3 Years: CPPE Credits Tinubu’s Administration For Economic Recovery, Demands Inclusive Growth

The Centre for the Promotion of Private Enterprise (CPPE) has highlighted that President Bola Tinubu’s initial three years in office were pivotal in steering the economy away from potential crisis and establishing a foundation for macroeconomic stability.
In a release titled, ‘Three Years of the Tinubu Administration: From Stabilization To Shared Prosperity,’ the director/CEO of CPPE, Dr. Muda Yusuf, emphasized the government’s proactive approach in addressing long-standing structural challenges and implementing much-needed reforms previously postponed by past administrations.
While celebrating the noteworthy stabilization achievements, Yusuf pointed out that the next phase should focus on translating this stability into inclusive growth through targeted investments, enhanced productivity, energy security, and poverty alleviation.
He noted that the administration took charge of an economy grappling with significant macroeconomic, fiscal, and foreign exchange vulnerabilities. In response to these challenges, the government initiated two transformative reforms: the removal of fuel subsidies and the unification of exchange rates, which became crucial elements of the economic stabilization strategy.
“Despite some initial adjustment challenges, there is encouraging evidence suggesting that these reforms have led to positive stabilization outcomes. For instance, external reserves have improved significantly, nearing the $50 billion mark, and the balance of trade has remained in surplus. Investor confidence has strengthened, and exchange rate fluctuations have decreased notably since 2025.
He noted that “another significant achievement is the development of domestic refining capacity, championed by the Dangote Refinery. This has led to a decreased reliance on imported petroleum products, fostering foreign exchange conservation, enhancing energy security, and promoting exchange rate stability. An economy that produces more of what it consumes is ultimately more robust and resilient.”
Yusuf however emphasized, “the need for a concerted effort to translate macroeconomic stabilization into tangible benefits for the population. Elevated inflation rates, weak purchasing power, and fragile consumer confidence remain critical challenges.
“The administration faces the task of turning reform gains into job creation, increased incomes, reduced poverty levels, and improved quality of life for Nigerians.”
Yusuf highlighted that “insecurity continues to pose a significant barrier to economic recovery, adversely affecting agriculture, food production, and rural livelihoods, which in turn hampers productivity and intensifies inflationary pressures. Ensuring the safety of farmers is essential for achieving food security.”
He pointed out that “a major consequence of the macroeconomic adjustment process has been the expansion of the public debt profile, which rose to N159.3 trillion as of December 2025. While debt service obligations remain elevated, the sharp depreciation of the naira has significantly increased the domestic currency value of external debt. The securitization of the N23 trillion Ways and Means liabilities has also contributed to the heightened public debt stock.”
He urged that the focus should be on addressing challenges related to debt sustainability and fiscal space, saying implementing tax reforms holds promise for enhancing the government’s fiscal capacity and easing the concerns surrounding fiscal sustainability at the federal level.
Yusuf stated that the success of economic reforms is closely tied to the quality of governance.
“Addressing concerns about fiscal leakage, public sector efficiency, and expenditure discipline will be crucial in shaping public perception and fostering trust in the process,” he said.