By Nkechi Eze
The Federal Government has reaffirmed that President Bola Ahmed Tinubu’s far-reaching economic reforms are already stabilising Nigeria’s economy, restoring public and investor confidence, and laying a solid foundation for sustainable national growth after years of deep structural distortions.
The Honourable Minister of Information and National Orientation, Mohammed Idris, made this assertion during a virtual interview on ICAN On Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN), streamed on Thursday.
In a statement signed by the Special Assistant (Media) to the Minister, Rabiu Ibrahim, Idris explained that two of the administration’s earliest and boldest decisions the removal of fuel subsidy and the unification of the foreign exchange rate were unavoidable steps aimed at preventing economic collapse.
According to him, the Nigerian economy, as inherited in May 2023, was fundamentally unsustainable.
“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,” the Minister said.
He noted that although the reforms triggered short-term shocks and discomfort, they were necessary to correct long-standing distortions and redirect national resources to serve the broader population rather than a narrow group of 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 stated.
The Minister said recent macroeconomic indicators point clearly to gradual but steady recovery, citing improvements in foreign reserves, inflation trends and international 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.
He further highlighted Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a major credibility milestone, explaining that the development has enhanced the country’s standing in the global financial system and improved access to international capital.
On the ongoing tax reforms, Idris clarified that the goal is not to impose heavier burdens on citizens, but to simplify the tax system, eliminate duplication and ensure fairness by bringing more people and businesses into the tax net.
“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 explained.
The Minister stressed that rebuilding trust between government and citizens remains central to effective governance and national development, describing public communication as a core mandate of his 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 disclosed that President Tinubu regularly seeks feedback on policies and remains open to fine-tuning implementation where necessary, while staying resolute on reforms considered critical for long-term national progress.
Addressing the growing challenge of misinformation, the Minister said the government is intensifying inter-agency collaboration and promoting media literacy to reduce 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 warned.
Idris also revealed that Nigeria recently won the bid to host UNESCO’s first Category-2 Media and Information Literacy Institute, which will focus on equipping citizens, especially young people, with the skills to distinguish facts from falsehoods in the digital age.
He urged Nigerians to remain patient, supportive and engaged as the reform process continues, assuring that the full benefits will increasingly manifest in infrastructure development, education, healthcare and improved sub-national governance.
“These reforms are deliberate, disciplined efforts to reach a destination. We are on the right journey, and the signs are already clear,” the Minister concluded.
