Tinubu's Reforms: Overdue but Causing Hardship, Says Finance Minister Wale Edun

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Nigeria's Finance Minister and Coordinating Minister of the Economy, Wale Edun, has attributed the nation's current economic hardship to delayed reforms that were long overdue. Speaking at an event in Abuja on Friday, Edun explained that successive governments' failure to implement necessary changes left President Bola Tinubu’s administration to make bold but painful decisions.

Edun, attending the launch of four transformative civil service policies, emphasized that Nigerians are grappling with economic challenges because the previous administrations lacked the courage to enact reforms now being implemented by Tinubu’s government.

The Controversial Fuel Subsidy Removal

President Tinubu's decision to remove the fuel subsidy during his inaugural speech on May 29, 2023, significantly increased fuel prices from N195 to over N1100 per litre. Edun defended this move, describing it as critical to freeing up funds for vital sectors like infrastructure, healthcare, and education.

“After 18 months of these bold reforms, the country has fundamentally changed,” Edun said. “While the reforms have caused discomfort, higher living costs, and challenges for many Nigerians, they were necessary. The results are beginning to materialize, as revenues are now being redirected to critical sectors instead of unsustainable subsidies.”

Economic Impact

Edun highlighted that the reforms, particularly the market-based pricing of foreign exchange, are yielding benefits. He noted that funds previously consumed by subsidies—equivalent to 5% of the nation's GDP, estimated at $20 billion annually—are now available to improve public services.

“These resources can now be deployed to infrastructure, social services, and education,” he added.

Strengthening Civil Service

At the same event, the Head of Civil Service, Dr. Folasade Yemi-Esan, celebrated her first 100 days in office by launching policies aimed at redefining public service delivery. The initiatives focus on reward and recognition, accountability, and performance management, aligning with Tinubu’s economic agenda to curb inflation, stimulate growth, create jobs, and reduce poverty.

Yemi-Esan described the policies as transformative tools for fostering professionalism and global competitiveness within Nigeria’s civil service. Newly promoted directors were also urged to embody leadership and serve as role models for their peers.

“This recognition of excellence among civil servants underscores our commitment to laying a foundation for sustained progress,” she said. 

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