The Minister of Information and National Orientation, Mohammed Idris, has said the administration of President Bola Tinubu took difficult decisions that were not politically convenient when it assumed office.
Idris made the remarks on Thursday during a ministerial briefing in Abuja ahead of Nigeria’s 66th Independence celebration.
He said the administration opted to address longstanding economic challenges rather than delay them, acknowledging that the decisions came with significant costs for Nigerians.
“About three years ago, President Bola Tinubu assumed office amid some very significant and structural challenges, and physical challenges.
“His administration chose to confront the long-standing distortions rather than postpone them and those decisions where indeed very difficult and where not politically convenient. And because of those decisions, Nigerians have bored some real costs.”
According to the minister, the country is now moving beyond the initial phase of reforms and stabilisation towards what he described as a period of growth and shared prosperity.
Idris also highlighted some economic indicators which he said showed progress under the administration.
“Today, however, Nigeria is moving from the difficult work of reforms and stabilisation towards a new phase of growth and shared prosperity.
“Nigeria’s real Gross Domestic Product grew by 4.43 percent as against the preceding year which was 4.23 percent, our foreign reserve as risen, our domestic refining capacity has expanded, investment and productive activity are given momentum.”
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The minister further pointed to the country’s foreign exchange reserves, saying they had recently crossed the $55bn mark.
“Only yesterday, we heard from the governor of the Central Bank that for the first time in 18 years, the foreign reserve has crossed the $55 billion mark.”