Tinubu’s bold leadership pulled Nigeria back from economic brink — Minister Enoh reveals

Nigeria was on the verge of an economic collapse before President Bola Ahmed Tinubu’s administration intervened with decisive reforms, according to the Minister of State for Trade, Industry and Investment John Owan Enoh. 

Speaking in an exclusive interview in Riyadh, Saudi Arabia, during the Future Investment Initiative, Enoh said the president’s policies restored stability and confidence in the financial system.

“I think it’s amazing, you know, when you look at where we were post this administration and where we are now. We passed through a period characterised by so much uncertainty and distortions, and therefore the country was almost at a brink. Unfortunately, not too many Nigerians were or are in a position to appreciate it,” he said.

Enoh credited the turnaround to what he described as Tinubu’s “bold, disciplined and focused leadership.” According to him, “What the government and the country needed was bold, disciplined and focused leadership. And all of these, President Bola Ahmed Tinubu embodied, which is why the very profound decisions he took on day one became so very consequential in terms of getting us to where we are.”

The minister pointed to the removal of the fuel subsidy as a defining decision that freed up national resources for critical sectors. “The oil and fuel subsidy was something that nobody thought could happen. What it required to match the data was leadership, and President Bola Ahmed Tinubu provided it. So resources were freed up instead of being wasted,” he said.

He added that monetary reforms under the current administration had also produced tangible results, especially in the foreign exchange market. “The exchange rate gap between the official and parallel markets was close to 70 percent, but now it’s gone down to about 1 percent. That’s amazing. That stable, focused, courageous leadership has gotten Nigeria to navigate through a period in which we can talk about economic stability,” he explained.

Enoh further revealed that the country’s net foreign reserves had improved in recent months. “As of two months ago, our net foreign reserves had climbed to about $2.2 billion or $2.5 billion. Now, we’re not yet where we should be, but we are where we can comfortably cope with whatever shocks Nigeria experiences,” he noted.

The minister said the administration’s ongoing tax reforms were part of efforts to strengthen the fiscal system, even though the public had expressed some concerns. “There is that initial anxiety driven by the fact that something new is coming from January. But the new tax laws represent the most progressive attempt by any administration,” he stated.

He assured that the government was aware of public concerns and was engaging relevant stakeholders to minimize unintended consequences. “The fears Nigerians are expressing are not hidden from government. There’s been a lot of back and forth between different agencies and affected groups,” he added.

“When Mr President assented to the tax laws, it was agreed that implementation would start from January. But there’s been conscious effort to understand the mood and mitigate unintended consequences. All of these are meant to address and ease the fears people have expressed,” Enoh concluded.