Abuja, July 7, 2026 – Nigeria has successfully navigated through the most perilous phase of its economic restructuring and laid reliable foundation to attract foreign direct investment and rebuild long term economic resilience.
Oyedele, the Minister of Finance, said this in Abuja at the just concluded summit of the Nigeria Employers’ Consultative Association.
He attributed the success of the economic transformation to the sweeping policy shifts introduced by President Bola Tinubu’s administration.
The minister described the economic reforms as bitter, but said they were mandatory pills required to save the state from fiscal insolvency.
He said the country’s financial framework was fundamentally broken before the implementation of the reforms.
Oyedele said before the reforms, the bulk of the proceeds from the country’s oil windfalls were swallowed by sweeping fuel subsidy payouts, while non-oil revenues were heavily consumed by mounting debt obligations.
“This left virtually zero capital to inject into national infrastructure or critical public services.
“The reforms were not optional; they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians.
The minister said the immediate hardships caused by these policies had subsided and had laid a reliable foundation to attract foreign direct investment and rebuild long term economic resilience.
He said the recent statutory adjustments were designed to protect the lowest earners and micro enterprises.
“The recent tax reforms were deliberately designed to shield small businesses and low-income households while ensuring that those with greater capacity contribute more towards financing public services and national development,” he said.
He said that much of the current public anxiety stems from viewing national debt as a personal moral failing rather than an active tool for development.
“A government that borrows is accused of mortgaging the future rather than exercising the sound fiscal strategy necessary to keep the economy running,” Oyedele said,
