Tinubu’s Economic and Financial Reforms: Gains, Pains, and Missed Targets

May 29, 2026

By Emeka Anaeto and Babajide Komolafe

Prior to assuming office three years ago on May 29, 2023, President Bola Tinubu pledged to pursue two broad monetary policy objectives. In his campaign policy document, he stated: “Monetary policy must focus on the exchange rate, interest rate and price levels. This trio must serve the objective of fiscal policy, which is broadly shared prosperity. We can protect our exchange rate, guard against inflation and preserve foreign currency reserves by limiting our exposure to large debt obligations denominated in foreign currency. Our policy will be such that new foreign currency debt obligations will be linked to projects that generate cash flows from which the debt can be repaid.” So much for vision

The Orthodox Monetary Policy Framework

In the three years of the administration, the Central Bank of Nigeria, CBN, led by Mr. Olayemi Cardoso, embraced orthodox monetary policy, which focused on use of the Monetary Policy Rate, Cash Reserve Ratio, Liquidity Ratio, and Open Market Operations (OMO) to influence money supply, interest rates and to some extent, exchange rates.