After years of uncertainty, Tinubu’s reforms stabilizing Nigeria’s economy

The President, Bola Ahmed Tinubu’s economic reforms have started to stabilize Nigeria’s economy, restoring confidence, and putting the country on a sustainable growth path after years of uncertainty.

Information and National Orientation Minister, Mohammed Idris disclosed this during a virtual interview on Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN), streamed recently.

According to Idris, the removal of fuel subsidy and the unification of the foreign exchange rate were deliberate decisions taken early in the administration to fix deep structural problems that threatened the country’s economic survival.

“You cannot build an economy where the foundation itself is extremely faulty. As of May 2023, about 26 out of 36 states could not pay salaries, and about 97 per cent of our income was going into debt servicing. Nigeria couldn’t survive on that path,” he said.

The Minister explained that while the reforms caused short-term shocks, they were necessary to correct long-standing distortions and return national resources to the broader population, rather than a few beneficiaries.

“These were not politically convenient decisions, but the President believed we were living on borrowed time. If those steps were not taken, Nigeria was heading in the wrong direction,” Idris added.
In a statement released by his aide, the Minister noted that recent economic indicators show clear signs of improvement, including more substantial foreign reserves, easing inflation, and growing investor and international partner confidence.

“Today, our foreign reserves are about 46 billion dollars, the highest in about eight years. Headline inflation has dropped significantly, and Nigeria is receiving acceptance both domestically and internationally,” he said.

Idris also highlighted Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a significant credibility boost, explaining that it has improved access to global capital and strengthened Nigeria’s standing in the international financial system.
On tax reforms, the Minister clarified that the objective is not to increase the burden on citizens but to simplify the system, eliminate duplication, and bring more people into the tax net fairly and transparently.

“The tax reform is not meant to make people pay more tax. It is to simplify the process, remove duplication, and bring those outside the tax net into it, so the government can plan better for development,” he said.

The Minister also stressed that trust is central to effective governance and public communication, describing it as his core assignment since assuming office.
“Without trust, there is no way you can build confidence, and without confidence, there can be no meaningful development. Our job is to communicate government policies truthfully, transparently, and listen to feedback from Nigerians,” Idris said.

He explained that President Tinubu regularly seeks feedback on policies and is willing to adjust implementation where necessary, while remaining firm on reforms considered essential for long-term national progress.

Addressing the challenge of misinformation, the Minister said the government is strengthening inter-agency collaboration and media literacy to curb the spread of fake news without undermining freedom of expression.
“Fake news is dangerous. If you don’t find a way to reduce its impact, you wake up one day, and you don’t have a country. Media freedom is critical, but it must come with responsibility,” he said.

Idris added that Nigeria won the bid to host UNESCO’s first Category-2 Media and Information Literacy Institute, aimed at equipping citizens, especially young people, with the skills to distinguish facts from falsehoods.

He urged Nigerians to remain patient and engaged as reforms continue, noting that their full benefits become increasingly visible in infrastructure, education, healthcare, and sub-national development.

“These reforms are deliberate, disciplined efforts to reach a destination. We are on the right journey, and the signs are already clear,” the Minister said.