T-Gains or Coincidence? Tinubu’s Economic Reforms Deliver Surprising Results in 2024
By the Economic Affairs Analyst, HeadlineNews.News
April 2025 | Abuja —
For the first time in modern Nigerian economic history, the Central Bank of Nigeria (CBN) has announced a surplus of $6.83 billion for the fiscal year 2024. This stunning reversal comes just four years after the CBN reported a staggering ₦488 billion deficit (approx. $1.7 billion) in the first quarter of 2020 under President Buhari’s administration.
While skeptics remain vocal, the economic signals emerging under President Bola Ahmed Tinubu are increasingly difficult to dismiss. Dubbed “T-Gains” by supporters, these outcomes reflect a mix of bold fiscal reforms, deregulation, and renewed global investor confidence.
CBN Surplus: A Historic Shift
The $6.83 billion surplus reported by the Central Bank reflects a combination of forex unification, improved fiscal discipline, aggressive debt servicing strategy, and a reinvigorated remittance inflow. It is the largest net positive balance recorded in over 15 years.
“This is not just a statistical rebound. It marks a fundamental shift in how the central bank interacts with both the global financial system and domestic monetary policy,” said Dr. Tony Nwoke, a macroeconomist at the University of Lagos.
Stock Market Surge: From NSE to Global Glory
In January 2024, the Nigerian Stock Exchange (NGX) crossed the 100,000-point All Share Index (ASI) for the first time in history — outperforming global markets including Argentina and India. The NGX became the world’s best-performing exchange for Q1 2024 according to Bloomberg rankings.
This investor enthusiasm followed reforms like the appointment of a professional CBN Governor, streamlining of foreign exchange access, and fiscal incentives for listed firms.
Foreign Capital Inflows: Up by 66.27%
Data from the National Bureau of Statistics (NBS) show that capital importation into Nigeria surged by 66.27% in 2024 — a sharp contrast to the chronic outflows experienced between 2020–2022. Key sectors receiving investment include fintech, energy, telecommunications, and agritech.
This recovery reflects renewed global confidence in Nigeria’s fiscal governance, trade openness, and macroeconomic reforms.
Trade Balance: Record Surplus of $14.31 Billion
Nigeria posted a record trade surplus of $14.31 billion in 2024, driven by increased crude oil sales, expanded non-oil exports, and reduced import dependence. This is a stark contrast to 2021, when Nigeria recorded a $1.94 billion trade deficit in Q1 alone.
Efforts by the Nigerian Export Promotion Council (NEPC) and implementation of AfCFTA trade incentives have helped expand Nigeria’s trade footprint across West and Central Africa.
Air Peace and the Aviation Revolution
In a move hailed as a nationalistic economic breakthrough, Nigeria’s Air Peace began daily direct flights to London in Q1 2024. The result? Ticket prices on the Nigeria–UK route fell from as high as ₦3.2 million to as low as ₦1.1 million.
This development not only empowers Nigerian consumers but asserts the country’s aviation sovereignty, long dominated by foreign carriers.
GDP Growth and Regional Boom
Quarterly GDP growth in 2024 averaged 3.84%, surpassing projections by the IMF and World Bank.
Lagos State’s GDP reportedly expanded from $100 billion to $259 billion, solidifying its position as Africa’s 5th largest economy.
These figures suggest not just statistical growth, but a broadening of the productive base of the Nigerian economy — particularly in ICT, real estate, and logistics.
Media Silence or Selective Framing?
Critics argue that mainstream media outlets have downplayed these gains. Instead, public discourse often remains centered on fuel prices, inflation, and political commentary — with limited space for acknowledging economic recovery signs.
“Some media houses are clearly driven by editorial biases. The public deserves objective reporting on national milestones,” said Mrs. Aisha Lawal, a policy analyst at the Centre for Economic Transparency.
The Opposition and the Numbers
While political opposition figures — most notably Peter Obi — have questioned official statistics, independent analysts, including PwC, the IMF, and Bloomberg, have validated many of the positive macroeconomic indicators reported in 2024.
Still, opposition supporters argue that growth without affordability is incomplete. Inflation, food prices, and the naira’s volatility continue to strain ordinary Nigerians, especially in rural areas.
Conclusion: A Turning Point or Temporary Reprieve?
While challenges persist — including rising debt, youth unemployment, and food inflation — the Tinubu administration’s economic indicators show signs of genuine recovery and strategic redirection.
Whether these “T-Gains” can translate into broad-based prosperity remains to be seen. But for now, the numbers are moving — and the world is watching.
Princess Dr. G. Adebajo-Fraser. MFR
The National Patriots.
Quotes, Comments & Reactions from Readers who read this article on the Nigerian economy under President Tinubu.
“T-Gains Unveiled: Inside Tinubu’s Economic Turnaround, this result has been achieved earlier than expected by the First Nigerian leader who understands financial wizardry.” A mega corporate player & entrepreneur.
“From Deficit to Surplus: CBN Declares $6.83 Billion in Tinubu’s Nigeria” – Extremely impressive. Former Governor of a Northern State.
“Tinubu’s Economic Reforms Deliver Record-Breaking Results” Tinubu is set to prove his critics wrong. – Dr. Amiida National Patriots.
“Against the Odds: Nigeria’s Surging Economy Under Tinubu” Tinubu must have a magic wand and God’s support. Reading this article is encouraging for a better tomorrow. Hajiya Amina Ibrahim.
“Numbers Don’t Lie: The Case for Nigeria’s Economic Rebirth” I am impressed that these figures can be achieved in such a short time. Good article. – Former President of Nigeria.
“Why the World Is Watching Nigeria’s Economic Comeback” Interesting article. USA Congressman.
“CBN Surplus, NGX Boom, and Trade Gains: A New Nigeria?” I find this unbelievable, but will study the figures contained herein. Nice post. Member of Parliament, UK.
“T-Gains in Motion: Economic Data Speaks Louder Than Critics, Nigerians need to be patient with Tinubu” – Economic Adviser to an International organization.
“The Tinubu Doctrine: Turning Economic Ruins into Reform Wins, it is amazing reading this article” – Former Distinguished Senator
“From 2020 Deficit to 2024 Boom: Can Nigeria Sustain Its Gains?” Quite impressive. – Professor of Economics , Lincoln University.
