Oyedele: Sustainable Development Requires Real Reforms

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, stated that sustainable economic development in Nigeria cannot be built on fiscal illusions during the inauguration of the Ministerial Advisory Committee in Abuja. He noted that the administration of President Bola Tinubu has made difficult economic decisions, including the removal of fuel subsidies and the unification of exchange rates.

Oyedele acknowledged the immediate costs of these reforms on households and businesses but stressed the necessity of implementing measures that directly improve the lives of Nigerians. He stated that true reform should be measured by job creation, inflation reduction, and increased private sector investment.

The advisory committee, chaired by Abubakar Suleiman, Managing Director and Chief Executive of Sterling Bank PLC, aims to provide independent advice and identify vulnerabilities in economic policy. Oyedele emphasized the importance of transparency, effective coordination among federal institutions, and the need for bold, innovative strategies rooted in economic realities.