The Presidency has released what it describes as a comprehensive scorecard of achievements recorded under President Bola Tinubu’s administration, highlighting major gains in the energy sector and significant increases in government revenue over the last three years.
According to figures presented by the Presidency, total federation revenue rose from approximately ₦12 trillion to ₦21 trillion during the period, a development attributed largely to economic reforms, including the removal of fuel subsidies and changes across the oil, gas, and power sectors.
The figures were disclosed by the Special Assistant to the President on Social Media, Olusegun Dada, who outlined fifteen major milestones that the administration believes have transformed Nigeria’s energy landscape and strengthened public finances.
One of the most notable claims made by the Presidency concerns the sharp decline in the nation’s dependence on imported petroleum products following increased domestic refining activities.
According to the administration, the cost of fuel imports has dropped from about ₦2.3 trillion to less than ₦90 billion as local refining capacity expanded significantly across the country.
The government further stated that locally refined petrol production increased from virtually zero before the current administration took office to roughly 48 million litres per day.
Officials argue that the development has reduced pressure on foreign exchange demand while strengthening energy security and supporting domestic industrial growth.
In the electricity sector, the Presidency said reforms have resulted in a reduction of the projected national subsidy burden by more than ₦1 trillion through the redesign of subsidy structures and tariff frameworks.
The administration also reported that about 45 percent of Nigeria’s electricity market has now transitioned to cost-reflective and service-based tariffs.
Officials further disclosed that the national metering rate has risen to approximately 57 percent, a figure they believe represents progress toward reducing estimated billing and improving transparency in electricity consumption.
Within the petroleum sector, the government reported that combined crude oil and condensate production has increased to 1.64 million barrels per day, representing an increase of roughly 400,000 barrels daily compared to earlier levels.
The Presidency described the output level as the highest onshore production performance recorded in two decades.
Natural gas production also witnessed growth during the period, rising from 6.83 billion standard cubic feet per day to 7.63 billion standard cubic feet per day according to official figures.
Government officials believe the increase reflects growing investor confidence in Nigeria’s energy sector and the effectiveness of recent policy interventions.
The administration further claimed that Nigeria’s share of African upstream Final Investment Decisions expanded from about four percent to nearly forty percent within the review period.
According to the Presidency, the country has secured approximately $10 billion in committed capital investments and currently possesses a visible pipeline of nearly $50 billion worth of prospective energy projects.
Officials also highlighted improvements in project execution timelines, stating that contracting cycles have been reduced from thirty-six months to fourteen months, with a target of six months in the future.
Supporters of the administration argue that these reforms have strengthened fiscal sustainability, improved investor confidence, and created a foundation for long-term economic growth.
However, critics continue to question whether the reported gains have translated into meaningful improvements in living standards for ordinary Nigerians facing inflationary pressures and rising living costs.
Opposition voices have also called for greater transparency regarding the utilization of increased revenues and the broader impact of reforms on employment, poverty reduction, and economic welfare.
Despite the debate surrounding the reforms, the Presidency maintains that the policy measures introduced since 2023 have stabilized key sectors of the economy and positioned Nigeria for stronger growth in the years ahead.
As discussions continue over the effectiveness of the administration’s economic strategy, the reported rise in federation revenue and the broader energy sector reforms are expected to remain central talking points in Nigeria’s political and economic discourse.