Tinubu’s Economic Reforms Stabilising Nigeria, Restoring Trust – Idris

The Minister of Information and National Orientation, Mohammed Idris, has said that President Bola Ahmed Tinubu’s economic reforms are stabilising Nigeria’s economy, restoring confidence, and putting the country on a sustainable growth path after years of uncertainty.

Idris made the remarks during a virtual interview on ICAN On Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN), streamed on Thursday.

The Minister explained that measures such as the removal of fuel subsidies and the unification of the foreign exchange rate were deliberate steps taken early in Tinubu’s administration to address deep structural problems threatening the country’s economic survival.

“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 per cent of our income was going into debt servicing. Nigeria couldn’t survive on that path,” Idris said.

This was disclosed in a statement by the Special Assistant (Media) to the Minister of Information and National Orientation, Rabiu Ibrahim, on Friday, February 6.

While acknowledging that the reforms caused short-term shocks, the Minister stressed that they were necessary to correct long-standing distortions and return resources to the broader population rather than a few beneficiaries.

“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 added.

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Highlighting the positive outcomes of the reforms, Idris pointed to rising foreign reserves, easing inflation, and increased confidence from investors and international partners.

“Today, our foreign reserves are about 46 billion dollars, the highest in about eight years. Headline inflation has dropped significantly, and Nigeria is receiving acceptance both domestically and internationally,” he said.

The Minister also cited Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a major credibility boost, improving access to global capital and strengthening the country’s standing in the international financial system.

On tax reforms, Idris clarified that the initiative is aimed at simplifying the system, eliminating duplication, and fairly bringing more people into the tax net.

“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 and public communication, describing it as his core assignment since taking office.

“Without trust, there is no way you can build confidence, and without confidence, there can be no meaningful development. Our job is to communicate government policies truthfully, transparently, and listen to feedback from Nigerians,” he said.

He added that President Tinubu regularly seeks feedback on policies and is willing to adjust implementation where necessary, while remaining firm on reforms deemed essential for long-term national progress.

Addressing the challenge of misinformation, the Minister said the government is 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.

Idris also highlighted Nigeria’s successful bid to host UNESCO’s first Category-2 Media and Information Literacy Institute, which aims to equip citizens, especially young people, with skills to distinguish facts from falsehoods.

Concluding, the Minister urged Nigerians to remain patient and engaged as reforms continue, assuring that their full benefits will increasingly be visible in infrastructure, education, healthcare, and sub-national development.

“These reforms are deliberate, disciplined efforts to reach a destination. We are on the right journey, and the signs are already clear,” Idris said.