- Oil production struggles and ambitious tax targets challenge economic stability
- Inflation and business closures undermine revenue expectations
Abuja, Nigeria – For the past five decades, petroleum exports have been the backbone of Nigerian government revenue. However, during his tenure as governor of Lagos from 1999 to 2007, President Bola Tinubu demonstrated that taxes could also be a substantial revenue source. He quadrupled tax collection and laid the foundation for raising long-term finance through bonds, which his successors used to fund the Lagos metro rail and other infrastructure projects.
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