Federal Government has said Nigeria’s economy is beginning to stabilise after years of economic challenges, with the administration shifting attention from major reforms to delivering better opportunities and improved living conditions for citizens.
Minister of Information and National Orientation, Mohammed Idris, said the country was entering a new phase focused on economic growth, investment, job creation and shared prosperity.
Idris made the statement on Thursday in Abuja during a media briefing where the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, provided updates on the economy and government’s next steps.
According to the Information Minister, the reforms introduced by President Bola Ahmed Tinubu’s administration, including the removal of fuel subsidy, were aimed at addressing deep-rooted economic problems and strengthening public finances.
“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.
He explained that the government’s priority had now moved from implementing reforms to ensuring Nigerians feel the impact through improved livelihoods, stronger businesses and increased economic opportunities.
“The focus now is on impact, ensuring that the gains of reform translate more directly into the everyday lives of Nigerians through more jobs and opportunities, stronger businesses, increased incomes, lower living costs and an improving quality of life,” he said.
The Minister acknowledged that Nigerians had faced difficulties during the reform period but said the government was working to ensure the benefits of the changes reach households and businesses.
Speaking on fuel prices, Oyedele admitted that the removal of subsidy had created pressure for many Nigerians but said the government was pursuing measures to reduce the impact without returning to the previous subsidy system.
He listed steps including support for local refining, tax and duty waivers on petroleum products, promotion of Compressed Natural Gas (CNG), and targeted assistance for vulnerable citizens and businesses.
“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 administration’s approach was to create a more sustainable economy that encourages investment while protecting citizens from rising costs.
Earlier at the briefing, Idris expressed the Federal Government’s condolences to families of victims of the Nigerian Air Force aircraft crash in Igbokoda, Ondo State.
The government said the ongoing economic programme was designed to build a stronger foundation for Nigeria’s future, with emphasis on stability, investment, employment and improved living standards.