Nigeria’s Economy Now Stronger as Tinubu’s Reforms Enter Growth Phase – Information Minister

The Federal Government has said Nigeria’s economy is now on a stronger footing following the economic reforms introduced by President Bola Ahmed Tinubu’s administration.

Minister of Information and National Orientation, Mohammed Idris, stated this on Thursday during a press briefing in Abuja, where the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, provided an update on the economy and government’s plans ahead.

Idris said the reforms, including the removal of fuel subsidy, were necessary to address long-standing economic challenges, improve public finances and redirect resources to critical areas.

He said Nigeria had moved into a new phase focused on economic growth, investment, job creation and shared prosperity.

“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.

The Minister added that the next stage of the administration’s economic programme would focus on turning reform gains into improved living conditions for Nigerians.

According to him, the government’s priority is to create more jobs, strengthen businesses, increase incomes, reduce living costs and improve citizens’ quality of life.

Oyedele, while addressing concerns over rising fuel prices, acknowledged the pressure on households and businesses but said the government would not return to a broad fuel subsidy regime.

He explained that the Federal Government was implementing measures such as boosting local refining, providing tax and duty waivers on petroleum products, promoting Compressed Natural Gas (CNG) adoption and offering targeted support to vulnerable groups.

“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.

The Finance Minister said the government’s approach was aimed at achieving long-term stability while reducing the impact of fuel price increases on Nigerians.

Earlier, Idris expressed condolences to families of victims of the Nigerian Air Force aircraft crash in Igbokoda, Ondo State.

The briefing was attended by senior government officials, including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Special Adviser to the President on Information and Strategy, Bayo Onanuga, and other stakeholders.