The Minister of Information and National Orientation, Mohammed Idris, has appealed to Nigerians to be patient, saying recent economic indicators pointed to a gradual improvement in the nation’s economy.
According to him, rising foreign reserves, easing inflation and growing confidence among investors and international partners are evidence of the positive trend.
The minister noted that President Bola Ahmed Tinubu’s economic reforms were helping to stabilise the economy, restore confidence and place the country on a sustainable growth trajectory after years of uncertainty.
Idris made the appeal in a statement issued by his media aide, Mr. Rabiu Ibrahim, during his remarks during a virtual interview on ICAN On Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN) Thursday.
He acknowledged that the reforms had triggered short-term shocks, but said they were necessary to address long-standing structural distortions and ensure that national resources benefitted the wider population rather than a privileged few.
“You cannot build an economy where the foundation itself is extremely faulty. As of May 2023, about 26 out of 36 states could not pay salaries, and about 97 per cent of our income was going into debt servicing. Nigeria couldn’t survive on that path.
“These were not politically convenient decisions, but the President believed we were living on borrowed time. If those steps were not taken, Nigeria was heading in the wrong direction.
“Today, our foreign reserves are about 46 billion dollars, the highest in about eight years. Headline inflation has dropped significantly, and Nigeria is receiving acceptance both domestically and internationally,” he said.
The minister also cited Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a significant credibility boost, adding that it had “improved access to global capital and strengthened Nigeria’s standing in the international financial system.”
Speaking on the tax reforms, he clarified that the objective was not to increase the burden on citizens, but to “simplify the system, eliminate duplication, and bring more people into the tax net fairly and transparently.”
“The tax reform is not meant to make people pay more tax. It is to simplify the process, remove duplication, and bring those outside the tax net into it, so the government can plan better for development,” he said.
He said further that trust was central to effective governance and public communication, noted that it was his core assignment since assuming office.
“Without trust, there is no way you can build confidence, and without confidence, there can be no meaningful development. Our job is to communicate government policies truthfully, transparently, and listen to feedback from Nigerians.
“President Tinubu regularly seeks feedback on policies and is willing to adjust implementation where necessary, while remaining firm on reforms considered essential for long-term national progress,” he said.
On the challenge of misinformation, Idris said the government was strengthening inter-agency collaborations and media literacy to curb the spread of fake news without undermining freedom of expression.
“Fake news is dangerous. If you don’t find a way to reduce its impact, you wake up one day, and you don’t have a country. Media freedom is critical, but it must come with responsibility.”
He further urged Nigerians to remain patient and engaged as reforms continue, noting that their full benefits would become increasingly visible in infrastructure, education, healthcare, and sub-national development.
“These reforms are deliberate, disciplined efforts to reach a destination. We are on the right journey, and the signs are already clear,” he said.
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