Nigeria’s Finance Minister, Wale Edun, attributes current economic hardships under President Tinubu’s reforms to past administrations’ failure to implement necessary policies. Edun highlights gains from subsidy removal and currency reforms, despite rising inflation and public struggles, as a crucial step toward stabilizing the nation’s economy.
In a candid assessment of Nigeria's ongoing economic challenges, Finance Minister Wale Edun attributed the hardships faced by Nigerians to decades of delayed reforms by previous administrations. Speaking at the launch of the Federal Civil Service Policies and Guidelines on Rewards in Abuja, Edun emphasized that President Bola Ahmed Tinubu’s reforms, though painful, are essential for sustainable growth.
Key policy shifts, including the removal of fuel subsidies and the floating of the naira in mid-2023, have driven up fuel prices from ₦234 to over ₦1,060 per liter and caused the naira to plunge to ₦1,652 per dollar from ₦195. These changes, while boosting government revenues, have left many Nigerians grappling with inflation and reduced purchasing power.
“After 18 months of bold reforms, the country has changed significantly,” Edun noted. “Yes, these reforms were overdue, and they have brought pain, discomfort, and increased living costs. But the benefits are beginning to emerge.” He highlighted how the removal of subsidies, previously consuming 5% of GDP, has freed up resources for federal, state, and local governments.
Despite these reassurances, Nigeria’s inflation remains a pressing concern. According to the National Bureau of Statistics, headline inflation hit 33.88% in October, with food inflation climbing to 39.16%. These figures underscore the steep cost of reforms for ordinary citizens.
While critics question the pace and execution of Tinubu’s policies, international observers, including German Chancellor Olaf Scholz, have praised the administration's economic strategies. As billions in foreign investments trickle into Nigeria, the government insists that these sacrifices will eventually pay off, ushering in a more resilient economy.
