Subsidy Removal Funds Reinvested into Economy Judiciously – FG
As Nigeria marks 26 years since the return to democratic rule, the Minister of Information and National Orientation, Mohammed Idris, has reaffirmed the Federal Government’s commitment to rebuilding the nation’s economy, restoring investor confidence, and deepening democratic values.
In an exclusive interview with Forbes Africa to mark the Democracy Day celebration, the Minister defended President Tinubu’s bold reform agenda, which includes the removal of fuel subsidies and the unification of foreign exchange rates — two of the most significant policy shifts in Nigeria’s recent economic history.
“These were difficult decisions that had to be made,” the Minister told Forbes Africa. “They caused some turbulence, but like an aircraft taking off, we are now reaching stability. The World Bank has noted our return to growth levels not seen in over a decade.”
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The Minister said this year’s observance of the Democracy Day invited not just celebration, but sober reflection on the journey of democratic consolidation and economic renewal.
Idris explained that funds recovered from the fuel subsidy removal are being reinvested directly into critical infrastructure projects – including two expansive highway corridors that will span over 1,700 kilometres – aimed at unlocking economic activity and bridging regional divides.
“The aim is not just connectivity, but economic opportunity,” he said.
“Nigeria is really retracing its steps. It is becoming an important nation once again among the comity of nations. The respect that Nigeria used to have is now gradually returning. Investors have more confidence in our country,” Idris notes.
Idris reiterated that the reforms under President Tinubu’s Renewed Hope Agenda are not just about economic arithmetic, but about creating a new foundation for inclusive growth, accountability, and sustainable development.
Rabiu Ibrahim
Special Assistant (Media) to the Minister of Information and National Orientation.
June 13, 2025
