Nigeria's Presidency Addresses Inequality, Economic Reforms

The Nigerian Presidency, represented by a Special Adviser on Economic Affairs, stated that Nigeria is not a poor country but is grappling with inequality challenges. During an interview on Friday, the adviser, Fasua, emphasized the importance of addressing structural economic issues rather than solely focusing on poverty.

He noted that Nigeria has significant liquid wealth, citing a recent N4.6 trillion raised by banks during recapitalization. Fasua highlighted that 80% of the country's economy consists of informal sectors, which contributes to income inequality.

He called for ongoing tax reforms to ensure that revenue is retained within the country and urged Nigerians to support fiscal reforms, including tax payments. Fasua defended the federal government's ambitious N68.32 trillion budget for 2026, which includes a 50% capital budget allocation.

He expressed optimism about the country's potential, stating that reforms will yield results, although he acknowledged that the process will not be easy.