Economic Reforms Essential for Shared Prosperity

The Minister of Regional Development, Abubakar Momoh, has described the economic reforms of President Bola Tinubu as bold measures aimed at preparing Nigeria for a future of shared prosperity.

Momoh spoke on Monday in Benin, Edo State, while delivering the 55th Founder’s Day Lecture of the University of Benin, addressing an audience of students, faculty, and stakeholders on the topic “Reforms for a Shared Prosperity.”

The minister noted that many Nigerians experiencing the short-term hardships of ongoing reforms may not fully appreciate the need to tackle long-standing structural distortions in the economy, which previous administrations lacked the political courage to confront.

He highlighted the removal of the petrol subsidy on the President’s first day in office as a decisive step to rescue the economy from a system that incentivised smuggling, rent-seeking, and corruption, stressing that no previous administration had dared to take similar action.

Momoh further explained that reforms such as the unification of the exchange rate, the operationalisation of the Petroleum Industry Act (PIA), the Host Community Development Trust, and investment in local refining were designed to restore transparency, strengthen investor confidence, and prioritise domestic production.

“No previous administration had summoned the courage to confront this situation until President Tinubu introduced decisive reforms,” he said. “Those who genuinely needed foreign exchange could not access it while a few people gamed the system. The reforms are building a foundation for sustainable and inclusive prosperity.”

“The reforms I have outlined, though challenging in the short term, are necessary to build a Nigeria where prosperity is shared, sustainable, and inclusive. Nigeria stands today at a difficult yet decisive juncture,” he added.

Momoh also highlighted other achievements under the Federal Government’s agenda, including the Presidential Compressed Natural Gas Initiative (PCNGI), issuance of a N4 trillion bond to settle debts in the power sector, and the approval of N68.7 billion for solar farms in eight universities and teaching hospitals, including UNIBEN. He expressed gratitude to the university for shaping his career and called on citizens to support the ongoing reforms for long-term stability.