Tinubu’s economic reforms putting Nigeria on growth path — Information minister

The Minister of Information and National Orientation, Mohammed Idris, says President Bola Ahmed Tinubu’s economic reforms are stabilising Nigeria’s economy, restoring confidence and placing the country on a sustainable growth path.

Idris stated this during a virtual interview on ICAN On Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN), aired on Thursday.

He said the removal of fuel subsidy and the unification of the foreign exchange rate were deliberate decisions taken early in the administration to address deep structural problems that had threatened the country’s economic survival.

According to the minister, by May 2023 about 26 states were unable to pay salaries, while nearly 97 per cent of government revenue was being used to service debt, a situation he described as unsustainable.

Idris acknowledged that the reforms caused short-term economic shocks but said they were necessary to correct long-standing distortions and ensure that national resources benefited the wider population.

He noted signs of economic improvement, including stronger foreign reserves, easing inflation and renewed investor confidence, adding that Nigeria’s reserves had risen to about 46 billion dollars, the highest in nearly eight years.

The minister also cited Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a major credibility boost that has improved access to global capital and strengthened the country’s international standing.

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