The Minister of Information and National Orientation, Mohammed Idris, says President Bola Tinubu’s economic reforms are stabilising Nigeria’s economy, restoring confidence, and placing the country on the path of sustainable growth.
Mr Idris said this during a virtual interview on ICAN On Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN), according to a statement on Friday by his media aide, Rabiu Ibrahim.
He said the removal of the fuel subsidy and the unification of the foreign exchange rate were aimed at fixing deep structural problems threatening the nation’s economic survival.
“You cannot build an economy where the foundation itself is extremely faulty,” said Mr Idris. “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.”
He explained that although the reforms caused short-term shocks, they were necessary to correct long-standing distortions and redirect national resources to the broader population.
“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.
“Recent economic indicators show clear signs of improvement, including more substantial foreign reserves, easing inflation, and growing investor and international partner confidence.
“Today, our foreign reserves are about $46 billion, the highest in about eight years. Headline inflation has dropped significantly, and Nigeria is receiving acceptance both domestically and internationally,” he said.
Mr Idris also cited Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a credibility boost that has improved access to global capital and strengthened the country’s standing in the international financial system.
On tax reforms, Mr Idris said the objective was not to increase citizens’ burden but to simplify the system, eliminate duplication, and fairly expand the tax net to enhance development planning.
“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 said.
The minister stressed that trust remained central to effective governance and public communication, noting that truthful and transparent engagement with Nigerians was essential for meaningful development.
He explained that Mr Tinubu regularly sought feedback on policies and was willing to adjust implementation where necessary.
Mr Idris said the government was strengthening inter-agency collaboration and media literacy to curb 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 said.
He added that Nigeria had secured the bid to host UNESCO’s first Category-2 Media and Information Literacy Institute to equip citizens, especially youths, with skills to distinguish facts from falsehoods.
Mr Idris urged Nigerians to remain patient and engaged as reforms continued, expressing optimism that the benefits would become more visible in infrastructure, education, healthcare, and sub-national development.
(NAN)
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