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President Tinubu says his administration’s bold economic reforms are laying the foundation for Nigeria’s future, insisting the temporary hardships are necessary to achieve lasting prosperity and macroeconomic stability.
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Deloitte Africa endorses the Federal Government’s fiscal and financial reforms, pledging to deploy its global expertise and 500,000-strong workforce to support investment, digital transformation, public sector reforms, youth training and job creation.
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Since 2023, the Tinubu administration has implemented sweeping reforms, including fuel subsidy removal, foreign exchange liberalisation, tax restructuring, revenue reforms and infrastructure financing to reposition Nigeria’s economy.
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While global financial institutions and investors have praised the reforms for improving Nigeria’s economic outlook, many Nigerians continue to battle inflation, rising living costs and declining purchasing power, fuelling demands for stronger social protection measures.
July 16, (THEWILL) — President Bola Tinubu, on Wednesday, defended his administration’s far-reaching economic reforms, declaring that the government is “building the necessary future” for Nigerians through difficult but necessary policies aimed at restoring macroeconomic stability, strengthening public finances and positioning the country for sustainable economic growth.
The President made the remarks while receiving a delegation from Deloitte Africa, led by its Chief Executive Officer, Ruwayda Redfearn, at the Presidential Villa, Abuja. The delegation commended the Federal Government’s financial and fiscal reforms and pledged stronger collaboration with Nigeria in investment, digital transformation, public sector efficiency, youth development and job creation.
Tinubu’s remarks come as his administration continues to implement one of the most comprehensive economic reform programmes undertaken by any Nigerian government since the return to democratic rule in 1999.
Since assuming office in May 2023, the administration has removed the decades-old petrol subsidy, unified Nigeria’s multiple foreign exchange windows into a market-driven system, introduced extensive tax and fiscal reforms, strengthened revenue collection, expanded digital public infrastructure, promoted consumer credit, introduced compressed natural gas (CNG) initiatives to reduce transport costs and launched measures aimed at attracting domestic and foreign investment.
The government has also pushed reforms in public finance management, infrastructure financing and ease of doing business, while introducing tax legislation designed to simplify tax administration, broaden the tax base and reduce the country’s dependence on oil revenues.
Addressing the Deloitte delegation, Tinubu said the reforms were deliberately designed to correct long-standing structural weaknesses in Nigeria’s economy.
“We are following the example of Deloitte’s greatness to change things from the foundation, building the necessary future for our people”, the President said.
He acknowledged that the reforms had imposed hardships on many Nigerians but maintained that they were necessary to secure lasting economic stability.
“Yes, reforms are difficult. It has not been a McDonald’s customer relationship but a harvester of good things, if implemented well, and that is what we are about”, he added.
The President noted that the administration’s fiscal, revenue and tax reforms had steadily strengthened Nigeria’s economy over the past three years.
“Thank you for your partnership in paying attention to what we are doing here, as we have heard from the Honourable Minister of Finance about the fiscal, revenue and tax reforms that have taken place and are moving the nation forward.
“The reforms on revenue will continue to stimulate growth. Yes, some issues are difficult because people have to take the bitter medicine, but it is working well. For the economy, Nigeria is making serious foundational progress”, Tinubu added.
According to him, the reforms have improved fiscal discipline, strengthened government revenue, repositioned financial institutions and enhanced Nigeria’s competitiveness in the global economy.
The President urged Deloitte Africa to complement the administration’s reform agenda by expanding investment in youth training, skills development and employment.
Recalling his early years in accountancy, he praised Deloitte’s global reputation for producing highly skilled professionals.
“The family of Deloitte; you just reminded me of my cradle years in accountancy and where I cut my childhood accounting teeth in Chicago. Deloitte has a good training programme, and I believe you will continue to reflect that.”
He said Nigeria’s youthful population remained one of its greatest assets and should be equipped with globally competitive skills capable of driving innovation, entrepreneurship and economic growth.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, briefed the delegation on the implementation and impact of the administration’s fiscal, revenue and tax reforms.
Oyedele encouraged Deloitte Africa to support Nigeria’s reform programme by partnering with the Federal Government on capacity building, youth development and institutional strengthening.
Also present at the meeting was the Chairman of the Nigerian Revenue Service, Dr Zacch Adedeji.
Deloitte Pledges Stronger Partnership
Speaking on behalf of the delegation, Deloitte Africa Chief Executive Officer, Ruwayda Redfearn, praised the Tinubu administration’s reform agenda and reaffirmed the firm’s commitment to supporting Nigeria’s economic transformation.
She disclosed that Deloitte employs more than 500,000 professionals globally, including over 6,000 across Africa, and generated $74 billion in revenue in 2025.
“We are before you to say that we want to serve. We have a local team on the ground that is ready, as well as the global firm, to support you and support your administration as you lead the country”, she said.
Redfearn noted that Deloitte’s expertise in digital transformation, financial advisory, governance and public sector reform could help Nigeria accelerate its economic development.
Deloitte West Africa Chief Executive Officer, Yomi Olugbenro, said the government’s reforms had laid a solid foundation for growth but stressed the need to ensure their benefits reached ordinary Nigerians.
“We do what we do because of the philosophy that our Africa CEOs talk about—making an impact that matters. Where we are at the moment, we believe that the ground has been solidly laid. There is a need to truly extract more value and deliver the dividends of democracy to ordinary Nigerians on the street.
“We believe that with the capabilities that the firm has all over the world and the experiences gained from supporting governments globally, Nigeria will definitely benefit from those experiences. That is why we are here, and we welcome the invitation to support your administration wherever required”, Olugbenro said.
Reforms Draw Praise, Criticism
The Tinubu’s economic reforms have generated intense national debate since they were introduced. Supporters argue that the policies have addressed long-standing structural distortions that weakened the economy for decades, while critics contend that the pace of implementation has imposed severe hardship on households and businesses.
International financial institutions, including the International Monetary Fund (IMF) and the World Bank, alongside several development partners and global investors, have welcomed the reforms, saying they have improved fiscal transparency, strengthened government revenues, restored investor confidence and enhanced Nigeria’s medium-term economic outlook.
Government officials also point to improvements in oil revenue remittances, increased foreign exchange inflows, stronger external reserves, renewed investor interest, expanding non-oil revenues and a gradual moderation in inflation as evidence that the reforms are beginning to deliver results.
However, many Nigerians continue to grapple with the immediate consequences of the policy changes. The removal of fuel subsidy and exchange rate liberalisation triggered sharp increases in petrol prices, transportation fares, electricity costs, food prices and the overall cost of living. Businesses, particularly manufacturers and small enterprises, have also struggled with rising production costs, foreign exchange volatility and reduced consumer purchasing power.
The reforms have sparked protests by organised labour, including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), as well as criticism from opposition political parties and civil society organisations, which argue that government intervention has not adequately cushioned the impact on ordinary citizens.
In response, the Federal Government has rolled out a series of social intervention programmes, including the implementation of a new national minimum wage, student loan schemes, consumer credit initiatives, conditional cash transfers, CNG transportation programmes, agricultural support and infrastructure investments aimed at easing living costs and stimulating economic activity.
While the Tinubu administration insists that the reforms are beginning to restore macroeconomic stability and lay the foundation for long-term prosperity, many Nigerians say the ultimate measure of success will be how quickly the policies translate into lower inflation, affordable living costs, more jobs and tangible improvements in their daily lives.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
