The Minister of Information and National Orientation, Alhaji Mohammed Idris, has said President Bola Tinubu’s economic reforms are stabilising Nigeria’s economy, restoring investor confidence, and putting the country on a path to sustainable growth.
Speaking during a virtual interview on ICAN On Air, a programme of the Institute of Chartered Accountants of Nigeria (ICAN), Idris explained that decisions such as the removal of the fuel subsidy and the unification of the foreign exchange rate were necessary to address deep structural issues threatening the nation’s 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 97 percent of our income was going into debt servicing. Nigeria couldn’t survive on that path,” he said.
He acknowledged that the reforms caused short-term shocks but stressed they were crucial to redirect national resources to the broader population. “Recent economic indicators show improvement, including stronger foreign reserves, easing inflation, and growing domestic and international confidence. Today, our foreign reserves are about 46 billion dollars, the highest in eight years,” Idris said.
The minister also highlighted Nigeria’s removal from the FATF grey list as a credibility boost, enhancing access to global capital. On tax reforms, he clarified that the goal was simplification, fairness, and broadening the tax net, not increasing citizens’ burden.
Idris emphasized the importance of trust in governance, stressing transparent communication with Nigerians and continuous feedback on policies. He also addressed misinformation, noting that the government was promoting media literacy while safeguarding freedom of expression. Nigeria has secured UNESCO’s first Category-2 Media and Information Literacy Institute to train citizens, particularly youths, to distinguish facts from falsehoods.
Urging patience as reforms continue, Idris expressed optimism that their benefits would soon be visible in infrastructure, education, healthcare, and sub-national development.
Elijah Adeyemi
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