Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Tinubu economic reforms prevented the country from sliding into a major economic crisis, arguing that difficult policy decisions taken by the Federal Government restored stability and positioned the economy for long-term growth.
Speaking on Tuesday at the 2026 Nigeria Employers’ Summit organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja, Oyedele addressed participants during a plenary session themed “The Reforms in Focus: The Milestones, The Challenges, The Prospects.”
He said Nigeria faced severe fiscal and economic pressures before the removal of the fuel subsidy, warning that the country was only months away from a serious fuel supply crisis.
According to Oyedele, the government could no longer sustain the subsidy regime because oil revenues had been exhausted and future crude production had already been committed through borrowing arrangements.
“Before the subsidy removal, Nigeria had less than three months before a major fuel crisis. People would have had money without finding petrol because the subsidy had become unsustainable,” he said.
He acknowledged that the reforms initially triggered higher fuel prices, inflation, transport costs and exchange rate adjustments, but maintained that Tinubu economic reforms have now moved the country from economic volatility to greater stability.
“We have moved from volatility to stability. Stability is necessary because, without it, sustainable economic growth and job creation cannot happen,” Oyedele stated.
The minister said the next phase of the government’s economic agenda is focused on achieving seven per cent annual real Gross Domestic Product growth, with a target of at least five per cent growth in per capita income. He urged Nigerians to remain committed to the reform programme, stressing that the sacrifices already made should translate into lasting prosperity.
“The sacrifices Nigerians have made must not be wasted. We must remain focused and consolidate these reforms to achieve sustainable economic prosperity for everyone,” he said.
Oyedele also said government policies were designed to protect small businesses and low-income earners while encouraging wealthier citizens to contribute more toward national development. He added that sustainable social welfare cannot be financed through money creation alone, insisting that government must first generate sufficient revenue before expanding support for vulnerable citizens.
The minister further described Nigeria’s debt profile as relatively favourable, noting that the country maintains one of the world’s lowest debt-to-GDP ratios while accessing largely concessional financing. He also encouraged Nigerians to engage government policies with informed analysis rather than emotion, warning that persistent negative narratives discourage investment and increase the cost of economic development.
Also speaking at the summit, the Director-General of the National Health Insurance Authority (NHIA), Dr. Kelechi Ohiri, said healthcare investment remains essential for sustaining economic productivity.
Ohiri disclosed that health insurance enrolment has increased from approximately 16 million to 22 million Nigerians, representing a 34 per cent rise since the implementation of reforms under the NHIA Act. He said employers should ensure workers are enrolled in health insurance schemes, adding that wider coverage improves productivity while protecting households from catastrophic medical expenses.
According to him, more than 50,000 women have already benefited from free emergency obstetric care through over 270 accredited hospitals, while the NHIA has also expanded healthcare benefits to address the growing burden of non-communicable diseases.
The Federal Government maintains that Tinubu economic reforms have stabilised the economy after a difficult adjustment period and laid the groundwork for sustained growth. Officials say the focus now is on accelerating economic expansion, creating jobs, strengthening healthcare coverage and ensuring that the gains of the reform programme translate into broader national prosperity.
