By Daniel Oluwatobiloba Popoola
The Federal Government says Nigeria has successfully averted an economic collapse and is now on the path to macroeconomic stability following sweeping fiscal and economic reforms introduced by the administration of President Bola Tinubu.
The position was contained in a statement issued by the Senior Special Assistant on Communications and Press Secretary to the Minister of Finance and Coordinating Minister of the Economy, Maryann Duke, after the Minister, Wale Edun, addressed participants at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja.
During the summit, the minister said the reforms were necessary to rescue the country’s economy from fiscal insolvency and lay the foundation for sustainable growth.
According to the minister, Nigeria’s fiscal structure before the reforms had become unsustainable, with most oil revenues consumed by fuel subsidy payments, while non-oil revenues were largely used to service debt, leaving little or no resources for infrastructure and other critical public services.
“The reforms were not optional; they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians,” the minister said.
He acknowledged that the reforms had imposed short-term hardships on Nigerians but maintained that the most difficult phase of the adjustment had passed, adding that the economy was becoming more stable and better positioned to attract foreign direct investment and build long-term resilience.
Speaking on government borrowing, the minister said public debt should be viewed as an economic management tool rather than a personal financial burden.
“A government that borrows is accused of mortgaging the future rather than exercising the sound fiscal strategy necessary to keep the economy running,” he said.
The Minister also defended the recent tax reforms, saying they were deliberately structured to protect low-income earners and small businesses while ensuring that individuals and organisations with greater capacity contribute more to national development.
“The recent tax reforms were deliberately designed to shield small businesses and low-income households while ensuring that those with greater capacity contribute more towards financing public services and national development,” he added.
Private sector leaders and economic experts at the summit acknowledged improvements in key macroeconomic indicators but urged the Federal Government to ensure that the gains translate into lower operating costs for businesses and improved living conditions for Nigerians.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, alongside representatives of the Nigerian Economic Summit Group and the National Health Insurance Authority, called for increased investment in infrastructure and stronger healthcare financing to sustain economic recovery.
The Minister, however, urged Nigerians to assess the country’s economic progress objectively, insisting that significant milestones had been recorded despite existing challenges.
“Adopt a more balanced narrative about the country’s progress. While challenges remain, significant improvements have been recorded in fiscal management, debt sustainability, investor confidence and economic stability,” he said.