The Minister of Finance and Coordinating Minister of Nigeria’s Economy, Taiwo Oyedele, has said that with the success recorded so far by the Federal Government in stabilizing the nation’s economy, the government is now shifting its attention to the nation’s inclusive economic growth.
Oyedele, who made this remark while speaking at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) held in Abuja, said that the present administration was able to position the economy on the path of stability through the sundry reforms that forestalled an impending economic collapse.
Sharing his views on the state of the economy during a panel session titled “Reforms in Focus: The Milestones, the Challenges and the Prospects”, Oyedele noted that though the reforms created significant short-term hardships but that they were essential because Nigeria’s public finances had become unsustainable.
According to him, prior to the assumption of office of President Bola Tinubu, the fuel subsidy regime consumed almost all oil revenue, while non-oil income was being used then for servicing debt, thereby leaving little funding for critical investments needed to support economic development.
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The minister clarified: “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.”
According to him, Nigeria’s economy has now entered a period of greater macroeconomic stability, creating better conditions for investment, higher productivity, and long-term economic resilience.
On the future outlook of the economy, Oyedele explained that the next stage of the government’s reform agenda would focus on faster economic growth, lower inflation, expanded opportunities across different sectors, and stronger support for low-income households and small businesses.
While calling on the Nigerian public for greater understanding of government policies, he pointed out that well-informed citizens were better positioned to demand accountability and contribute to national development.
Oyedele further noted that criticisms of government’s borrowings to finance yearly budgets were often linked to the erroneous belief that debt is always harmful, stressing that responsible borrowing can form part of effective fiscal management.
