Tinubu’s reforms ‘ll secure Nigeria’s long term prosperity – Momoh

By Johnbosco Agbakwuru

ABUJA — MINISTER of Regional Development, Engr. Abubakar Momoh, has assured Nigerians that the reforms embarked upon by President Bola Tinubu’s administration, will secure the country’s long term prosperity.

The Minister gave the assurance while delivering lecture at the 55th Founders Day celebration of the University of Benin, UNIBEN.

Addressing the theme “Reforms for a Shared Prosperity,” Engr. Momoh evaluated President Tinubu’s reform agenda, emphasizing its crucial role in securing Nigeria’s long-term socio-economic development.

Reflecting on Nigeria’s economic trajectory, the Minister in a statement by his Special Assistant on Media, Osigwe Omo-Ikirodah, stated, “President Tinubu inherited an economy burdened by structural distortions—an opaque fuel subsidy regime, a fragmented tax system, a dysfunctional foreign exchange market, and a power sector crippled by decades of debt.”

He explained that unlike previous administrations that resorted to piecemeal and temporary fixes, the Tinubu administration opted for bold, comprehensive reforms to reset the nation’s economic foundation.

Highlighting the fuel subsidy removal, the Minister described this as “a courageous decision that ended an unsustainable system benefiting a few at the expense of the Nigerian people and national revenue.”

He acknowledged the immediate challenges but assured, “The short-term pain is real, but the long-term benefits—such as increased Federation Account Allocation Committee (FAAC) disbursements and greater fiscal stability—are already manifesting.”

On the foreign exchange market reforms, Engr. Momoh remarked, “By unifying the foreign exchange market, the administration has eliminated rent-seeking and corruption that thrived under the previous two-tier system. Allowing the naira to reflect true market conditions has restored fairness, boosted transparency, and reinforced investor confidence.”

Tax reforms received special attention as the Minister elaborated, “This is the most comprehensive overhaul of Nigeria’s tax framework in history. Over 60 conflicting taxes have been consolidated into a streamlined regime that protects low-income earners, broadens the tax base, and enhances government revenue for social and infrastructure investments.”

He underscored relief for lower earners, saying, “Individuals earning ₦800,000 and below are now exempt from personal income tax, and nuisance levies have been eliminated to refocus revenue efforts where they matter most.”

The power sector, a longstanding challenge, was another key focus. Engr. Momoh highlighted the government’s approval of a ₦4 trillion bond to settle outstanding debts to generation companies and gas suppliers, stating, “This intervention has restored liquidity, reignited investor interest, and improved power supply reliability.”

He also announced a strategic shift toward renewable energy: “We are investing in solar farms across federal universities and teaching hospitals to provide cleaner and more dependable energy sources.”

Addressing human capital development, the Minister celebrated the revival of the Nigerian Education Loan Fund (NELFUND): “Over 510,000 students have benefited from interest-free loans under this scheme—a transformative initiative ensuring equitable access to education.”

On infrastructure, Engr. Momoh described flagship projects such as the Lagos–Calabar Coastal Highway and the Sokoto–Badagry Superhighway as “generational investments that will unlock new economic corridors, enhance regional connectivity, and boost Nigeria’s commercial potential.”

The Minister also highlighted progress in regional development: “The establishment of Regional Development Commissions across all geopolitical zones signifies a new era of coordinated, stable, and strategic regional intervention.”

He pointed to improved performance by entities like the NDDC and NEDC as proof of the success of this approach.

The event was attended by notable figures including Barr. Cosmas Ternenge Akighir, Chairman of the North Central Development Commission; Alhaji Lawal Sama’ila Abdullahi, Board Chairman of the North West Development Commission; Abdul Oroh; former Edo State Deputy Governor Dr. Pius Odubu; and Barr. Samson Osagie.

Engr. Momoh expressed gratitude to the university community: “Thank you for your warm reception. The Federal Government remains resolute in driving reforms that will deliver prosperity for all Nigerians.

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