By Gabriel Ameh
The Minister of Information and National Orientation, Mohammed Idris, says the economic reforms introduced by President Bola Ahmed Tinubu are beginning to stabilise Nigeria’s economy, restore investor confidence, and place the country on a sustainable growth trajectory after years of fiscal strain.
Idris made the remarks during a virtual interview on ICAN On Air, a live programme hosted by the Institute of Chartered Accountants of Nigeria (ICAN) on Thursday.
He explained that the early removal of fuel subsidy and the unification of the foreign exchange rate were deliberate steps taken to address deep-rooted structural challenges that had threatened Nigeria’s economic stability.
“You cannot build an economy where the foundation itself is faulty. As of May 2023, about 26 out of 36 states could not pay salaries, and nearly 97 per cent of national income was going into debt servicing. Nigeria could not continue on that path,” the minister said.
According to him, although the reforms triggered short-term economic shocks, they were necessary to correct long-standing distortions and redirect national resources for the benefit of the wider population rather than a select few.
“These were not politically convenient decisions, but the President believed the country was living on borrowed time. Without those steps, Nigeria was heading in the wrong direction,” Idris added.
The minister pointed to recent economic indicators as evidence of progress, citing increased foreign reserves, easing inflationary pressure, and renewed confidence from investors and international partners.
“Today, Nigeria’s foreign reserves stand at about 46 billion dollars, the highest in roughly eight years. Headline inflation is easing, and the country is gaining broader acceptance both locally and internationally,” he said.
Idris also described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a major credibility boost that has improved the country’s access to global capital and strengthened its standing in the international financial system.
On ongoing tax reforms, the minister clarified that the objective is not to increase the tax burden on citizens but to simplify the system, eliminate duplication, and ensure fairness and transparency.
“The tax reform is not about making people pay more. It is about simplifying the process, removing duplication, and bringing more people into the tax net so government can plan development more effectively,” he said.
Highlighting the importance of public trust in governance, Idris described effective communication as central to his mandate. He said the government is committed to explaining its policies transparently while listening to feedback from citizens.
“Without trust, there can be no confidence, and without confidence, meaningful development becomes difficult. Our responsibility is to communicate truthfully and remain open to feedback,” he stated.
He added that President Tinubu regularly reviews feedback on policies and is open to adjusting implementation where necessary, while remaining firm on reforms considered critical for long-term national progress.
Addressing concerns about misinformation, the minister said the government is strengthening inter-agency collaboration and promoting media literacy to curb fake news without undermining press freedom.
“Fake news is dangerous. If its impact is not reduced, it can threaten national stability. Media freedom is essential, but it must be exercised responsibly,” Idris said.
He further disclosed that Nigeria recently won the bid to host UNESCO’s first Category-2 Media and Information Literacy Institute, which aims to equip citizens, particularly young people, with the skills to identify and counter misinformation.
The minister urged Nigerians to remain patient as the reforms continue, assuring that the benefits would become more visible across key sectors, including infrastructure, education, healthcare, and sub-national development.
“These reforms are deliberate and disciplined efforts aimed at a clear destination. We are on the right path, and the positive signs are already emerging,” he said.
