigeria, succeeding President Muhammadu Buhari. He assumed office at a time when Africa's largest economy faced significant challenges, including rising inflation, high public debt, foreign exchange instability, fuel subsidy costs, unemployment, and widespread concerns over security and economic growth.

Guided by the vision of "Renewed Hope," President Tinubu introduced an ambitious reform agenda aimed at laying the foundation for a stronger, more competitive, and more prosperous Nigeria. His administration identified eight priority areas: economic reform, national security, agriculture and food security, infrastructure development, energy, healthcare, education, governance, and job creation.

Within hours of taking office, the administration announced the removal of Nigeria's long-standing petrol subsidy, one of the country's most significant economic policy changes in decades. This was followed by the unification of the foreign exchange market to simplify the exchange rate system, improve transparency, and encourage investment. While these reforms brought short-term economic challenges for many Nigerians, the government described them as necessary steps toward long-term fiscal sustainability and economic recovery.

Beyond economic reforms, the administration launched several flagship programmes designed to improve the lives of Nigerians. These include the Nigerian Education Loan Fund (NELFUND) to expand access to higher education, the Renewed Hope Cities and Estates Programme to increase affordable housing, the Presidential Compressed Natural Gas (CNG) Initiative to reduce transportation costs and reliance on petrol, and major tax reforms intended to modernise Nigeria's tax system and improve revenue generation.

Infrastructure has remained another central focus. The government has initiated and expanded strategic road projects, supported domestic refining capacity, strengthened transportation networks, and invested in agriculture, technology, and digital public services. The administration has also introduced new ministries, including the Ministry of Marine and Blue Economy and the Ministry of Livestock Development, to unlock opportunities in emerging sectors of the Nigerian economy.

Security continues to be one of the administration's highest priorities. The government has increased investment in the armed forces, intelligence, surveillance, and security operations while pursuing reforms intended to strengthen Nigeria's overall security architecture. These efforts include expanding the Nigerian Army and improving operational capacity to address terrorism, banditry, kidnapping, and other security challenges.

Like every administration, the Tinubu government has faced both support and criticism. Many reforms have required difficult adjustments, and public debate continues regarding their pace, implementation, and impact on the cost of living. Nevertheless, the administration maintains that these policies are intended to reposition Nigeria for sustainable growth, stronger institutions, increased investment, and greater opportunities for future generations.

Today, the Renewed Hope Agenda represents the guiding vision of the Tinubu administration—a commitment to building a more resilient economy, improving infrastructure, expanding educational opportunities, strengthening national security, and creating an environment where Nigerians can thrive. As the administration continues its work, its long-term legacy will be measured by how effectively these reforms translate into lasting improvements in the lives of the Nigerian people.

Below is a concise list of major policies, programs, reforms, and milestones that have been widely associated with President Bola Ahmed Tinubu's administration since May 2023. Some are structural reforms, while others are programs or completed milestones. These are among the administration's most notable initiatives and actions.

1. Removal of the petrol fuel subsidy.
2. Unification of Nigeria's foreign exchange (FX) market.
3. Launch of the Renewed Hope Agenda.
4. Establishment of the Nigerian Education Loan Fund (NELFUND) student loan scheme.
5. Introduction of the Presidential Compressed Natural Gas (CNG) Initiative.
6. Approval and implementation of a new National Minimum Wage.
7. Local Government financial autonomy reforms following Supreme Court implementation efforts.
8. Creation of the Ministry of Marine and Blue Economy.
9. Creation of the Ministry of Livestock Development.
10. Signing of major tax reform legislation.
11. Consumer Credit Corporation (CREDICORP) to expand access to consumer credit.
12. Renewed Hope Cities and Estates affordable housing programme.
13. Launch of the Presidential Metering Initiative for electricity consumers.
14. Nigerian Youth Investment Fund and expanded youth empowerment initiatives.
15. Expansion of road infrastructure, including the Lagos–Calabar Coastal Highway and other legacy highway projects.
16. Increased investment in rail infrastructure and transport corridors.
17. Reforms aimed at increasing domestic crude refining, including support for local refining capacity.
18. Increased oil production and renewed investment in the oil and gas sector following regulatory reforms.
19. Digital identity reforms, including enactment of a new National Identity Management Commission (NIMC) Act.
20. Resolution of long-standing disputes such as the OPL 245 (Malabu) oil block dispute and the MMA2 airport concession dispute.
21. Agricultural interventions aimed at improving food security and boosting local food production.
22. Expansion of social investment and cash transfer programmes.
23. Strengthening of military capacity, including approval to expand the Nigerian Army from eight to twelve divisions.
24. Civil service reforms and digitalisation of government services.
25. Policies to attract foreign direct investment and improve the ease of doing business.

Five major achievements and reforms of the Tinubu Administration that have the broadest and most lasting national significance:

1. Removal of the Fuel Subsidy

• Ended decades of costly fuel subsidies to free up public funds for national development.

On 29 May 2023, during his inaugural address, President Bola Ahmed Tinubu announced the removal of Nigeria's long-standing petrol subsidy, declaring, "Fuel subsidy is gone." The policy marked one of the country's most significant economic reforms in decades. According to the administration, ending the subsidy was intended to reduce government spending, redirect public funds toward infrastructure, healthcare, education, and social development, and create a more sustainable economy. Although the decision initially led to higher fuel prices and increased living costs, the government maintains that it is a necessary reform to secure Nigeria's long-term economic future.

2. Foreign Exchange (FX) Market Unification.

• Unified Nigeria's multiple exchange rates to improve transparency, attract investment, and stabilize the economy.

One of the administration's earliest economic reforms was the unification of Nigeria's multiple foreign exchange windows into a more transparent market-based system. The reform aimed to eliminate exchange rate distortions, improve investor confidence, encourage foreign investment, and simplify access to foreign currency for businesses and individuals. By reducing multiple exchange rates, the government sought to strengthen economic competitiveness and improve the efficiency of Nigeria's financial system. The reform remains a cornerstone of the administration's broader strategy to modernize the economy and promote sustainable growth.

3. Nigerian Education Loan Fund (NELFUND) 

• Introduced Nigeria's first large-scale student loan programme, expanding access to higher education.

Education remains one of the pillars of the Renewed Hope Agenda. The Nigerian Education Loan Fund (NELFUND) was established to provide eligible Nigerian students with access to interest-free education loans for tuition and upkeep. The programme seeks to remove financial barriers that prevent talented young Nigerians from pursuing higher education. By expanding educational opportunities, the initiative aims to develop a more skilled workforce, empower future leaders, and contribute to Nigeria's long-term economic and social development through greater access to quality education.

4. Renewed Hope Housing Programme

• Launched the Renewed Hope Cities and Estates initiative to increase the supply of affordable housing and create jobs.

The Renewed Hope Cities and Estates Programme was introduced to expand access to affordable housing while stimulating economic activity across Nigeria. Through the construction of new homes and communities, the programme aims to reduce the national housing deficit, create employment opportunities, and support local industries involved in building and construction. The initiative forms part of the administration's broader commitment to improving living standards and providing more Nigerians with access to safe, decent, and affordable housing in both urban and emerging communities.

5. Major Tax Reform 

• Enacted comprehensive tax reforms aimed at simplifying the tax system, encouraging business growth, and increasing government revenue.

The Tinubu administration introduced comprehensive tax reforms designed to simplify Nigeria's tax system, encourage investment, and improve government revenue collection. The reforms seek to reduce administrative complexity, broaden the tax base, and create a more predictable business environment for individuals and companies. By modernizing tax administration and strengthening fiscal sustainability, the government aims to support economic growth, enhance public service delivery, and create a tax system that is more efficient, transparent, and supportive of national development.

These five cover the administration's major priorities:

• Economic Reform (Fuel Subsidy Removal, FX Unification, Tax Reform)
• Human Capital Development (NELFUND)
• Infrastructure & Social Development (Renewed Hope Housing).