Tinubu’s policies have put Nigeria on the right path — Wale Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that President Bola Tinubu’s economic policies have set Nigeria “firmly on the right path,” citing a decline in the price of rice from ₦120,000 to ₦80,000 per bag as evidence of progress.

Edun made the assertion in a write-up titled “Nigeria Turns Towards Prosperity,” which was shared on Monday by Bayo Onanuga, Special Adviser on Information and Strategy to the President. While acknowledging the progress made under the current administration, Edun admitted that the nation still faces “tough realities.”

According to him, when President Tinubu assumed office in 2023, Nigeria’s economy was nearing collapse, with low growth, high inflation, and market distortions caused by fuel subsidies and multiple exchange rate systems. He said Tinubu’s reforms were designed to dismantle these distortions, attract private investment, and reward productivity.

“Two years later, the results are evident. GDP grew by 4.23 percent in the second quarter of 2025. Inflation, though still high, has moderated to 18.02 percent after six consecutive months of decline. The exchange rate has stabilised, with the gap between official and parallel markets narrowing to about 1 percent,” Edun wrote.

He added that foreign reserves have risen to over $43 billion — the highest level since 2019 — describing it as a strong foundation for inclusive growth.

Speaking on food prices, Edun said targeted government measures are easing inflationary pressures. “A bag of rice that cost about ₦120,000 last year now averages around ₦80,000. The prices of garri, pepper, tomatoes, and other essentials have also decreased,” he claimed, adding that the government is supporting smallholder farmers to ensure food security and production sustainability.

The Minister disclosed that over 8.1 million households have received direct cash transfers from the federal government to cushion the effects of economic reforms, with a target to reach 15 million households once identity verification challenges are resolved.

On fiscal challenges, Edun admitted that debt servicing remains a major concern, consuming a large share of government revenue. He noted that Nigeria’s tax-to-GDP ratio, at about 10 percent, remains among the lowest in Africa.

He announced that the Nigeria Tax Act and related legislation, signed by President Tinubu in June 2025, will take effect in January 2026. The reforms, he explained, aim to broaden the tax base, simplify compliance, and introduce a progressive tax regime that protects low-income earners while adjusting rates for wealthier citizens.

Edun also highlighted key improvements in oil production, which has risen to 1.68 million barrels per day, as well as renewed efforts to attract private investment in critical sectors such as technology, manufacturing, agriculture, and infrastructure.

He said Nigeria’s growing investor confidence, both locally and internationally, is a sign of restored trust in the government’s economic direction.

“Our medium-term goal is to achieve 7 percent growth by 2027 or 2028,” Edun stated. “The task ahead is to deepen resilience, broaden opportunities, and ensure that reforms translate into real improvements in people’s lives — better schools, affordable food, reliable power, and jobs for our youth.”

He concluded that, despite the challenges, Nigeria is now on a path toward “shared prosperity and renewed hope.”