The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that President Bola Tinubu’s policies have set Nigeria “firmly on the right path,” citing the drop in the price of rice to N80,000 from last year’s N120,000.

He also claimed that the prices of garri, pepper, tomatoes, and other essentials have decreased.

A write-up titled ‘Nigeria turns towards prosperity’ posted by Special Adviser Information and Strategy to President Bola Tinubu, Bayo Onanuga, and shared by the Minister of the Finance Ministry, however, acknowledged that despite the progress made, the country still faces “tough realities”.

‘’In this role, I often feel a mix of emotions: deep pride in our national journey, regret over the opportunities we failed to seize, and confidence in our direction of travel today. Despite some historical shortfalls and present-day challenges, I believe the most difficult phase of our economic journey is behind us. Nigeria has turned a decisive corner. The road ahead will demand hard work and discipline, but we are firmly on the right path.

When President Bola Ahmed Tinubu took office in 2023, Nigeria’s economy was on the brink of fiscal collapse. Slowing growth, surging inflation, and market distortions like the fuel subsidy and multiple exchange rate regimes had created an environment that scared off investment. The President’s mandate was clear – dismantle those market distortions, reward productivity, and create a climate where private investment can thrive.

From Crisis to Stability

Two years later, the results are evident at the macro level. GDP grew by 4.23 percent in the second quarter of 2025. Inflation, while still high, has moderated to 18.02 percent after six consecutive months of decline. The exchange rate has stabilised, and the gap between official and parallel markets has narrowed to about 1 percent, down from a peak of nearly 70 percent. Importantly, foreign reserves have risen above $43 billion, the highest since 2019. These are more than just numbers; they are the foundation for building inclusive growth that benefits every Nigerian.

Notwithstanding, we recognise that the economy is ultimately about people, not statistics. Millions of Nigerians measure progress by the cost of food, transport, and other necessities. I am keenly aware of this reality. Food inflation has been our heaviest burden since it surged after currency depreciation and the removal of fuel subsidies. However, targeted measures are beginning to ease the pressure. A bag of rice that cost about N120,000 last year now averages around

N80,000. The prices of garri, pepper, tomatoes, and other essentials have also decreased.

At the same time, we are careful to ensure our smallholder farmers have enough incentives to return to farms next planting season. We are therefore implementing programmes that stimulate agricultural production by safeguarding smallholder farmers’ incomes.

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The Director of the Lagos Business School Public Sector Initiative, Prof. Franklin Ngwu, has said that without deep reforms, Nigeria risks returning to the Financial Action Task Force, FATF, grey list.

Ngwu made this statement on Monday while responding to questions in an interview on Arise Television.

His comment comes after FATF delisted Nigeria from its “grey list” of countries with deficiencies in anti-money laundering and counter-terrorist financing frameworks.

According to him, Nigeria has not done well in recent years pertaining to money laundering and corruption.

“Nigeria has not performed well in recent years regarding money laundering and corruption, which led to its placement on the grey list.

“Although it appears that we have taken corrective measures, resulting in our removal, there is no guarantee that we will not relapse,” he said.

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Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has dismissed claims the investors are frustrated with him over the Capital Gains Tax contained in the Nigerian Tax Act.

He disclosed this in a clarification statement released on his X account on Monday.

This comes amid a report that claimed during a virtual engagement organised by Standard Chartered that Nigerian investors are frustrated with his tax reforms, especially the Capital Gains Tax, which is 30 per cent on gains from the disposal of Nigerian assets.

Reacting, Oyedele, in a lengthy statement, said the claim mischaracterised both the policy and his engagements with key stakeholders.

He also clarified that his stance on tax and fiscal reforms is not socialism; rather, it is progressive and embedded in an advanced economy.

Oyedele explained that the CGT does not portend troubling signals about Nigeria’s competitiveness and predictability, noting that competitiveness is not defined by the absence of CGT.

“A total of 281 participants attended the call from more than 10 countries. Contrary to claims of “frustration” and “unease”, about 80% of participants who gave feedback after the event rated the engagement 9 or 10 out of 10, with an overall average of 8.6. From the comments, many wished we had more time – certainly not the expected reaction of frustrated investors.

“My statement was in the context of low-income earners and nano businesses. Exempting the poor while taxing the wealthy fairly is not socialism; it is progressive taxation, a principle embedded in virtually every advanced economy.

“Competitiveness is not defined by the absence of CGT. The most advanced capital markets – the U.S., U.K., and South Africa, among others – apply CGT and remain attractive to investors, while many countries with no CGT lack robust capital markets altogether. Competitiveness depends on overall returns and risk factors, not on the absence of CGT.

“While ensuring progressivity and equity across the board beyond CGT, the tax reform addresses a myriad of tax issues plaguing the capital market. This is an opportunity to attract more investments into the market, especially by retail investors, away from gambling and virtual asset trading that today attract more interest from Nigerians than the capital market.

“Along with my team, I remain focused on the national assignment I have been entrusted with: contributing modestly but firmly to reforms that strengthen Nigeria’s economy and promote fairness,” he wrote on X.

Recall that in June 2025, President Bola Ahmed signed tax reform bills into law expected to be implemented in January 2026.

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