President Bola Tinubu’s Special Adviser on Economic Affairs Dr Tope Fasua has said Nigeria’s inclusion on the International Monetary Fund’s list of countries expected to contribute to global growth and the recent decline in food prices are clear indicators that the administration’s economic reforms are producing results.
Speaking on Tuesday during an interview on Arise News, Fasua defended the government’s removal of fuel subsidies and the liberalisation of the foreign exchange market, noting that Nigeria has already passed the most difficult phase of the reforms.
“We don’t have to struggle so hard to understand that this needed to be a government of reforms. The reforms are paying off already whether you look at local assessments or international validation,” he said.
Fasua highlighted Nigeria’s placement on the IMF’s growth outlook as evidence of the reforms’ impact. “Nigeria wouldn’t have made it to the IMF list of countries that will contribute to global growth in 2026 if the reforms were not working. We came in sixth contributing about 0.15 per cent to global growth at a time when most economies are plateaued,” he added, stressing that Nigeria remains one of Africa’s largest economies.
He dismissed suggestions for a gradual implementation of reforms, arguing that any delay would have worsened the economic crisis. “Mr President did what needed to be done with fuel subsidies and foreign exchange. The coast is clear now. The worst is over,” Fasua said.
The presidential aide also cited trade and inflation data to demonstrate economic recovery. “We’ve had 10 consecutive quarters of trade surpluses. Imports are down about 20 per cent. Exports are up about 40 per cent. We’re doing 25 per cent more trade within Africa than we used to do,” he stated.
On the cost of living, Fasua said food prices have dropped significantly. “Gari prices are about 70 per cent lower. Rice prices are down 30 to 40 per cent. Beans prices have dropped,” he said, adding that food inflation is down to about 11 per cent and overall inflation is trending around 15.15 per cent, moving towards single-digit levels.
Fasua also highlighted wage increases and tax reforms as evidence of improved disposable income. “Minimum wage rose by 130 per cent while the naira devalued by about 50 per cent. Everyone that works is earning more in nominal terms,” he said, noting that new tax laws favour low- and middle-income earners, with 90 to 95 per cent of compliant workers earning more in January salaries.
He further cited gains in Nigeria’s external reserves and currency stability. “We’ve moved our foreign reserves from about $3.5 billion net to $46–47 billion. The naira is stable. We have international recognition for how this economy is being managed,” Fasua said.
He concluded by urging Nigerians to remain optimistic about the country’s economic outlook, emphasizing that the reforms are delivering tangible results.
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