23/06/2026
Double revenue triple borrowing. Does that make sense.
The Presidency has spotlighted 15 key achievements in Nigeria’s energy sector under President Bola Tinubu, citing major reforms that have boosted government revenue, attracted investments and reduced dependence on imported fuel.
According to official figures, federation revenue rose from N12 trillion to N21 trillion, fuel import costs dropped from N2.3 trillion to less than N90 billion, while domestic petrol refining increased to about 48 million litres daily. The government also reported higher crude oil and gas production, improved investor confidence, over $10 billion in committed capital, and reforms aimed at reducing electricity subsidy costs and settling legacy debts in the power sector.
However, the announcement has reignited debate over the real impact of the reforms. Critics argue that while key economic indicators may show progress, many Nigerians continue to grapple with soaring fuel prices, rising electricity tariffs, inflation, naira depreciation and worsening insecurity. The divide highlights a broader question facing the country: should success be measured by macroeconomic gains and investment inflows, or by improvements in the daily lives of citizens?
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