The Independent Media and Policy Initiative (IMPI) has said President Bola Ahmed Tinubu is applying a progressive ideological framework in managing Nigeria’s economy, arguing that recent fiscal and monetary reforms are beginning to stabilise the country and reverse years of structural distortions.
In Policy Statement 034 released in February 2026 and signed by its Chairman, Dr. Omoniyi M. Akinsiju, the group described progressivism as a governance philosophy that promotes economic development, social protection, and public welfare through deliberate government intervention and reform-oriented policies.
The organisation traced the historical roots of progressivism to early twentieth-century reforms in the United States, noting how former American President Theodore Roosevelt deployed his “Square Deal” reforms to address inequality and corporate excesses following the industrial expansion of the Gilded Age. IMPI argued that Nigeria’s current economic reforms mirror similar corrective interventions aimed at dismantling entrenched economic privileges.
According to the policy statement, Nigeria’s economy prior to the current administration was dominated by an oligarchic structure sustained by fuel subsidies, multiple exchange-rate regimes, and patronage networks concentrated within the oil sector. The group maintained that these systems enriched a small elite while leaving a majority of Nigerians in poverty and placing severe pressure on government finances.
IMPI noted that when the present administration assumed office in May 2023, debt servicing reportedly consumed nearly all federal revenue, creating what it described as a fiscally unsustainable situation. It added that declining export earnings since the peak oil years further weakened the country’s revenue base and economic resilience.
The organisation, however, asserted that recent reforms have begun to produce measurable improvements. It pointed to increased Federation Account allocations to federal, state, and local governments, driven largely by subsidy removal and exchange-rate unification, which it said boosted public revenue and strengthened subnational finances.
The group also highlighted improving macroeconomic indicators, including declining inflation and a narrowing gap between official and parallel foreign exchange markets. It said the relative stability of the naira and increased access to foreign exchange for businesses signalled renewed investor confidence and stronger international economic engagement.
IMPI further observed changes in Nigeria’s hydrocarbon export structure, noting a gradual rise in gas and refined petroleum exports alongside crude oil, which it described as evidence of structural adjustment rather than temporary recovery.
It added that Nigeria’s stock market performance and increased foreign participation in equities trading reflected growing investor optimism, while export earnings recorded measurable improvements compared with previous years.
The policy statement also referenced recent tax reforms aimed at redistributing wealth and easing economic pressure on households and small businesses. These measures include exemptions on value-added tax for land, buildings, and rent, relief for tenants, tax incentives for small companies, and exemptions on certain government securities intended to stimulate investment.
In the education sector, IMPI cited the Federal Government’s agreement with university lecturers, including the introduction of the tax-free Consolidated Academic Tools Allowance, as part of broader efforts to improve labour welfare and stabilise the academic system.
The group argued that government spending and fiscal incentives are already generating multiplier effects across the economy, stimulating consumption, investment, and income growth through successive rounds of economic activity.
Concluding its assessment, IMPI stated that Nigeria’s emerging economic stability reflects an ideology-driven reform agenda rooted in progressive economic principles. It expressed confidence that sustained implementation of the policies would translate into long-term growth, improved living standards, and higher GDP per capita for Nigerians.
