the Nigeria Revenue Service (NRS). market, implementation of the Petrole- By KazeeM UgBodaga The report, which reviewed the um Industry Act (PIA) and tax reforms. country’s economic performance from According to the report, the admin- igeria’s external reserves President Bola Tinubu’s inauguration istration inherited an economy weighed have climbed from $3.99 on May 29, 2023, to mid-2026, said down by four major structural chal- billion in May 2023 to N Nigeria has moved from “crisis man- lenges: an unsustainable fuel subsidy, $50.11 billion, while an- agement into a consolidation phase” multiple foreign exchange windows, nual tax collections have risen from following major policy reforms, in- weak oil production caused by theft ₦12.3 trillion to ₦28.3 trillion, ac - cluding the removal of fuel subsidy, and underinvestment, and a tax system cording to a new Economic Snapshot • Tinubu unification of the foreign exchange Report (2023 vs 2026) released by Continued on pg.2