Tinubu’s Bold Reforms Spark Hardship but Promise Long-Term Gains — Finance Minister Wale Edun.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has attributed the economic challenges facing Nigerians under President Bola Tinubu’s administration to the delayed implementation of critical reforms by past governments.
Speaking on Friday in Abuja at the launch of the Federal Civil Service Policies and Guidelines on Rewards and Recognition; Policy and Guidelines/Incentives and Consequences; Management Policy and Guidelines, Edun emphasized that the economic hardships currently being experienced stem from years of inaction.
NIMC Gives Reasons Why All Nigerians Must Pay for New National ID Cards
He noted that previous administrations lacked the courage to implement necessary reforms, leaving Nigerians to bear the brunt of overdue policy adjustments.
Reforms and Their Impact
President Bola Tinubu, in his inaugural speech on May 29, 2023, announced the removal of the petroleum subsidy. This decision led to a sharp increase in fuel prices, rising from ₦195 per litre to the current ₦1,100. Edun described the subsidy removal as a bold but overdue step, stating that it was vital for economic recovery despite the discomfort it has caused.
BREAKING: Armed Herdsmen Resume Attacks On Enugu Community, Kill Three Farmers, Injure Others
He remarked:
“After 18 months of bold and necessary reforms implemented by Mr. President, the country has changed. Yes, these reforms caused pain, discomfort, and an increased cost of living, but the successes and gains are beginning to materialize.”
Edun highlighted that market-based foreign exchange pricing and subsidy removal had already yielded financial benefits for federal, state, and local governments.
“Subsidies accounted for 5% of GDP, approximately $20 billion, which could now be redirected into infrastructure, health, education, and social services,” Edun explained. He stressed that these funds are already flowing into government coffers to address key developmental needs.
Civil Service Reforms Launched
The event also served as an opportunity to celebrate the strides made in civil service reform under Folasade Yemi-Esan, the Head of Civil Service of the Federation (HCSF). Edun lauded Walson-Jack for her leadership in introducing transformative policies aimed at enhancing public service efficiency.
He described the policies as pivotal to achieving President Tinubu’s broader economic goals of reducing inflation, creating jobs, and lifting Nigerians out of poverty.
Head of Service Speaks on Public Service Transformation
In her remarks, the Head of Service, Yemi-Esan, expressed her commitment to redefining public service delivery in Nigeria. She described the newly launched policies as tools designed to embed excellence, accountability, and integrity at the core of government operations.
“Today’s event is part of a collective journey to transform the civil service into a globally competitive and responsive institution, aligned with the aspirations of Nigerians,” she said.
She encouraged newly promoted directors to view themselves as role models and urged all civil servants to strive for excellence.
“The recognition of newly promoted directors today underscores our dedication to rewarding excellence and providing clear pathways for professional growth,” Yemi-Esan added.
