# Nigeria fiscal reforms under Tinubu > Live situation record from CLSTR: https://clstr.news/situations/nigeria-fiscal-reforms-under-tinubu > Updated: 2026-08-02T18:14:37.000Z. Sources: 15. Developments: 2. In late July 2026, President Bola Ahmed Tinubu’s 2023 reform package—removing the fuel subsidy, adjusting the exchange rate and introducing new taxes—boosted state fiscal capacity, increasing allocations from the Federation Account and enabling payroll expansions and infrastructure spending. By early August, former Vice President Atiku Abubakar accused the administration of fiscal recklessness, citing higher borrowing, the subsidy removal and an alleged oil windfall. Government supporters countered that the criticism relied on outdated 2024 data and pointed to a rebound in both dollar‑denominated and naira‑denominated GDP. On 2 August, the Presidency, through Special Adviser Bayo Onanuga, rejected Atiku’s claims, presenting updated figures that show Nigeria’s GDP rising from about $253 billion to $377 billion and from ₦314 trillion to ₦530 trillion, a debt‑to‑GDP ratio near 40 percent and a debt‑service‑to‑revenue ratio falling below 60 percent. The administration defended the subsidy removal as freeing statutory allocations for roads, rail, ports, power, housing and digital projects, and said tax reforms broaden the base while easing the burden on low‑income earners. It also dismissed the alleged N7.98 trillion oil windfall, noting higher oil prices were offset by lower production and costs. The presidency further highlighted the unification of the foreign‑exchange market and the expansion of the tax base as additional pillars of the reform agenda. It rejected Atiku’s allegation that a ₦1.08 trillion allocation to the Federal Cooperative College for 2,791 projects was a misuse of funds, arguing the spending supports vocational training and infrastructure. Officials said the combined measures are beginning to show measurable outcomes and lay the groundwork for sustainable growth. The debate continues, with Atiku urging caution and the government emphasizing ongoing structural adjustment and recovery. ## Claims - Nigeria's dollar‑denominated GDP rose from about $253 billion after the exchange‑rate reset to approximately $377 billion. (corroborated by 5 sources) - Nigeria's Naira GDP increased from about ₦314 trillion in 2024 to around ₦530 trillion. (corroborated by 5 sources) - Nigeria's debt‑to‑GDP ratio stands at about 40 percent. (corroborated by 3 sources) - Debt‑service‑to‑revenue ratio fell from nearly 100 percent in late 2022 to below 60 percent under the Tinubu administration. (corroborated by 3 sources) - Removal of the fuel subsidy eliminated fiscal leakages and increased allocations to states for infrastructure, health, and education. (corroborated by 3 sources) - Former Vice President Atiku Abubakar claimed an oil windfall of N7.98 trillion, which the Presidency said does not exist. (corroborated by 2 sources) - The Federal Cooperative College was allocated ₦1.08 trillion to implement 2,791 capital projects across Nigeria. (corroborated by 2 sources) - Federation revenue increased from ₦16.8 trillion in 2023 to ₦31.9 trillion in 2024. (single source) ## Timeline ### 2026-08-02: President Bola Tinubu's Economic Reforms Defended Amid Atiku Criticism Tinubu’s reforms, including fuel‑subsidy removal and exchange‑rate unification, lifted GDP to $377 bn, cut debt ratios, and spurred infrastructure spending. Atiku’s fiscal criticism and oil‑windfall claim were 13 sources. https://clstr.news/cluster/tinubu-and-atiku-spar-over-nigerias-fiscal-reforms ### 2026-07-28: Nigeria's States Gain Significant Fiscal Capacity After 2023 Reforms Tinubu's 2023 reforms boosted Nigeria's Federation Account, giving states larger budget allocations to fund development projects and services. 3 sources. https://clstr.news/cluster/nigerias-states-gain-significant-fiscal-capacity-after-2023-reforms --- Cite as: Nigeria fiscal reforms under Tinubu. CLSTR, https://clstr.news/situations/nigeria-fiscal-reforms-under-tinubu