The Minister of Information and National Orientation, Alhaji Mohammed Idris, says President Bola Tinubu’s economic reforms are stabilising Nigeria’s economy, restoring confidence, and putting the country on a path toward sustainable growth.
Idris made the remarks during a virtual interview on ICAN On Air, a live programme by the Institute of Chartered Accountants of Nigeria (ICAN), according to a statement issued by his Special Assistant on Media, Malam Rabiu Ibrahim, on Friday in Abuja.
He highlighted key reforms, including the removal of fuel subsidies and unification of the foreign exchange rate, as deliberate measures to address structural economic challenges.
“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 percent of our income was going into debt servicing. Nigeria couldn’t survive on that path,” Idris said.
Acknowledging that the reforms caused short-term shocks, the minister stressed they were necessary to correct long-standing distortions and redirect 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,” he said.
Idris cited recent economic indicators as evidence of progress, including foreign reserves rising to $46 billion, easing inflation, and growing investor confidence. He also highlighted Nigeria’s removal from the FATF grey list, which has strengthened the country’s access to global capital and improved its standing in the international financial system.
On tax reforms, Idris clarified that the government’s objective was to simplify the tax system, remove duplication, and expand the tax net fairly to improve 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.
Idris stressed that trust is central to effective governance, noting that transparent engagement with Nigerians is essential for meaningful development. He explained that President Tinubu regularly seeks feedback on policies and is willing to adjust implementation where necessary while remaining firm on reforms critical for long-term progress.
Addressing misinformation, the minister said the government is enhancing inter-agency collaboration and media literacy to curb fake news without undermining freedom of expression. Nigeria also recently secured the bid to host UNESCO’s first Category-2 Media and Information Literacy Institute, aimed at equipping citizens, especially youths, with skills to distinguish facts from falsehoods.
Idris urged Nigerians to remain patient as reforms continue, expressing optimism that their benefits will soon be visible in infrastructure, education, healthcare, and sub-national development.
