The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that the economic reforms introduced by President Bola Tinubu prevented Nigeria’s economy from collapsing.
Oyedele made the remark on Tuesday in Abuja while speaking at a plenary session during the 2026 Nigeria Employers’ Summit organised by the Nigeria Employers’ Consultative Association.
Speaking on the theme, “The Reforms in Focus: The Milestones, The Challenges, The Prospects,” he said Nigeria’s economy was on the verge of a major crisis before the implementation of key reforms, particularly the removal of fuel subsidy.
“Before the subsidy removal, Nigeria had less than three months before a major fuel crisis.
“People would have had money without finding petrol because the subsidy had become unsustainable,” he said.
According to Oyedele, the government had exhausted oil revenues used to fund fuel subsidies and was already borrowing against future crude oil production to sustain the system.
He noted that the reforms restored economic stability after an initial period marked by rising fuel prices, inflation, increased transportation costs and exchange rate adjustments.
“We have moved from volatility to stability.
“Stability is necessary because, without it, sustainable economic growth and job creation cannot happen,” he said.
Oyedele stated that the next phase of the government’s economic agenda would focus on accelerated, job-rich and productive growth.
He said the government was targeting seven per cent annual real Gross Domestic Product (GDP) growth across sectors, with the aim of achieving at least five per cent per capita income growth.
“The sacrifices Nigerians have made must not be wasted.
“We must remain focused and consolidate these reforms to achieve sustainable economic prosperity for everyone,” he added.
The tax reform committee chairman said the reforms were deliberately designed to protect small businesses and low-income earners, while urging wealthier Nigerians to contribute more toward supporting economic recovery efforts.
He stressed that sustainable social welfare could not be funded through excessive money creation.
“We cannot build sustainable welfare by printing money.
“Government must generate adequate revenue before redistributing resources to protect vulnerable Nigerians and strengthen economic resilience,” he said.
Oyedele also urged citizens to understand government policies before criticising them, noting that informed engagement was necessary for effective accountability.
“You cannot effectively hold government accountable through anger alone.
“Knowledge and understanding are essential for constructive engagement and solving national challenges,” he said.
He further described Nigeria’s debt profile as favourable, saying the country maintains one of the lowest debt-to-GDP ratios globally while accessing largely concessional financing at relatively low interest rates.
Oyedele warned that persistent negative narratives about the economy could discourage investment and increase the cost of economic development.
Also speaking at the summit, the Director-General of the National Health Insurance Authority, Kelechi Ohiri, called for increased investment in healthcare.
Ohiri said healthcare investment was critical to sustaining productivity and inclusive economic growth, describing human capital as Nigeria’s greatest asset.
According to him, health insurance enrolment has risen from about 16 million to 22 million Nigerians, representing a 34 per cent increase since the implementation of key reforms under the NHIA Act.
“Employers must ensure their workers are covered because health insurance is not only socially responsible but also improves productivity.
“We have also expanded coverage for vulnerable Nigerians,” he said.
He disclosed that more than 50,000 women had benefited from free emergency obstetric care in over 270 accredited hospitals across the country.
Ohiri added that the NHIA had also expanded healthcare benefits to address the growing burden of non-communicable diseases nationwide.
