Tinubu Earns Accolades for Oil Sector Reforms, Driving Nigeria’s Recovery

 President Bola Tinubu has received widespread commendation for his bold reforms in Nigeria’s oil and gas sector, which have spurred economic recovery as of June 2025, marking two years in office.

Tinubu highlighted the sector’s revival, with rig counts rising over 400% since 2021 and $8 billion in new investments committed in 2025. The removal of fuel subsidies, announced on his inauguration day in May 2023, freed the Nigerian National Petroleum Company Limited (NNPC) from financial burdens, making it a net contributor to the Federation Account. Local refining has improved fuel supply security, reducing import reliance.

Industry leaders, including BUA Group Chairman Abdul Samad Rabiu, praised Tinubu’s courage in ending subsidies, noting that savings are funding infrastructure like the Lagos-Calabar Highway. The reforms have attracted investors, with rig counts reflecting renewed exploration. Tinubu’s push for value-added policies has boosted solid minerals revenue, complementing oil gains.

The fiscal deficit dropped to 3.0% of GDP in 2024 from 5.4% in 2023, with crude oil proceeds aligning with projections. Despite public criticism over initial price hikes, inflation is easing, and food prices, except rice, are stabilizing. The reforms, part of Tinubu’s Renewed Hope Agenda, have drawn mixed reactions, with supporters citing long-term gains and critics noting short-term hardships. The oil sector’s progress positions Nigeria for sustained growth, with Tinubu urging patience for broader economic benefits.