The Nigeria Revenue Service (NRS) says Nigeria’s economy is showing signs of recovery, with the country’s debt-to-GDP ratio falling from 38 per cent in 2023 to 32.3 per cent in 2026.
The NRS, in an internal report, said the decline marked the first sustained fall in the ratio in more than a decade, despite the country’s total debt stock rising above N159 trillion.
According to the report, debt servicing as a share of government revenue has also declined from 68 per cent to a projected 53 per cent, citing International Monetary Fund figures.
The agency attributed the improvement to economic reforms implemented by President Bola Tinubu’s administration under the Renewed Hope Agenda.
The report said Nigeria’s external reserves rose to $51.9 billion as of July 2026, compared with $3.99 billion in 2023, while the balance of payments moved from a deficit of $3.34 billion to a surplus of $2.38 billion in the first quarter of 2026.
The Nigerian Exchange market capitalisation also increased from N30.36 trillion in 2023 to N161 trillion in 2026.
On revenue, tax collections more than doubled from N12.3 trillion in 2023 to N27.1 trillion as of July 2026.
Oil production was reported to have risen from between 1.2 million and 1.3 million barrels per day in 2023 to 1.73 million barrels per day by July 2026.
The report also said Nigeria had become a net exporter of petroleum products, while non-crude petroleum exports rose by 51 per cent year-on-year to N6.78 trillion in the first quarter of 2026.
It further highlighted increased investment in compressed natural gas, saying more than 100,000 vehicles had been converted to CNG, with over $2 billion in investment attracted and more than 10,000 jobs created.
Nigeria’s trade surplus also rose from N44.7 billion to N7.55 trillion in the first quarter of 2026, while annual capital importation increased from $3.9 billion in 2023 to $23.22 billion in 2025.
The NRS said the figures indicated that the economy had moved from a period of severe macroeconomic challenges towards greater stability, although it acknowledged that some sectors, particularly agriculture, would require more time before the impact of recent interventions is fully realised.
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