Finance Minister Taiwo Oyedele Explains Why Millions of Nigerians Remain Poor Despite Economic Reforms
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has explained why millions of Nigerians are still living in poverty despite the Federal Government’s ongoing economic reforms.
Speaking at an economic conference in Lagos, Oyedele said that while the Tinubu administration’s reforms have helped stabilise key economic indicators and restore investor confidence, the benefits have yet to reach many ordinary Nigerians.
According to him, a stable economy alone is not enough if citizens continue to struggle with low incomes and poor living conditions.
He stressed that the true measure of economic success should be reflected in higher household incomes, lower inequality and a significant reduction in multidimensional poverty.
Oyedele noted that although reforms such as the removal of fuel subsidy and foreign exchange adjustments were necessary to prevent a deeper economic crisis, the government must now ensure that economic growth translates into better living standards for the people.
He added that the Federal Government is developing a “shared prosperity” scorecard to track whether its policies are improving the lives of Nigerians through increased incomes, job creation and poverty reduction.
His remarks come at a time when many Nigerians are grappling with the high cost of living and are demanding to see tangible benefits from the government’s economic reforms.
While the administration insists the reforms are laying the foundation for long-term economic growth, many citizens say the immediate impact has been increased hardship.
