Tinubu’s Long-Overdue Reforms Behind Current Hardship, Says Finance Minister Edun

Taiwo Ajayi
3 Min Read
Tinubu’s Long-Overdue Reforms Behind Current Hardship, Says Finance Minister Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has attributed the current economic difficulties faced by Nigerians to the failure of previous administrations to implement critical reforms.

Speaking on Friday in Abuja during the launch of key Federal Civil Service policy documents on rewards, recognition, and consequence management, Edun noted that the reforms implemented under President Bola Tinubu’s administration were long overdue, and their absence had caused significant economic challenges for the nation.

Edun pointed to the removal of fuel subsidies, announced during President Tinubu’s inaugural speech on May 29, 2023, as a transformative but painful decision. The subsidy removal led to a dramatic rise in the pump price of petrol, from N195 to N1100 per litre.

“After 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed,” Edun stated. “Yes, the reforms caused discomfort, increased costs of living, and economic difficulties, but the successes and gains are beginning to materialize.”

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The minister explained that the shift to market-based pricing for foreign exchange has resulted in significant financial benefits. “An amount equivalent to 5% of GDP, previously spent on subsidies, is now available for investment in infrastructure, health, education, and other critical sectors,” he said.

Edun also emphasized the importance of these reforms in aligning with President Tinubu’s agenda to reduce inflation, grow the economy, create jobs, and alleviate poverty.

Civil Service Reforms Launched

At the same event, the Head of Civil Service of the Federation (HCSF), Folasade Walson-Jack, unveiled four transformative policy documents aimed at enhancing public service delivery. She described the launch as part of her administration’s efforts to redefine the ethos of professionalism, efficiency, and accountability within the civil service.

“These policies are not just documents but powerful instruments of reform designed to embed excellence and integrity in public service,” Walson-Jack said, highlighting the milestone as a part of her first 100 days in office under the theme ‘Marching to Greatness’.

The event also celebrated newly promoted directors, with Walson-Jack urging them to act as role models and embody the values of excellence in service delivery.

The initiatives align with President Tinubu’s vision for a reformed civil service that supports the government’s macroeconomic and development objectives.

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