Oyintiloye highlights gains, challenges of Tinubu’s economic reforms

By Deborah Oladejo, Osogbo –

An All Progressives Congress (APC) chieftain in Osun State, Olatunbosun Oyintiloye, has said President Bola Tinubu’s economic reforms since May 2023 have reshaped Nigeria’s economic direction, with gains recorded in some areas despite continued pressure on household welfare and the cost of living.

Oyintiloye, a former lawmaker, stated this during a media briefing in Osogbo on Wednesday, saying the reforms should be assessed against the foreign exchange shortages, weak crude oil production, petrol subsidy burden, low revenue, heavy debt obligations and infrastructure deficits inherited by the administration.

He said the removal of petrol subsidy and foreign exchange reforms represented major policy shifts, alongside efforts to strengthen revenue mobilisation, investment and production.

Oyintiloye said the reforms had been credited with improving the trade balance, unifying the exchange-rate system, rebuilding foreign exchange reserves, raising tax revenue, reducing debt-service pressure and containing fiscal deficits.

He, however, said subsidy removal triggered higher petrol prices, affecting transportation, food distribution, production and household expenditure, while naira depreciation increased the cost of imports, machinery, medicines and industrial inputs.

Oyintiloye said available figures presented a mixed economic picture, with improvements reported in inflation, external reserves and real GDP growth, even as the naira exchange rate and cost of living remained concerns.

He urged Nigerians to be patient for the reforms to fully mature, saying, “The ultimate test of reform is what it does to production, jobs, investment, household income and the standard of living”.

He added, “We acknowledge the hardship Nigerians are experiencing, but returning to the old system without addressing its fundamental problems would only postpone the crisis. The answer is to ensure that the resources freed from subsidy are converted into tangible benefits for the people”.