Odimmegwa Johnpeter/Abuja
The Honourable Minister of Information and National Orientation, Mohammed Idris, has said the economic reforms undertaken by the administration of President Bola Ahmed Tinubu are strengthening Nigeria’s fiscal position, improving economic stability and creating the resources required to invest in infrastructure, security, human capital and social protection. This was contained in a statement signed by Rabiu Ibrahim, mnipr, Special Assistant on Media to the Honourable Minister of Information and National Orientation.
The Minister stated this on Wednesday in Abuja at a press conference convened to present the Federal Government’s “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented,” providing Nigerians with detailed information on the resources generated through the removal of fuel subsidy and the unification of the foreign exchange market, as well as the broader impact of the reforms on the economy.
Idris said the decision to remove the fuel subsidy was one of the most significant and difficult economic reforms undertaken by the Tinubu Administration, acknowledging that it had imposed real costs and adjustments on households, businesses and communities.
He, however, stressed that the reforms were necessary to redirect resources previously committed to an unsustainable subsidy regime towards investments capable of delivering greater and more sustainable value to Nigerians.
“Citizens have a right to know what resources have been freed up, what these resources mean for the Federation, and how the benefits of reform are being translated into tangible improvements in their lives,” the Minister said.
He described the press conference as an important demonstration of the Administration’s commitment to transparency and accountability, stressing that government’s responsibility goes beyond announcing policies to explaining their implications, accounting for their outcomes and demonstrating how difficult decisions are laying the foundations for a stronger and more sustainable economy.
Idris commended the Honourable Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele, and the economic management team for presenting the reform scorecard and providing Nigerians with the facts, figures and methodology underpinning the assessment.
Presenting the scorecard, the Honourable Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele, said the purpose of the exercise was not to declare victory but to provide an honest account of the costs, benefits and harms prevented by the reforms.
He disclosed that between June 2023 and December 2025, subsidy savings mobilised ₦15.8 trillion for the Federation, with ₦5.4 trillion accruing to the Federal Government and ₦10.4 trillion shared among states and local governments.
He added that the Federal Government generated ₦3.1 trillion in incremental independent revenue and ₦11.9 trillion in incremental borrowing, bringing total incremental Federal Government resources to ₦20.4 trillion, while incremental expenditure stood at ₦30.64 trillion.
“We are not here to pretend these reforms were painless. We are here to show you, honestly and with the numbers, what they cost, the benefits they delivered, and the harm they prevented,” Oyedele said.
The Finance Minister said the reforms had contributed to improvements in key macroeconomic indicators, including headline inflation, foreign reserves, market capitalisation and real GDP growth.
He noted that headline inflation had eased to 15.91 per cent as of June 2026, gross foreign reserves stood at $52.5 billion, while real GDP growth had strengthened to 3.89 per cent.
Oyedele also pointed to Nigeria’s improved standing in the international financial system, including a sovereign credit rating upgrade by S&P Global and the country’s exit from international anti-money laundering deficiency lists.
He stressed, however, that the reform process remained a work in progress, particularly in the areas of household welfare and poverty reduction, noting that the next phase of the Government’s economic programme would focus increasingly on translating macroeconomic gains into tangible improvements in the lives of ordinary Nigerians.
In his remarks, the Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, provided further context on the rationale for the reforms, noting that President Tinubu inherited an economy with one of the world’s lowest revenue-to-GDP ratios and, consequently, limited fiscal capacity relative to Nigeria’s population and developmental needs.
Bagudu said the Administration therefore had to make bold and difficult choices to address fiscal leakages, restore confidence in the economy and create greater room for investment in security, infrastructure, human capital development and grassroots development.
He said President Tinubu chose to confront the economic realities he inherited rather than apportion blame, drawing lessons from international experience in pursuing the difficult reforms required to place the Nigerian economy on a more sustainable footing.
The Budget and Economic Planning Minister said the reforms had also been accompanied by interventions to cushion their effects on vulnerable Nigerians, stressing that increased revenues would provide government with greater capacity to discharge its constitutional and developmental responsibilities.
He noted that resources generated and mobilised through the reforms were being invested in projects and programmes across the six geopolitical zones, adding that improved connectivity, security, infrastructure and economic opportunities would ultimately benefit Nigerians across the Federation.
Idris reaffirmed the Tinubu Administration’s commitment to continuing open engagement with Nigerians on the progress of the reforms, including their challenges and outcomes, while ensuring that the gains from improved fiscal stability translate into better living conditions, greater economic opportunities and improved public services for citizens.
The press conference was attended by the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite; Accountant-General of the Federation, Mr. Shamseldeen Babatunde Ogunjimi; Statistician-General of the Federation, Prince Semiu Adeyemi Adeniran; Permanent Secretary, Federal Ministry of Finance, Mr. Raymond Omachi; Permanent Secretary, Policy Support and Special Duties, Mr. Sanusi Dajuma; Permanent Secretary, Federal Ministry of Budget and Economic Planning, Dr. Mrs. Deborah Odoh; Executive Chairman, Nigeria Revenue Service, Dr. Zacch Adedeji; Director-General, Debt Management Office, Mrs. Patience Oniha; Director-General, Budget, Mr. Yakubu Tanimu Kurfi; Director-General, National Orientation Agency, Mallam Lanre Onilu; and other senior government officials and distinguished dignitaries.
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