The Minister of Information and National Orientation, Alhaji Mohammed Idris, says the economic reforms introduced by President Bola Tinubu are stabilising Nigeria’s economy, restoring investor confidence and positioning the country for sustainable growth.
Idris made the remarks during a virtual interview on ICAN On Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN). His comments were contained in a statement issued by his Special Assistant on Media, Malam Rabiu Ibrahim, on Friday in Abuja.
The minister said the early removal of fuel subsidy and the unification of the foreign exchange rate were deliberate measures designed to address deep-rooted structural challenges threatening the nation’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,” he said.
According to Idris, although the reforms triggered short-term economic shocks, they were necessary to correct long-standing distortions and redirect resources to benefit the wider 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.
“Recent economic indicators show clear signs of improvement, including more substantial foreign reserves, easing inflation, and growing investor and international partner confidence.
“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.
Idris also cited Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a significant boost to the country’s credibility, improving access to global capital and strengthening its standing in the international financial system.
On tax reforms, the minister said the government’s goal was to simplify the tax system, eliminate duplication and expand the tax base fairly, rather than increase the burden on citizens.
“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.
He stressed that trust remained central to governance and effective public communication, adding that transparency and honest engagement with citizens were critical to national development.
“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,” Idris said.
The minister noted that President Tinubu regularly sought feedback on government policies and was open to adjusting implementation when necessary, while remaining committed to reforms considered essential for long-term progress.
Addressing the challenge of misinformation, Idris said the government was strengthening collaboration among agencies and promoting media literacy to combat 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.
He added that Nigeria had secured the bid to host UNESCO’s first Category-2 Media and Information Literacy Institute, aimed at equipping citizens, particularly young people, with the skills to distinguish facts from falsehoods.
Idris urged Nigerians to remain patient and actively engaged as reforms continue, expressing optimism that their benefits would increasingly be reflected in infrastructure, education, healthcare and development across the states.
