Nigeria: Tinubu's Subsidy Removal, Fx Reforms, Stabilising Nigeria's Economy - Zacch Adedeji

What the report says

Nigeria’s revenue chief, Zacch Adedeji, has defended President Bola Tinubu’s economic programme, saying the removal of fuel subsidies and the unification of the foreign exchange market were necessary steps to steady the economy. In comments reported by Premium Times and distributed by AllAfrica, Adedeji said the administration took office facing several structural problems, including an expensive subsidy system, a fragmented FX market, weak oil performance and a limited tax base.

Speaking on Channels Television’s Sunday Politics, Adedeji argued that the reforms are already changing parts of the economy. He pointed to growth in domestic refining capacity and said government revenue had increased as collection improved and the broader reform agenda took hold. He also said the tax changes are intended to widen the base rather than put more pressure on low-income Nigerians, adding that the government’s approach is to tax economic growth rather than poverty.

Adedeji also linked the reforms to wider efforts in power, infrastructure, education, agriculture and access to credit. He said the Electricity Act is meant to encourage more investment in the power sector, while major road projects and airport works are expected to support jobs and business activity. He acknowledged that many Nigerians have felt hardship since the reforms began, but said the administration wants to consolidate gains before the benefits are felt more broadly.