The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has declared that Nigeria has moved from a period of economic decline and instability to one of growing macroeconomic stability, saying the Federal Government is now focused on accelerating inclusive growth that benefits both citizens and businesses.
Oyedele made the remarks at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja, according to a statement from his office.
Speaking during a panel session titled “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the minister said the economic reforms introduced by President Bola Tinubu’s administration prevented what he described as an imminent economic collapse and laid the foundation for sustainable growth.
He acknowledged that the reforms imposed significant short-term hardships but maintained they were unavoidable.
According to Oyedele, Nigeria’s fiscal position before the reforms had become unsustainable, with nearly all oil revenues spent on fuel subsidy payments, while non-oil revenues were largely used to service debt, leaving little funding for critical national investments.
“The reforms were not optional; they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians,” he said.
Oyedele noted that the economy has transitioned from severe volatility to increasing stability, creating a more attractive environment for investment, higher productivity and long-term economic resilience.
He said the next phase of the government’s economic agenda would prioritise faster economic growth, lower inflation, expanded opportunities across key sectors and stronger protection for low-income earners and small businesses.
The minister also stressed the importance of improving public understanding of government policies, arguing that informed citizens are better positioned to hold leaders accountable and contribute meaningfully to national development.
Addressing concerns over public borrowing, Oyedele said criticism often stems from the misconception that government debt is inherently irresponsible, explaining that borrowing can be a legitimate fiscal tool when properly managed to support economic activity.
Using the recently enacted tax reforms as an example, he said the measures were designed to protect low-income households and small businesses while ensuring wealthier individuals and larger companies contribute a fairer share toward funding public services.
He urged Nigerians to adopt a balanced view of the economy, insisting that despite ongoing challenges, the country has recorded measurable progress in fiscal management, debt sustainability, investor confidence and macroeconomic stability.
