The Independent Media and Policy Initiatives (IMPI) has said President Bola Ahmed Tinubu has initiated a turnaround in Nigeria’s economy through policies rooted in economic progressivism.
In a policy statement signed by its Chairman, Omoniyi Akinsiju, the policy group argued that the reforms introduced by the Tinubu administration represent a strategic effort to move the country away from decades of fiscal profligacy and economic mismanagement.
According to IMPI, prior to the reforms launched in May 2023, Nigeria’s economy was largely dominated by entrenched interests, with a small group of political elites, military officers and business moguls controlling significant state resources.
The think tank said the administration’s reform agenda is aimed at dismantling that structure while strengthening economic governance and accountability.
IMPI identified several policy initiatives introduced by the administration which it said are contributing to the country’s gradual economic stabilisation.
These include fiscal and tax reforms, redistributive public spending, labour and wealth protection measures, monetary and financial sector reforms, infrastructural development as well as increased public investment and ownership.
The group added that one of the key outcomes of the administration’s economic progressivism is the record increase in allocations to federal, state and local governments from the Federation Account over the past three years.
According to IMPI, the improved revenue profile has strengthened the financial capacity of the three tiers of government and created a more sustainable fiscal framework for national development.
