Presidency Links S&P Rating Upgrade to Tinubu’s Economic Reforms

The Presidency has attributed Nigeria’s sovereign credit rating upgrade by S&P Global Ratings to the economic reforms introduced by President Bola Tinubu’s administration since 2023.

In a statement issued on Saturday, the Special Assistant to the President on Social Media, Dada Olusegun, said the upgrade signals growing confidence in the country’s economic direction.

The Presidency noted that S&P raised Nigeria’s long-term foreign and local currency ratings to “B” from “B-”, the first such upgrade since 2012. The agency cited increased oil production, tax reforms, fuel subsidy removal, foreign exchange liberalisation, improved local refining capacity, and better petroleum revenue management.

According to the statement, Nigeria has recorded a drastic improvement in oil output through enhanced security measures and strategic investments. Fiscal reforms are expected to reduce the debt-to-revenue ratio to 338 per cent in 2026, down from about 500 per cent in 2023.

The Presidency also said the country’s current account surplus is projected to grow to 5.8 per cent of GDP in 2026, up from 4.8 per cent in 2025, while inflation is expected to average 17.7 per cent this year before falling below 10 per cent by 2028.

S&P Global Ratings had on Friday announced the upgrade with a stable outlook, saying the decision followed three years of structural reforms that improved Nigeria’s macroeconomic profile and investor confidence.

However, the agency warned that rising fuel prices driven by global oil market tensions could sustain inflationary pressure ahead of the 2027 general elections.

Reacting to the development, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the upgrade reflects sustained investor confidence and follows similar improvements by Fitch and Moody’s in 2025.