At a recent gathering hosted by Covenant Nation, known as The Platform, Chair of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, took to the stage.
His message was clear and full of hope; Nigeria’s economic reforms under President Bola Ahmed Tinubu are beginning to bear fruit.
Standing before a packed audience at The Platform, Chair of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, passionately defended the government’s economic reforms.
Backing President Tinubu’s policies, he described the removal of petrol subsidies as a crucial turning point for Nigeria, despite the short-term impact of rising prices.
To drive home his point, Oyedele used a relatable analogy.
He explained that sustaining artificially low petrol prices was akin to enrolling children in an unaffordable school.
“If you dream of sending your children to a school that costs ₦200 million per term but can’t afford it, wouldn’t it make sense to choose a school costing ₦200,000 instead?” he asked, underscoring the need for financial realism.
Nigeria’s Economic Fragility And Reform
He then outlined the fragile state of Nigeria’s economy before these reforms.
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According to Oyedele, the country had resorted to printing money after international lenders deemed it too risky to extend credit.
“We lacked cash flow and couldn’t borrow locally.
Printing money to spend is dangerous,” he warned.
Transitioning to a message of hope, Oyedele urged Nigerians to shift their mindset.
“There’s nothing wrong with Nigeria itself, but perhaps with its leadership.
In America, people don’t say, ‘May America never happen to you.
’ Let’s stop saying that about Nigeria.
Instead, let’s say, ‘May Nigeria work for me.’”
Concluding with optimism, Oyedele asserted, “Looking at the data, I believe the worst is behind us.”
Since May 2023, President Tinubu’s administration has enacted bold reforms aimed at creating long-term stability, despite initial challenges.
