Tinubu’s Reforms Necessary to Address Nigeria’s Longstanding Economic Challenges – Idris

Tinubu’s Reforms Necessary to Address Nigeria’s Longstanding Economic Challenges – Idris

By Sarah Kitka

Abuja (Core Reporters) – The Minister of Information and National Orientation, Mohammed Idris, has defended President Bola Ahmed Tinubu’s economic reforms, saying they were necessary to address Nigeria’s longstanding economic challenges and strengthen the country’s economic outlook.

Idris said Nigeria’s economy was now on a stronger footing, with the government shifting its focus towards growth, investment, job creation and shared prosperity.

The minister spoke on Thursday in Abuja during a press conference at which the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, outlined Nigeria’s economic outlook and the government’s plans to translate ongoing reforms into tangible benefits for citizens.

According to Idris, the removal of fuel subsidy and other economic measures were necessary to strengthen public finances and redirect national resources towards critical development priorities.

“Three years into the Renewed Hope Agenda, the results are increasingly evident. The economy is on a stronger footing, stability is creating greater room for investment and enterprise, and Nigeria is moving decisively into a new phase of growth, opportunity and shared prosperity,” he said.

Idris explained that President Tinubu had described the next phase of the administration’s economic programme as “From Reform to Prosperity,” with emphasis on ensuring that the gains of the reforms improve the living conditions of Nigerians.

He said the government’s priority was to ensure that the reforms translated into more jobs, stronger businesses, increased incomes, lower living costs and an improved quality of life.

“The focus now is on impact, ensuring that the gains of reform translate more directly into the everyday lives of Nigerians through more jobs and opportunities, stronger businesses, increased incomes, lower living costs and an improving quality of life,” the minister said.

Idris added that the engagement was important as the government continued implementing economic reforms and working towards delivering measurable benefits to citizens.

Earlier, the information minister expressed the Federal Government’s condolences to the families of those who lost their lives in the Nigerian Air Force aircraft crash in Igbokoda, Ondo State, on Monday.

Speaking at the briefing, Oyedele acknowledged the pressure rising fuel prices had placed on households and businesses but said the government was pursuing measures to provide relief without returning to a broad-based fuel subsidy regime.

He listed the measures to include increased local refining, tax and duty waivers on petroleum products, the adoption of compressed natural gas (CNG), targeted support for vulnerable households and businesses, and additional steps to reduce fuel price volatility.

“Removing subsidy has never meant doing nothing. The government has taken measures to moderate prices in ways that are sustainable, and we are taking further steps to ease the pressure on households and businesses,” Oyedele said.