Nigeria's economic landscape has witnessed significant turbulence as President Bola Tinubu's administration introduced and subsequently reversed several key policies following widespread public opposition. The federal government's attempt to reform revenue generation and reshape market dynamics has been met with strong resistance from businesses, civil society organizations, and ordinary citizens.
In an economic climate characterized by rising inflation, currency depreciation, and widespread hardship, these policy initiatives often amplified public anxiety. The government's response to growing resistance has been to walk back multiple measures, opting for temporary suspensions while promising further consultations and reviews.
Financial Reporting Council Levy Suspension
The Financial Reporting Council (Amendment) Act 2023, signed into law in September 2023, was designed to enhance financial reporting practices and strengthen corporate governance. Among its most significant provisions was the requirement for public interest entities to remit annual levies ranging from 0.02% to 0.05% of their annual turnover, without any defined ceiling.
By June 2025, the federal government had placed implementation on hold following persistent objections from private-sector operators. Businesses argued that the levy, introduced during a difficult economic period, would further strain their operations. The Ministry of Industry, Trade and Investment confirmed the temporary suspension aimed to provide stability while considering potential legislative adjustments.
Expatriate Employment Levy Reversal
In February 2024, President Tinubu introduced the Expatriate Employment Levy, setting annual charges at $15,000 for expatriate directors and $10,000 for other non-Nigerian employees. The policy was framed as a strategy to encourage skill transfer and reduce wage disparities between Nigerians and expatriates.
However, critics warned that the levy would raise operational costs, potentially discourage foreign talent, and undermine Nigeria's attractiveness to international investors. Organized private-sector groups argued the measure could slow economic growth rather than stimulate it. Responding to mounting concerns, the government suspended the levy on March 8, 2024, just weeks after its announcement.
Cybersecurity Levy Withdrawal
The amended Cybercrime Act, implemented in May 2024, introduced a contentious 0.5% cybersecurity levy on eligible electronic transactions. The levy was to be collected by financial institutions and deposited into the National Cybersecurity Fund under the Office of the National Security Adviser.
The directive faced immediate and intense criticism from citizens and advocacy groups who viewed it as an unfair financial burden during a period of severe economic distress. Many feared the levy would deepen the already rising cost of living and discourage digital transactions. Within days, President Tinubu ordered the Central Bank of Nigeria to halt implementation and conduct a broader review.
Fuel Import Duty Suspension
The most recent policy reversal occurred in October 2025 when the federal government approved a 15% import duty on petrol and diesel. The proposal, championed by FIRS Chairman Zacch Adedeji, was scheduled to take effect on November 21 and was intended to harmonize import costs with domestic realities while boosting the competitiveness of local refineries.
Analysts warned that applying the tariff to the cost, insurance, and freight value of imported fuel would raise landing costs and ultimately push pump prices significantly higher—by as much as N150 per litre according to some estimates. Amid the outcry, President Tinubu suspended the policy, stating that local refining capacity must be fully ready and operational frameworks aligned before such a duty could be reconsidered.
These policy reversals have sparked important conversations about policy coherence, stakeholder engagement, and the delicate balance between revenue needs and economic survival in Nigeria. The repeated pattern of introduction and withdrawal highlights the challenges facing economic reform efforts in a complex and sensitive economic environment.
