An International Monetary Fund (IMF) and World Bank expert, Dr. Ifediora Amobi, has urged the Federal Government to sustain its economic reforms while implementing measures that will provide relief to Nigerians and stimulate economic activity.
Amobi, a renowned economist and political economy expert, spoke while commending the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, for providing Nigerians with greater clarity on the gains and challenges of the Federal Government’s economic reforms.
He said Oyedele’s recent presentation of the government’s reform scorecard offered ‘hope, clarity and encouragement’ to Nigerians, particularly by providing details of the financial implications of some of the administration’s major economic decisions.
Oyedele disclosed that N15.8 trillion was paid into the Federation Account between June 2023 and December 2025 as proceeds of petrol subsidy removal.
Of the amount, he said the Federal Government received N5.4 trillion, while the 36 states and 774 local governments received N10.4 trillion.
The minister also disclosed that the Federal Government borrowed N11.9 trillion between June 2023 and December 2025, stressing that the borrowing requirement would have been significantly higher without the fiscal space created by the economic reforms.
Amobi said the disclosure was important because it enabled Nigerians to better understand the relationship between subsidy removal, government revenue, borrowing and fiscal management.
He noted that the reforms introduced by President Bola Tinubu’s administration, particularly the removal of petrol subsidy and the unification of the foreign exchange market, had significantly altered the structure of the Nigerian economy.
According to him, while the measures were necessary to strengthen public finances, attract investment and place the economy on a more sustainable footing, they had also imposed significant pressure on households and businesses through higher energy costs, inflation and increased operating expenses.
He therefore urged the government to sustain the reforms while accelerating measures capable of cushioning their impact on Nigerians and businesses.
Amobi also commended Oyedele’s role in the Federal Government’s tax reform programme, saying the initiative had helped increase revenue, seal loopholes and strengthen Nigeria’s fiscal position.
He said the reforms would be more meaningful if increased government revenues translated into improved infrastructure, social services, job creation and a more competitive business environment.
Amobi urged the Finance Minister to focus on long-term revenue growth, plugging fiscal leakages and creating incentives for private-sector investment, while pursuing measures that would stimulate production and reduce the cost of doing business.
He said: ‘The reforms were necessary to reposition the Nigerian economy, but the immediate impact on households and businesses cannot be ignored. What is important now is to sustain the reforms while implementing measures that will provide relief and stimulate economic activity.’
The economist also commended President Tinubu for appointing Oyedele, describing the decision as evidence of the President’s ability to identify and deploy professionals with the expertise required to manage complex economic challenges.
Amobi, a former Howard University professor of economics and adviser during the administration of the late President Umaru Musa Yar’Adua, is known for his interventions on national television and public discourse on political economy, governance and strategies for improving Nigeria’s economic fortunes.