Nigeria’s heavy reliance on oil revenues is widely known, and there is an urgent need to reduce this dependency by exploring alternative sources of income to diversify the economy. To address this, the Nigerian government has actively worked on increasing taxation in non-oil sectors in recent years. While this is a positive step, it is crucial to strike a careful balance to avoid excessive tax burdens that could hinder the growth and competitiveness of non-oil industries.

During the first 40 days of President Bola Ahmed Tinubu’s new administration, significant policy changes have been implemented in Nigeria. These changes include the complete removal of fuel subsidies, unification of the foreign exchange system, enactment of the electric bill into law, and various other reforms.

However, these policy actions have posed challenges for ordinary citizens, leading to continuous rising inflation rates and increased investment costs. The average Nigerian is facing ongoing difficulties as the economy adjusts to these changes. As a response to concerns raised by stakeholders, President Bola Ahmed Tinubu signed four executive orders on July 6th, 2023. The Special Adviser on Special Duties, Communications, and Strategy shared this information during a briefing at the Presidential Villa.

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