In a candid address in Abuja, Finance Minister Wale Edun shed light on the current economic challenges faced by Nigerians, linking them to the shortcomings of previous administrations in implementing vital economic policies. Speaking at the launch of the Federal Civil Service Policies and Guidelines on Rewards, Edun articulated that the reforms introduced by President Bola Tinubu’s administration, while painful, were both necessary and overdue.
The Minister pointed to the significant impact of recent reforms, such as the removal of fuel subsidies and the floating of the Naira, which have led to dramatic increases in fuel prices—from ₦234 to over ₦1,060 per litre—and a staggering devaluation of the Naira from ₦195 to ₦1,652 per dollar since June 2024.
While acknowledging the hardships faced by citizens, Edun insisted that these reforms were essential for the long-term health of the economy. “After 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed,” he stated. “Yes, the reforms were so long overdue that they caused an element of pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.”
The Finance Minister, highlighted the positive outcomes of market-based pricing for foreign exchange, which has resulted in a significant boost to government revenues, saving approximately 5% of GDP that was previously allocated to subsidies.
“Yes, the reforms were so long overdue that they caused an element of pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.”
He pointed to the positive impacts of market-based pricing for foreign exchange, which has boosted federal, state, and local government revenues by saving approximately 5% of GDP previously spent on subsidies.
