Nigeria's economic reforms are beginning to produce results, according to the Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, who defended President Bola Tinubu's policy decisions as necessary measures to address longstanding structural problems. Speaking at a press conference in Abuja on Tuesday ahead of the unveiling of a book on the president's reform agenda, Sulaiman-Ibrahim said Tinubu chose to confront the country's economic challenges rather than defer them to future generations. The president assumed office on May 29, 2023, during difficult economic circumstances that required decisive action to fix weaknesses in Nigeria's economy, revenue collection and public finances, she said.
Sulaiman-Ibrahim acknowledged the cost of the reforms to ordinary Nigerians but said the government recognises the sacrifices involved. She pointed to improvements in external reserves, easing inflationary pressures and renewed investor confidence as evidence that the reforms are working. The minister highlighted three policies intended to ensure gains reach citizens: the Nigerian Education Loan Fund, new tax laws and financial autonomy for local governments. She said the tax laws are designed to protect low-income earners and small businesses, while local government autonomy brings resources closer to communities.
On Nigeria's rising debt levels, Sulaiman-Ibrahim rejected the notion that borrowing necessarily signals failure, citing the United States as an example of a heavily indebted country that remains a major global economy. She said borrowing should be evaluated by the economic value of the projects it finances and emphasised the importance of responsible debt management. However, she acknowledged the severity of rising out-of-school numbers, which have increased from 14 million to 20 million according to reports.
The government is pursuing a coordinated approach to education and skills development, the minister said, encompassing STEM education, technical and vocational training, early childhood education and skills acquisition programmes. Sulaiman-Ibrahim cautioned that the benefits of reforms may not be felt immediately, as implementation depends on funding, administrative adjustments and institutional coordination. The book unveiling is expected to be attended by President Tinubu as Special Guest of Honour, with Alhaji Aliko Dangote as Chief Launcher and Alhaji Abdul Samad Rabiu as Co-Chief Launcher.
For Nigerian savers and borrowers, the minister's statements suggest the government expects external reserves to strengthen and inflation to ease from current pressures, while new tax laws are intended to reduce the tax burden on low-income earners and small business owners.