The Federal Government has welcomed the decision by S&P Global Ratings to upgrade Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a stable outlook, describing the development as a strong endorsement of the country’s ongoing economic reforms under President Bola Ahmed Tinubu.
In a statement issued on behalf of the Federal Government, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the latest upgrade reflects growing international confidence in Nigeria’s reform agenda, policy consistency, and medium-term economic prospects.
According to the government, the latest action by S&P follows similar positive assessments earlier in 2026 by Fitch Ratings and Moody’s Ratings, reinforcing what it described as renewed global trust in the Nigerian economy.
“The difficult but necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu are yielding measurable results and laying the foundation for a more stable, transparent, and resilient economy,” the statement said.
The government noted that S&P cited improvements in Nigeria’s external financial position, stronger balance of payments performance, increased oil production, expanding domestic refining capacity, and continued foreign exchange market liberalisation as key reasons for the rating upgrade.
It also highlighted ongoing fiscal reforms aimed at broadening the tax base, improving public revenue generation, enhancing fiscal transparency, and strengthening debt sustainability. According to the statement, Nigeria’s debt-to-revenue ratio has improved significantly since 2023 and is projected to decline further as reforms mature.
The Federal Government said the latest upgrades by leading global rating agencies send a “strong signal” to international investors and development partners that Nigeria is regaining macroeconomic credibility and restoring confidence in the management of its economy.
While reaffirming its commitment to prudent fiscal management and market-oriented reforms, the government ruled out any return to fuel subsidy payments, insisting that subsidies had historically distorted public finances, encouraged smuggling, weakened foreign exchange liquidity, and diverted funds from critical sectors.
“We remain committed to a market-driven economy anchored on transparency, competition, and effective regulatory oversight,” the statement added.
The government also pledged to continue implementing policies that support free enterprise, attract private investment, and provide a stable environment for businesses to thrive.
Despite the positive outlook, the administration acknowledged that significant economic challenges remain, including inflationary pressures, food insecurity, unemployment, and the need to ensure that growth translates into improved living conditions for ordinary Nigerians.
“The Federal, States and Local Governments will continue to implement reforms with discipline, pragmatism, and compassion while maintaining close engagement with citizens and all stakeholders,” the statement read.
The government further expressed appreciation to Nigerians for their “resilience, patience, and support” throughout the reform process, adding that the improving ratings outlook would help the country attract more investments and secure financing on better terms in the international market.
