Nigeria’s Minister of Information and National Orientation, Alhaji Mohammed Idris, has said the economic policies introduced by President Bola Ahmed Tinubu, Nigeria’s head of government since May 2023, are helping to steady the economy and rebuild confidence at home and abroad.
Idris spoke during a virtual interview on ICAN On Air, a live programme of the Institute of Chartered Accountants of Nigeria (ICAN), Nigeria’s chartered accounting body. His comments were later outlined in a statement issued on Friday, 6 February 2026, in Abuja, Nigeria’s capital, by his Special Assistant on Media, Malam Rabiu Ibrahim.
According to the minister, two early decisions by the administration, the removal of fuel subsidy and the unification of the foreign exchange rate, were targeted at what he described as structural problems that had pushed the economy close to a breaking point.
He said Nigeria could not keep operating with weak fundamentals, arguing that the government faced a situation that required swift corrections even if the choices were unpopular.
Idris said the country’s finances were under severe pressure around May 2023. He claimed that about 26 of Nigeria’s 36 states were unable to pay salaries at the time, while around 97 percent of government income was being spent on debt servicing.
While acknowledging that the reforms created short-term shocks, he maintained that the policies were necessary to correct long-standing distortions and redirect resources in ways that benefit a wider share of the population.
“These were not politically convenient decisions,” he said, adding that the President believed delays would have worsened the national outlook.
The minister said the government is pointing to several signs of improvement, including stronger foreign reserves, easing inflation, and growing confidence from investors and international partners. He claimed Nigeria’s foreign reserves are now about $46 billion, which he described as the highest level in roughly eight years.
Idris also said Nigeria’s removal from the Financial Action Task Force (FATF) grey list has strengthened the country’s credibility and improved access to global capital. The Financial Action Task Force (FATF) is an international body that sets standards for tackling money laundering and terrorism financing, and its grey list identifies jurisdictions under increased monitoring.
On tax reforms, Idris said the aim is not to force Nigerians to pay more, but to simplify procedures, remove duplication, and expand the tax net so government can plan development more effectively.
“The tax reform is not meant to make people pay more tax,” he said. “It is to simplify the process, remove duplication, and bring those outside the tax net into it, so the government can plan better for development.”
He also stressed that trust is essential for governance, saying public confidence depends on truthful and transparent communication, alongside listening to feedback.
“Without trust, there is no way you can build confidence, and without confidence, there can be no meaningful development,” Idris said.
He added that President Tinubu routinely seeks feedback on government policies and can adjust implementation when necessary, while staying committed to reforms the administration sees as critical for long-term progress.
On misinformation, Idris said the government is increasing inter-agency cooperation and promoting media literacy to reduce the harm caused by fake news, while still protecting freedom of expression.
“Fake news is dangerous,” he said, warning that unchecked misinformation can create serious national risks, even as he noted that media freedom must be exercised responsibly.
He further said Nigeria has won the bid to host the United Nations Educational, Scientific and Cultural Organization (UNESCO) first Category-2 Media and Information Literacy Institute. UNESCO is a United Nations agency focused on education, culture, science and communication, and Category-2 institutes work under its broader framework to build skills and strengthen institutions.
Idris urged Nigerians to stay patient and engaged as the reforms continue, saying the benefits should become more visible over time in infrastructure delivery, education, healthcare and development across states and local areas.