Oyedele: Nigeria lucky to have Tinubu despite economic hardship

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has described Nigeria as fortunate to have President Bola Tinubu as leader, citing his willingness to implement difficult economic reforms despite their political consequences.

Oyedele said Tinubu had demonstrated the courage to take decisions he considered necessary for the country, even when they were unpopular and could affect his electoral prospects.

The minister spoke on Wednesday on the sidelines of the World Bank and International Monetary Fund meetings in Bangkok, Thailand.

“I say to myself every time that Nigeria is lucky to have a leader like Mr President,” Oyedele said.

He added, “A leader that says, ‘I’ll do the right thing, even when it’s not popular’. There are so very few of them, and our president is not saying it; he’s doing it, he’s doing it even with pre-election concerns.”

Oyedele said Tinubu had consistently rejected suggestions to postpone difficult decisions until after the next election.

He recalled discussing at least three policy issues with the President, saying he had personally suggested that some decisions could wait until after the election.

According to him, Tinubu’s response had always been to question why a necessary decision should be delayed for political reasons.

“I remember at least three issues that were discussed with him recently, and on my own I would offer to say, ‘maybe we wait until after the election’.

“And his question is always, ‘Is it the right thing to do?’ Yes, yes, it is. Why do we have to wait?” the minister said.

Oyedele identified the President’s understanding of economic and monetary policy, including respect for the independence of the monetary authority, as another quality he considered important.

“Number two attribute is that our President gets it. It’s not easy to understand issues to do with the economy, finance, monetary policy, like respect for the independence of the monetary authority. For Mr President, it’s 100 per cent,” he said.

The minister added that the President’s position on monetary policy had made repeated discussions on the issue unnecessary.

“We don’t even talk about it. So, I feel like we are so blessed, we cannot afford to wait even one minute,” Oyedele said.

Tinubu, who assumed office in May 2023, has introduced major economic reforms, including the removal of petrol subsidy and the unification of foreign exchange rates.

The measures have attracted support from international financial institutions and sections of the investment community, but have also triggered widespread concerns over rising living costs and inflation.

The removal of petrol subsidy, in particular, has increased government revenue while exposing households and businesses to higher transport and operating costs.

The foreign exchange reforms have also been associated with increased foreign reserves, while the banking sector recently completed a recapitalisation exercise that raised N4.7tn in new capital, according to the report.

Oyedele’s comments come as the administration continues to defend its economic policies amid pressure to ease the financial burden on Nigerians.