FG UNVEILS REFORM SCORECARD, CITES GAINS FOR NIGERIANS AND CRISES AVERTED
The Federal Government on Tuesday presented its “Reform Impact and Call to Action” scorecard, saying the economic reforms of President Bola Ahmed Tinubu’s administration have delivered tangible benefits to Nigerians while averting a deeper fiscal and economic crisis.
Speaking at a media briefing themed _“Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented”_ in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele stated that the scorecard compares the country’s position in May 2023 with current realities and a projection of what would have happened without the reforms.
The Minister stated that Nigerians are already seeing direct benefits from the reforms. These include wage increases, timely payment of salaries and pensions, and the settlement of pension arrears. He added that citizens are also benefiting from infrastructure development across the country, the NELFUND student loan scheme, affordable credit for consumers and small businesses, subsidized mortgage and housing programmes, and social transfers to millions of vulnerable households.
Other gains listed include agricultural interventions to strengthen food security, sustained fuel availability and energy security despite global shocks, renewed investor confidence driving both local and foreign investment, and a friendlier tax environment with exemptions for low-income earners and small businesses.
Mr. Oyedele highlighted that the reforms also prevented severe economic problems. Without them, he noted, many states and local governments would have gone bankrupt, the Naira would have collapsed further, and the country would have faced hyperinflation. The administration also averted widespread fuel scarcity, mass business closures, deeper job losses, and rising poverty.
According to him, other crises averted include worsening insecurity driven by economic hardship, continued corruption in foreign exchange allocation and the fuel subsidy regime, as well as multiple taxation that would have further burdened citizens.
Looking ahead, the Minister said government will sustain the reforms and focus on ensuring Nigerians feel the impact at household level. Key priorities include the continued implementation of the Nigeria Tax Act, further fiscal reforms to improve budgeting and accountability, efforts to bring inflation to a single digit, a unified and predictable exchange rate, and deeper agricultural interventions to reduce food prices and poverty.
He stressed that working with states and local governments and prioritizing spending in critical areas will be central to delivering shared prosperity.
Mr. Oyedele also issued a call to action to Nigerians, urging citizens to support positive government policies. “We cannot build our country by opposing every government action,” he said.
The Minister called for constructive criticism, warning that negative narratives damage perception and hurt the economy.
He therefore urged the public to seek facts and proper understanding instead of populist views or sensational headlines in order to consolidate the gains of the reforms.
