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The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the ongoing economic reforms by the Bola Tinubu administration are beginning to yield positive results.
Speaking at The Platform, an event organised by the Covenant Nation on Saturday, Oyedele stressed that the removal of petrol subsidies, a cornerstone of the government’s reform agenda, was an essential step towards economic stability.
He explained that the previous system, characterised by artificially low fuel prices and a suppressed exchange rate, masked the true state of the Nigerian economy.
Based on available data, Oyedele expressed confidence in the country’s economic trajectory.
“Going by available data, I personally believe that the worst is behind us.
“Removing subsidies is the best decision we made as a country. And we
can now say that, for once, subsidy is gone.
“We were living on window-dressed realities. If you look back to about two years ago, the naira exchange rate was N450 depending on who you asked. But was our exchange rate really N450? If you wanted to buy petrol, it was under N200 per litre, but was it really under N200 per litre?” he questioned.
Oyedele highlighted the unsustainable nature of the pre-reform economy, stating: “Nigeria used all its revenue to service debts. We were not paying debts back; we were just servicing them. In other words, everything else we did—from paying salaries to fighting Boko Haram—was funded by borrowing.”
This heavy reliance on borrowing, he warned, had brought the country to the brink of economic collapse, mirroring the situations in Sri Lanka and Venezuela.
He recounted: “There were countries where you could hold money and still not get fuel to buy. In Sri Lanka, there was a time you couldn’t drive your car every day of the week because there was no fuel.”
Oyedele further emphasised the detrimental impact of excessive money printing on the economy.
“We printed close to N40 trillion, plus interest. And we were surprised there was inflation. Nigerians don’t realise that the invisible controls the visible. The removal of subsidies is not something you can see physically—it is not tangible.”
While acknowledging the immediate challenges faced by Nigerians due to the reforms, particularly the increase in the cost of living, Oyedele urged a positive outlook.
“There is nothing wrong with Nigeria. But maybe there is something wrong with the people ruling Nigeria. In America, people get killed every day by gunmen. But have you ever heard Americans say, ‘May America never happen to you?’ Let’s stop saying, ‘May Nigeria never happen to you.’ Maybe we can turn it into, ‘May Nigeria work for me.’”
Since assuming office in May 2023, President Tinubu has implemented a series of economic reforms, including the removal of fuel subsidies and the introduction of controversial tax bills.
These measures have drawn mixed reactions from the public, with many Nigerians experiencing increased financial burdens due to rising prices of goods and services.
