The Minister of Information and National Orientation, Mohammed Idris, has said that the economic reforms introduced by President Bola Ahmed Tinubu are stabilising Nigeria’s economy, restoring investor confidence, and positioning the country on a sustainable growth path after years of uncertainty.
Idris stated this during a virtual interview on ICAN On Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN), streamed on Thursday.
According to the Minister, the early removal of fuel subsidy and the unification of the foreign exchange rate were deliberate decisions aimed at correcting deep structural flaws that threatened Nigeria’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 could not survive on that path,”
He acknowledged that the reforms caused short-term economic shocks but insisted they were necessary to reverse long-standing distortions and ensure that national resources benefit the broader population rather than a few individuals.
“These were not politically convenient decisions, but the President believed Nigeria was living on borrowed time. Without these steps, the country was heading in the wrong direction,”
The Minister said recent economic indicators show signs of improvement, citing stronger foreign reserves, easing inflation, and renewed confidence among investors and international partners.
“Today, Nigeria’s foreign reserves stand at about 46 billion dollars, the highest in nearly eight years. Headline inflation has dropped significantly, and the country is gaining acceptance both locally and internationally,”
Idris also described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a major boost to the country’s credibility, noting that it has improved access to global capital and strengthened Nigeria’s standing within the international financial system.
On tax reforms, the Minister clarified that the government is not seeking to increase the tax burden on citizens but to simplify the tax system, eliminate duplication, and expand the tax net in a fair and transparent manner.
“The tax reform is not about making people pay more tax. It is about simplifying the process, removing duplication, and bringing those outside the tax net into it so government can plan better for development,”
He emphasised that building public trust remains central to effective governance and communication, describing it as his core responsibility since assuming office.
“Without trust, there can be no confidence, and without confidence, there can be no meaningful development. Our duty is to communicate government policies truthfully, transparently, and to listen to feedback from Nigerians,”
Idris added that President Tinubu regularly reviews feedback on government policies and is willing to adjust implementation where necessary, while remaining resolute on reforms considered critical for long-term national progress.
Addressing the spread of misinformation, the Minister said the government is strengthening inter-agency collaboration and promoting media literacy to curb fake news without undermining freedom of expression.
“Fake news is dangerous. If you fail to reduce its impact, you may wake up one day without a country. Media freedom is essential, but it must come with responsibility,”
He further disclosed that Nigeria recently won the bid to host UNESCO’s first Category-2 Media and Information Literacy Institute, which will focus on equipping citizens, especially young people, with skills to distinguish facts from falsehoods.
The Minister urged Nigerians to remain patient and engaged as the reforms continue, assuring that their full benefits would become increasingly evident in infrastructure development, education, healthcare, and sub-national growth.
“These reforms are deliberate and disciplined efforts aimed at reaching a clear destination. We are on the right path, and the signs are already visible,”