Nigeria has moved from economic decline to stability – Oyedele

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Taiwo Oyedele

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By Emma Ujah, Abuja Bureau Chief

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The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, yesterday, declared that Nigeria has successfully moved from a period of economic decline and instability to one of macroeconomic stability.

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The Federal Government’s priority, he said, is now to accelerate inclusive growth that delivers tangible benefits to citizens and businesses.

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He spoke at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja, according to a statement from his office.

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Mr. Oyedele said the economic reforms initiated by the administration of President Bola Tinubu had averted what he described as an imminent economic collapse and laid the foundation for sustainable economic growth.

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The minister, who spoke during a panel session titled, “Reforms in Focus: The Milestones, the Challenges and the Prospects,” admitted that the reforms came with significant short-term costs but insisted they were unavoidable.

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According to him, before the reforms, Nigeria’s fiscal position had become unsustainable, with virtually all oil earnings being spent on fuel subsidy payments, while non-oil revenues were largely consumed by debt servicing, leaving little resources for critical investments.

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He said: “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.”

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Oyedele maintained that the economy had now transitioned from severe volatility to increasing stability, creating a more conducive environment for investment, higher productivity and long-term economic resilience.

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He disclosed that the next phase of the government’s economic agenda would focus on achieving faster economic growth, reducing inflation, expanding opportunities across sectors and protecting low-income earners as well as small businesses.

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The minister also stressed the need for greater public understanding of government policies, saying informed citizens would be better equipped to hold the government accountable and participate meaningfully in national development.

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He observed that public criticism of government borrowing often stemmed from the misconception that borrowing was inherently irresponsible, whereas governments sometimes required debt financing as part of sound fiscal management to sustain economic activities.

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Using the recently enacted tax reforms as an example, Mr. Oyedele said the measures were deliberately structured to protect low-income households and small businesses, while ensuring that wealthier individuals and larger businesses contribute a fairer share towards financing public services.

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He urged Nigerians to adopt a more balanced assessment of the country’s economic situation, noting that despite persisting challenges, notable progress had been made in fiscal management, debt sustainability, investor confidence and macroeconomic stability.

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