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A Full Text of President Buhari’s Responses to Bloomberg’s Interview Questions
Below is the full, unedited text of President Muhammadu Buhari’s written responses to questions posed by Bloomberg News:
Q1. You campaigned for office with a pledge to fight corruption, secure the country and fix the economy. How would you rate your performance in fulfilling those pledges during your eight years in office? Why has insecurity been so hard to tackle? Are you making headway?
A: We leave Nigeria in a far better place than we found it. Corruption is less hidden for Nigerians feel empowered to report it without fear, while money is returned; terrorists no longer hold any territory in Nigeria, and their leaders are deceased; and vast infrastructure development sets the country on course for sustainable and equitable growth.
Security
In 2015, Boko Haram held territory the size of Belgium within the borders of Nigeria. Today they are close to extinct as a military force. The leader of ISWAP was eliminated by a Nigerian Airforce airstrike in March. The jets acquired from the US and intelligence shared by British were not provided to previous administrations and stand as testament to renewed trust re-built between Nigeria and our traditional western allies under my government.
We urge those same international partners to take additional steps costing them nothing, by proscribing another group – IPOB – as a terrorist organization. Their leadership enjoys safe haven in the West, broadcasting hate speech into Nigeria from London, spending millions lobbying members of the US Congress, and freely using international financial networks to arm agitators on the ground. This must stop.
My administration is the only in Nigeria’s history to implement a solution to decades-long herder-farmer conflicts, exacerbated by desertification and demographic growth. The National Livestock Transformation Plan, putting ranching at its core, is the only way to deplete the competition for resources at the core of the clashes. Governors from some individual states have sought to play politics where ranches have been established; but where they have been disputes have dramatically reduced.
Economy
How prescient our policies for boosting domestic production have become!
For years we have been criticised by the likes of the FT, the Economist, and others for supposedly mistaken attempts to de-globalise and re-localize food production and boost manufacturing. Now with the war in Ukraine breaking global food supply chains “Davos Man” is in retreat as the energy crisis makes countries everywhere think again about energy independence and security.
We have spent our two terms investing heavily in national road, rail, and transport infrastructure set to unleash growth, connect communities, and lessen inequality. This is structural transformation. It may not show on standard economic metrics now, but the results will be apparent in good time.
Corruption
Starting with our Whistleblowing Policy enacted in my first year in office hundreds of millions in stolen funds have been returned within Nigeria.
Working with our international partners, hundreds of millions of various currencies have been returned from abroad – primarily from the UK, US, and Switzerland – and used as social and welfare funds distributed directly to the poorest during the Covid pandemic and the provision of long-delayed infrastructure-roads, bridges, rail, and power.
As an illustration, Monetary recoveries (January-December) 2021 show that more N152 billion has been recovered. Dollar recoveries for the year amount to over USD 386 million; GBP, more than 1.1 million; Euro, about 157,000; Saudi Riyals about 1.7 million some more in Digital and other currencies.
Those partners refused to return these monies held for decades to previous Nigerian administrations in the certainty they would simply be re-stolen. They changed their approach with us because they knew my administration could be trusted.
Q2. Food inflation has risen by double digits since 2015, despite the government’s efforts to boost agricultural production. Why has your administration battled to counter pricing pressures? What will it take for Nigeria to achieve food security? How concerned are you about food shortages in Nigeria and the broader region, given the drought that it is currently experiencing?
A: We can only imagine what food inflation would be today had we not initiated organized programmes to boost domestic production. And still, we do not grow enough domestically.
Initiatives such as the Nigeria Anchor Borrower’s programme, helping farmers compete against artificially lowered imports has boosted rice production to 9 million metric tonnes in 2021 from around 5.4 million metric tonnes in 2015. Even in the years of drought, rice production outstripped pre-2015 levels. Imports have fallen to near zero. We are making progress.
Against these advances international trade remains rigged against food security in Africa. The EU’s policies in particular (see: It’s time for a new economic deal between the EU and Africa) are all rhetoric of open trade – yet their Common Agricultural Policy subsidy programmes and export of those subsidized goods create dependence, undermine Africa’s self-sufficiency, and cause food poverty and starvation.
If only out of enlightened self-interest the West – and particularly Europe – must step up. The moral if not economic case for doing so is unarguable. Do nothing, and more migrants from across the Sahel will attempt dangerous journeys to reach Europe.
Q3. Nigeria continues to confront electricity shortages, and your government has faced calls to modernize the grid, or make the sector economical for stakeholders up and down the chain. Do you think you have done enough to address the nation’s energy shortfall? What else needs to be done?
A: First, we need for more input. Our legislative framework has been a drag. The landmark PIA (see later answers) will bolster input, raise capital, and bring transparency to the system.
On grid modernization, there are hundreds of ongoing projects and initiatives attracting funding from investors. Take my Presidential Power Initiative (PPI), a government-to-government initiative between the Governments of Nigeria and Germany, with Siemens AG, to upgrade the electricity grid with a $2 billion investment.
Once signed into law the constitutional amendment bill – recently voted through parliament – will allow state governments to generate and transmit their own electricity, further facilitating investor participation in our market and enabling states and local businesses to transmit excess supply to the grid.
We are also decentralizing the national grid through renewable driven mini-grids. The $550 million Nigeria Electrification Project has deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid mini-grids in over 250 locations.
Q4. The IMF and World Bank and many leading economists have urged you for years to remove the fuel subsidy and to unify the exchange rate. Why have you not heeded such calls?
A: Most western countries are today implementing fuel subsidies. Why would we remove ours now? What is good for the goose is good for the gander!
What our western allies are learning the hard way is what looks good on paper and the human consequences are two different things. My government set in motion plans to remove the subsidy late last year. After further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable. Boosting internal production for refined products shall also help. Capacity is due to step up markedly later this year and next, as private players and modular refineries (Dangote Refinery, BUA Group Refinery, Waltersmith Refinery) come on board.
The exchange rate is still susceptible to external shocks that can suddenly and severely affect Nigerian citizens. As we step up domestic production – both in fuel (enabled by PIA) and food (agricultural policies) – the inflationary threat shall diminish, and we can move toward unification.
Q5. The sharp rise in borrowing since 2015 has left the country now spending almost all of its revenue servicing debt. What will that level of debt servicing costs mean for the country going forward? Do you think you have done enough to try and bring debt under control?
A:A narrow focus on debt misses the point. What it fills is Nigeria’s longstanding infrastructure deficit by constructing a foundation for sustainable growth – spreading opportunity to ensure no part of the country is left behind, which has led to insecurity in the past.
Our infrastructure developments have been the most ambitious since Nigeria’s independence. Over 800 federal roads are being constructed or undergoing rehabilitation and 650km of rail line have been laid, helping alleviate food inflation pressures, given most food is produced in the north.
Had the infrastructure gap not been filled it will only grow, become more costly to repair what little we have while lacking more on infrastructure on which to build growth, negatively impacting progress towards UN Sustainable Development Goals.
Q6. Nigeria has one of the lowest tax-to-revenues ratios in the world. Is there more your administration could have done to boost tax collection?
A: Though we have the largest economy in Africa, it is true that translating that wealth into revenue generation is challenging.
We raised VAT in 2020, and the IMF wanted us to raise it further, but this is a complex issue that cannot be addressed by tax hikes alone. Around 80% of Nigerians work in the so-called informal economy – a situation exacerbated by the pandemic. It is difficult to tax the informally employed, and no country has yet found an adequate solution.
Still, we are striving to find one, including the roll out of a national ID card which has grown from 7 million in 2015 to between 90-100 million today – including a tax code and, at the same time combined with access to various government services.
In 2016 I launched the Presidential Enabling Business Environment Council (PEBEC), making Nigeria an easier place to start and grow a business. PEBEC’s policies, as with our national ID card rollout help integrate the informal sector.
We also work closely with ECOWAS to implement initiatives like the Support Programme for Tax Transition in West Africa (PATF), improving the management of domestic taxation and ensuring better coordination of taxation in the ECOWAS and West African Economic and Monetary Union (WAEMU) regions.
Q7. You serve as oil minister in addition to president. Why has the country’s crude production been slumping, with Nigeria unable to meet its OPEC quota for almost a year despite elevated prices? What are you doing to bolster output?
A: Four years ago, we unveiled plans for a new gas pipeline connecting Nigeria to Europe. Last week (2nd June) – in record time – the Nigerian National Petroleum Company (NNPC) entered into an agreement with the Economic Community of West African States (ECOWAS) for its construction.
Concurrently on 1st July the NNPC will become a Limited Liability Company and be subject to more robust auditing and commercial disclosure obligations. It will help stimulate investment and boost transparency, where corruption has deterred the former and stymied the latter. My administration is the first to pass this landmark reform our oil and gas sector, after two decades of predecessors’ failure to do so – no doubt due to vested interests.
Criminality and terrorism in oil-producing regions hamper production, and it would help if our western allies designated IPOB as a terrorist group, given their complicity in damage to pipelines and infrastructure.
We have invested in our security forces, including the $1 billion military deal with the U.S. for the acquisition of A-29 Super Tucano aircraft. These efforts are making an impact: wells that had to be closed due to criminality have now re-opened. With these efforts, OPEC has raised our quota for next month.
Q8. What is Nigeria doing to take advantage of the gas supply crisis in Europe? How fast do you think Nigeria will be in a position to fill in on some of the European demand?
A: We need long term partnership not inconsistency and contradiction on green energy policy from the UK and European Union. Investment is hampered by their broad-brush moratorium on overseas gas projects, while at home the same projects are classified as green. It does not help their energy security, it does not help Nigeria’s economy, and it does not help the environment. It is a hypocrisy that must end.
To change, the UK and EU countries should invest in our planned 4000 km pipeline to bring Nigerian gas – the largest reserves in Africa – via Morocco, then onto Europe.
Q9. Are you concerned about the debate around the central bank’s independence following the governor showing interest in running for president? How are you going to resolve that?
A: The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate. Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.
But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again.
Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.
Q10. Do you plan to endorse a candidate for president? If so, who?
A: Yes. I will endorse the APC candidate for president.
Q11. You have suggested that members of the Commonwealth, who are due to meet in Rwanda next month, cooperate more closely on matters of defense and security. What do you have in mind?
A: African nations make up the largest contingent of Commonwealth members. There is no reason why one of the world’s foremost arms manufacturers should not sell more widely to this club – a group of allies. If they don’t get them from Britain, they shall necessarily get them from elsewhere. This only creates a mosaic of different systems across Commonwealth members on the continent.
Instead, we should aspire to interoperability, which would have a material impact the ground. Commonwealth members in Africa often find themselves in the same missions. Operating with the same hardware and systems, collaborating troops would be more effective. Such collaboration could also open doors to deeper intelligence sharing.
I also believe the club can be used far more effectively as a voting bloc at intergovernmental bodies to deliver outcomes for the whole of the Commonwealth – and individual members when they ask for backing on matters from the rest of the group on issues of importance to them. The Non-Aligned Movement present common voting positions, and they have far less in common than Commonwealth members. Why would we not try to do this?
We can also do far more to reduce barriers to trade between members. When the UK remained in the EU that was less possible; now with the Commonwealth’s largest economy able to strike trade deals of its own, much has changed. The UK’s move to become the first country to sign a deal with the AfCFTA is an obvious example.
Q12. Are you concerned that people accused of blasphemy still get stoned to death on the streets in northern Nigeria? What do these long-standing religious divisions mean for Nigeria’s future?
A: No person has the right to take the law into his or her own hands.
Christianity and Islam, our two Great Faiths and their Great Books have far more in common than they have apart. Nigeria has a long tradition of tolerance that we must draw on, and we must strive to find common ground.
What comes out of this tragedy is to cherish what we share, while at the same time respect our differences.
Political economist, Prof. Pat Utomi, has stated that if the former Governor of Anambra State, Peter Obi, decides to run as someone’s vice-presidential candidate, he will immediately stop supporting him.
Speaking on Channels Television’s Politics Today on Thursday, Prof. Utomi assured that the 2023 presidential candidate of the Labour Party will contest for the presidency in 2027, following his formal defection to the African Democratic Congress (ADC) on Wednesday.
“I can tell you that Peter Obi will contest for the presidency. The day he becomes somebody’s vice president, I walk away from his corner. I can tell you that for a fact,” Prof. Utomi said on the programme.
In the same interview, Prof. Utomi also made a case for limiting presidential and gubernatorial candidates to Nigerians aged 70 and below.
He lamented that the Nigerian presidency has increasingly become a “retirement home,” criticising both former President Muhammadu Buhari’s and President Bola Tinubu’s administrations as “government in absentia.”
“Something important about this election to bear in mind is that the Nigerian presidency has become a retirement home where people go for the Nigerian state to pay their medical bills. It is not acceptable. They don’t have the fitness to run the country. The last one, and the current one, have essentially been government-in-absentia leaders.”
“I, Pat Utomi, am insisting that I will canvass to the Nigerian people that nobody over the age of 70 should run for an executive position, whether it be governor or president,” he concluded.
Rescue mission
Obi, who came third in the 2023 presidential election with over 6 million votes, officially announced his defection to the African Democratic Congress (ADC) in Enugu on Wednesday.
In his speech at the event, Obi said his move to the ADC marks the beginning of a journey to rescue the country from the ruling All Progressives Congress (APC).
“Today is an important day; today is the last day of 2025, so we are ending this year with the hope that, in 2026, we will begin a journey to rescue our country and set it on the path of proper socio-economic development that will be unifying and inclusive,” Obi stated.
He added: “We have all watched as those who benefited from our democracy have, over time, become accessories to destroying it—either through coercion or gangsterism against the opposition. We cannot allow this to happen; we will resist it.”
President Bola Tinubu has assured Nigerians that 2026 will be a more prosperous year for all.
Tinubu stated this in his New Year message on Thursday, adding that his administration would sustain the momentum on its major reforms.
“During 2025, we sustained the momentum on our major reforms. We had a fiscal reset and also recorded steady economic progress.
“Despite persistent global economic headwinds, we recorded tangible and measurable gains, particularly in the economy.
“These achievements reaffirm our belief that the difficult but necessary reforms we embarked upon are moving us in the right direction with more concrete results on the horizon for the ordinary Nigerian,” the President said in the statement he personally signed.
Consolidating gains
Tinubu said that the focus in 2026 would be on consolidating the gains and continuing to build a resilient, sustainable, inclusive, and growth-oriented economy.
According to him, Nigeria closed 2025 on a strong note, as despite the policies to fight inflation, it recorded a robust GDP growth each quarter, with annualised growth expected to exceed four per cent for the year.
Tinubu explained that the nation maintained trade surpluses and achieved greater exchange rate stability while inflation declined steadily and reached below 15 per cent, in line with his administration’s target.
“In 2026, we are determined to reduce inflation further and ensure that the benefits of reform reach every Nigerian household. In 2025, the Nigerian Stock Exchange outperformed its peers, posting a robust 48.12 per cent gain and consolidating its bullish run that began in the second half of 2023.
“Supported by sound monetary policy management, our foreign reserves stood at $45.4 billion as of December 29, 2025, providing a substantial buffer against external shocks for the Naira. We expect this position to strengthen further in the New Year,” he said.
“Foreign direct investment is also responding positively. In the third quarter of 2025, FDI rose to $720 million, up from $90 million in the preceding quarter, reflecting renewed investor confidence in Nigeria’s economic direction, which global credit rating agencies, including Moody’s, Fitch, and Standard & Poor’s, have consistently affirmed and applauded,” Tinubu added.
Tax reforms
The President further assured that with patience, fiscal discipline, and unity of purpose, Nigeria would emerge in 2026 stronger and better positioned for sustained growth.
According to him, as inflation and interest rates moderate, his administration expects increased fiscal space for productive investment in infrastructure and human capital development.
“We are also confronting the challenge of multiple taxation across all tiers of government. I commend states that have aligned with the national tax harmonisation agenda by adopting harmonised tax laws to reduce the excessive burden of taxes, levies, and fees on our people and on basic consumption.
“The new year marks a critical phase in implementing our tax reforms, designed to build a fair, competitive, and robust fiscal foundation for Nigeria.
“By harmonising our tax system, we aim to raise revenue sustainably, address fiscal distortions and strengthen our capacity to finance infrastructure and social investments that will deliver shared prosperity,” he added.
National security
Tinubu said that though the path of reform is never easy, his administration remains mindful that economic progress must be accompanied by security and peace.
“Our nation continues to confront security threats from criminal and terrorist elements determined to disrupt our way of life. In collaboration with international partners, including the United States, decisive actions were taken against terrorist targets in parts of the Northwest on December 24.
“Our Armed Forces have since sustained operations against terror networks and criminal strongholds across the Northwest and Northeast,” he said.
But the President stated that in 2026, Nigeria’s security and intelligence agencies would deepen cooperation with regional and global partners to eliminate all threats to national security.
“We remain committed to protecting lives, property, and the territorial integrity of our country.
“I continue to believe that a decentralised policing system with appropriate safeguards, complemented by properly regulated forest guards, all anchored on accountability, is critical to effectively addressing terrorism, banditry, and related security challenges,” he added.
Investments in infrastructure
The New Year marks the beginning of a more robust phase of economic growth, with tangible improvements in the lives of our people.
Tinubu also said that his government would accelerate the implementation of the Renewed Hope Ward Development Programme, aiming to bring at least 10 million Nigerians into productive economic activity by empowering at least 1,000 people in each of the 8,809 wards across the country.
“Through agriculture, trade, food processing, and mining, we will stimulate local economies and expand grassroots opportunities.
“We will also continue to invest in modernising Nigeria’s infrastructure – roads, power, ports, railways, airports, pipelines, healthcare, education, and agriculture to strengthen food security and improve quality of life. All ongoing projects will continue without interruption,” he said.
He, however, urged Nigerians to play their part to achieve the objectives in 2026 by standing together in unity and purpose, upholding patriotism, and serving the country with honour and integrity in their respective roles.
Let us resolve to be better citizens, better neighbours, and better stewards of our nation.
An Abuja High Court has cleared the way for the implementation of Nigeria’s new tax regime scheduled to commence on January 1, 2026, dismissing a suit seeking to halt the programme.
The ruling gives the Federal government, the Federal Inland Revenue Service (FIRS) and the National Assembly full legal backing to proceed with the take-off of the new tax laws.
The suit was filed by the Incorporated Trustees of African Initiative for Abuse of Public Trustees, which dragged the Federal Republic of Nigeria, the President, the Attorney-General of the Federation, the President of the Senate, Speaker of the House of Representatives and the National Assembly before the court over alleged discrepancies in the recently enacted tax laws.
In an ex-parte motion, the plaintiff sought an interim injunction restraining the Federal Government, FIRS, the National Assembly and related agencies from implementing or enforcing the provisions of the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; Nigeria Revenue Service (Establishment) Act, 2025; and the Joint Revenue Board of Nigeria (Establishment) Act, 2025, pending the determination of the substantive suit.
The group also asked the court to restrain the President from implementing the laws in any part of the federation pending the hearing of its motion on notice.
However, in a ruling delivered on Tuesday, Justice Kawu struck out the application, holding that it lacked merit and failed to establish sufficient legal grounds to warrant the grant of the reliefs sought.
The court ruled that the plaintiffs did not demonstrate how the implementation of the new tax laws would occasion irreparable harm or violate any provision of the Constitution, stressing that matters of fiscal policy and economic reforms fall squarely within the powers of government.
Justice Kawu further held that once a law has been duly enacted and gazetted, any alleged errors or controversies can only be addressed through legislative amendment or a substantive court order, noting that disagreements over tax laws cannot stop the implementation of an existing law.
Consequently, the court affirmed that there was no legal impediment to the commencement of the new tax regime and directed that implementation should proceed as scheduled from January 1, 2026.
The new tax regime is anchored on four landmark tax reform bills signed into law in 2025 as part of the Federal Government’s broader fiscal and economic reform agenda aimed at boosting revenue, simplifying the tax system and reducing leakages.
The laws — the Nigeria Tax Act, 2025, Nigeria Tax Administration Act, 2025, Nigeria Revenue Service (Establishment) Act, 2025, and the Joint Revenue Board of Nigeria (Establishment) Act, 2025 — consolidate and replace several existing tax statutes, including laws governing companies income tax, personal income tax, value added tax, capital gains tax and stamp duties.
Key elements of the reforms include the harmonisation of multiple taxes into a more streamlined framework, expansion of the tax base, protection for low-income earners and small businesses, and the introduction of modern, technology-driven tax administration systems such as digital filing and electronic compliance monitoring.
The reforms also provide for the restructuring of federal tax administration, including the creation of the Nigeria Revenue Service, to strengthen efficiency, coordination and revenue collection across government levels.
While the Federal government has described the reforms as critical to stabilising public finances and funding infrastructure and social services, the laws have generated intense public debate, with some civil society groups and political actors alleging discrepancies between the versions passed by the National Assembly and those later gazetted.
These concerns sparked calls for suspension, re-gazetting and legal action, culminating in the suit dismissed by the Abuja High Court.
Reacting to the judgment, stakeholders described the ruling as a major boost for the reforms, saying it has removed all legal obstacles that could have delayed the implementation of the new tax framework.
