Tinubu reforms helped avert economic collapse, says finance minister
By Aboki Forex —
Finance Minister Taiwo Oyedele says President Bola Tinubu's economic reforms have helped stabilise Nigeria's public finances, increase foreign reserves and attract investment. The reforms, introduced in 2023, include the removal of fuel subsidies and changes to the foreign-exchange system.
Investor support and extra revenue
Investors and international lenders have backed the policies. Between June 2023 and December 2025, the reforms generated additional federal resources through higher revenues and borrowing. The government used these funds for wage increases, external debt servicing, infrastructure and other spending.
Cost of living strain
The reforms have also contributed to significant short-term increases in living costs for many Nigerians. That is the trade-off the government has accepted.
Exchange rate gap narrows
Oyedele said the reforms significantly reduced the difference between Nigeria's official and parallel-market exchange rates.
For consumers and businesses, the immediate impact has been higher prices. But the government says the policies are necessary to prevent a full economic collapse.