Nigeria’s Economy Now On Stronger Footing – FG

The Federal Government says Nigeria’s economy is now on a stronger footing following the economic reforms of the President Bola Ahmed Tinubu administration.

Minister of Information and National Orientation, Mohammed Idris, said this at a press conference where the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, addressed the state of the economy and listed the government’s next steps to make life easier for Nigerians.

The minister said reforms, including the removal of fuel subsidy, were necessary to address longstanding economic challenges, strengthen public finances and redirect resources towards critical national priorities.

“Three years into the Renewed Hope Agenda, the results are increasingly evident. The economy is on a stronger footing, stability is creating greater room for investment and enterprise, and Nigeria is moving decisively into a new phase of growth, opportunity and shared prosperity,” Idris said.

He said the next phase of the administration’s economic programme, described by President Tinubu as “From Reform to Prosperity,” would focus on ensuring that the gains of reforms translate into tangible improvements in the lives of Nigerians.

“The focus now is on impact, ensuring that the gains of reform translate more directly into the everyday lives of Nigerians through more jobs and opportunities, stronger businesses, increased incomes, lower living costs and an improving quality of life,” he said.

Oyedele acknowledged the pressure caused by higher fuel prices on households and businesses but said the government would continue to provide relief without returning to a broad fuel subsidy regime.

He outlined measures including increased local refining, tax and duty waivers on petroleum products, adoption of compressed natural gas (CNG), targeted support for vulnerable households and businesses, and measures to reduce fuel price volatility.

“Removing subsidy has never meant doing nothing. The government has taken measures to moderate prices in ways that are sustainable, and we are taking further steps to ease the pressure on households and businesses,” Oyedele said.

Idris also expressed the Federal Government’s condolences to the families of victims of the Nigerian Air Force aircraft crash in Igbokoda, Ondo State, on Monday.