Tinubu’s Subsidy Reforms Prevented Nigeria’s Economic Collapse, Oyedele Says

The Finance Minister told the NECA summit in Abuja that President Tinubu’s removal of the fuel subsidy averted a looming economic crisis. He explained that before the reform, Nigeria faced a major fuel shortage and had exhausted oil revenues on fuel subsidies. Borrowing against future crude production left the economy vulnerable. The minister said the reforms brought stability after initial volatility in fuel prices, inflation and the exchange rate. He outlined plans for sustained job-rich growth and a seven per cent GDP expansion, urging Nigerians to back the reforms. Also speaking, the head of the National Health Insurance Authority highlighted increased coverage from 16 to 22 million enrollees and called for more healthcare investment to boost productivity and protect vulnerable households.

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