President Bola Tinubu’s bold economic measures are steadying the country after years of instability and restoring public trust, the Miinister of Information and National Orientation Mohammed Idris has said.
The Minister stated this while speaking in a virtual interview on ICAN ON Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN).
He said that scrapping fuel subsidies and unifying the foreign exchange rate were tough but essential fixes for deep-rooted problems.
According to him, in May 2023, 26 of Nigeria’s 36 states could not pay salaries, with 97% of revenues swallowed by debt servicing.
“You cannot build an economy where the foundation itself is extremely faulty,” he said.
Although the reforms triggered short-term pain but aimed to redirect resources from a few elites to the wider population, Idris explained.
Minister Idris said early signs of recovery include foreign reserves hitting $46bn – the highest in eight years – falling headline inflation and rising investor confidence.
Nigeria’s recent exit from the Financial Action Task Force (FATF) grey list has also eased access to global finance.
On tax changes, Minister Idris insisted that they would simplify the system, cut duplication and fairly widen the tax base without raising burdens.
Trust remains key to his role, he added, with President Tinubu open to feedback while pressing ahead with vital overhauls.
The government according to him, is tackling misinformation through better agency coordination and media literacy, including a new Unesco-backed institute in Nigeria to teach fact-checking skills.
The Minister therefore, urged patience, promising tangible gains in infrastructure, education and healthcare.
“These reforms are deliberate, disciplined efforts to reach a destination. We are on the right journey,” he added.
