Finance and Economy Minister Wale Edun has attributed the current economic hardships in Nigeria to overdue reforms initiated by President Bola Tinubu’s administration, emphasizing their necessity for long-term growth and stability.
Speaking on Friday in Abuja during the launch of civil service reform policies, Edun acknowledged the public’s discomfort, particularly from the removal of fuel subsidies, which has significantly increased living costs.
“After 18 months of bold and necessary reforms implemented by Mr. President, the country has changed,” Edun remarked. “Yes, the reforms were so long overdue that they caused pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.”
Edun explained that removing subsidies equivalent to about 5% of Nigeria’s GDP has freed approximately $20 billion annually for investments in critical sectors such as infrastructure, healthcare, education, and social services. Using GDP figures averaging $400 billion, he highlighted the impact of these savings on government finances across all levels.
The reforms are part of Tinubu’s broader economic strategy to reduce inflation, foster economic growth, create jobs, and alleviate poverty.
The event, themed “Marching to Greatness,” also marked the launch of civil service reform policies aimed at improving rewards, recognition, and consequence management. Mrs. Didi Walson-Jack, Head of Civil Service of the Federation (HCSF), described the policies as transformative, promoting excellence, integrity, and accountability within the public sector.
“Today’s recognition of newly promoted directors is a testament to our commitment. We celebrate their achievements and highlight pathways for excellence available to all civil servants,” Walson-Jack said.
She urged the new directors to serve as role models, reinforcing the administration’s dedication to redefining public service delivery. Despite the immediate challenges posed by the reforms, Edun expressed confidence in their potential to lay the foundation for a more resilient and competitive Nigerian economy. Government officials emphasized that the short-term discomfort is a necessary trade-off for sustainable growth and development.
