The Federal Government says Nigeria’s economy is becoming more stable following reforms introduced by President Bola Ahmed Tinubu’s administration, with the next phase focused on making life easier for Nigerians.
Minister of Information and National Orientation, Mohammed Idris, made this known at a press conference where Finance Minister Taiwo Oyedele outlined the economy’s current state and the government’s plans to improve living conditions.
Idris said removing the fuel subsidy and introducing other reforms were necessary to tackle long-standing economic problems, improve government finances and direct more resources towards key national needs.
“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 administration’s next phase, which President Tinubu calls “From Reform to Prosperity,” would focus on turning the gains of these policies into real benefits for citizens.
“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 admitted that higher fuel prices have put pressure on households and businesses but ruled out a return to a general fuel subsidy.
He listed plans to boost local refining, introduce tax and duty waivers on petroleum products, expand compressed natural gas (CNG) use, support vulnerable households and businesses, and reduce fuel price changes.
“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 offered condolences to families of victims of the Nigerian Air Force aircraft crash in Igbokoda, Ondo State, on Monday.
