Tinubu’s Reforms Prevented Severe Economic Crisis, Says Dele Alake
ABUJA — The Minister of Solid Minerals Development, Dele Alake, has said President Bola Tinubu’s economic reforms prevented Nigeria from sliding into a severe economic crisis.
Alake made the claim during an interactive session with journalists in Abuja, where he defended the Federal Government’s decision to remove the petrol subsidy and introduce other economic reforms.
According to the minister, delaying the reforms could have pushed Nigeria into a situation where the value of money deteriorated severely, making it difficult for citizens to afford basic commodities.
He argued that the reforms, although painful, were necessary to address structural problems inherited from previous administrations.
Alake said successive governments had recognised the need to reform the fuel subsidy system and correct other economic distortions but repeatedly postponed difficult decisions because of political considerations.
He said Tinubu chose to implement the reforms despite the possible political consequences because the country could not continue delaying difficult economic decisions.
The minister also claimed that the reforms had helped Nigeria achieve macroeconomic stability, adding that some of the benefits were gradually reaching households.
He cited the Nigeria Education Loan Fund (NELFUND) as an example, saying families with children in tertiary institutions were already benefiting from student loans and allowances.
However, the government’s economic policies continue to face criticism from opposition politicians and groups.
Governorship candidates of the African Democratic Congress (ADC) in the seven North-West states have backed former Vice President Atiku Abubakar’s proposal to restore the fuel subsidy if he becomes president in 2027.
The candidates argued that the removal of the subsidy had worsened poverty and economic hardship across the region.
They also pledged to implement a minimum wage of N110,000 for workers across Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto and Zamfara states if elected.
The candidates’ position was contained in their 2027–2031 Governorship Candidates’ Compact, adopted and signed in Abuja.
The Atiku campaign group also criticised the Tinubu administration, arguing that the removal of the fuel subsidy contributed to rising prices of food, goods and services.
The group maintained that restoring the subsidy would help ease the economic pressure faced by Nigerians.
While Alake maintained that the Tinubu administration’s reforms were necessary to stabilise the economy, critics continue to argue that the policies have increased the cost of living and deepened hardship for many Nigerians.
