FG UNVEILS REFORM SCORECARD, CITES GAINS FOR NIGERIANS AND CRISES AVERTED<\/p>\n
The Federal Government on Tuesday presented its \u201cReform Impact and Call to Action\u201d scorecard, saying the economic reforms of President Bola Ahmed Tinubu\u2019s administration have delivered tangible benefits to Nigerians while averting a deeper fiscal and economic crisis.<\/p>\n
Speaking at a media briefing themed _\u201cNigeria\u2019s Reform Scorecard: The Benefits, Costs and Harms Prevented\u201d_ in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele stated that the scorecard compares the country\u2019s position in May 2023 with current realities and a projection of what would have happened without the reforms.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
He stressed that working with states and local governments and prioritizing spending in critical areas will be central to delivering shared prosperity.<\/p>\n
Mr. Oyedele also issued a call to action to Nigerians, urging citizens to support positive government policies. \u201cWe cannot build our country by opposing every government action,\u201d he said.<\/p>\n
The Minister called for constructive criticism, warning that negative narratives damage perception and hurt the economy.<\/p>\n
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.<\/p>\n
Earlier, the Minister of Information, Mr. Mohammed Idris, said the briefing was convened to provide Nigerians with clear and factual information on the savings arising from the removal of the fuel subsidy.<\/p>\n
He described the decision to remove the subsidy as one of the most significant and difficult economic reforms undertaken by this administration.<\/p>\n
“We recognise that it has required sacrifices and adjustments from individuals, families, businesses and communities across Nigeria,” he said. “But government has also been very clear from the outset that resources previously committed to subsidizing fuel consumption must be redirected towards investments that can deliver greater and more sustainable value to the Nigerian people.”<\/p>\n
The Minister of Information stated that the press briefing is an important part of keeping faith with Nigerians. “Citizens have a right to know the financial implications of major economic decisions taken on their behalf – the right to know what resources have been freed up, what the resources mean for the federation, and how the benefits of these reforms are being translated into tangible improvements in their lives,” he said.<\/p>\n
“This is fundamentally about transparency and accountability, and in keeping faith with the promise that President Bola Ahmed Tinubu has made to Nigerians.”<\/p>\n
He noted that the conversation around subsidy removal cannot end with the policy itself. “Nigerians deserve to know what the reform has achieved, the resources that have accrued from it, and how these resources are supporting the broader objective of economic renewal, infrastructure development and improved public welfare,” he said.<\/p>\n
“The figures and details that will be presented today will provide an important basis for that understanding.”<\/p>\n
The Minister commended the Honourable Minister of Finance and the Economic Management Team for the opportunity to place the facts before Nigerians and provide clarity on an issue that has understandably generated significant public interest.<\/p>\n
He added that the administration of President Bola Ahmed Tinubu remains committed and open to continuous engagement with Nigerians. “Our responsibility is not merely to announce policies, but to explain, acknowledge, give account, and demonstrate how difficult decisions taken today are laying the foundation for a stronger and more sustainable economy,” he said.<\/p>\n
He called on the media to relay the message to Nigerians “as accurately, honestly and patriotically as possible, noting that the country is for all of us.”<\/p>\n
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FG UNVEILS REFORM SCORECARD, CITES GAINS FOR NIGERIANS AND CRISES AVERTED The Federal Government on Tuesday presented its \u201cReform Impact and Call to Action\u201d scorecard, saying the economic reforms of President Bola Ahmed Tinubu\u2019s administration have delivered tangible benefits to Nigerians while averting a deeper fiscal and economic crisis. Speaking at a media briefing themed […]<\/p>\n","protected":false},"author":4,"featured_media":151989,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[2562,100,3362],"class_list":["post-151985","post","type-post","status-publish","format-standard","has-post-thumbnail","category-others","tag-federal-ministry-of-finance","tag-fg","tag-reforms-score-card"],"yoast_head":"\n