Speaking with newsmen in Osogbo ahead of Nigeria’s 66th Independence Anniversary, Oyintiloye noted that the reforms introduced since May 2023 have reshaped the country’s economic direction. He explained that the administration inherited an economy burdened by foreign exchange shortages, weak crude oil production, petrol subsidy costs, low revenue, heavy debt servicing, infrastructure deficits, and widespread poverty.
The removal of petrol subsidy and foreign exchange market reforms were described as major policy shifts. Oyintiloye acknowledged that while these measures improved the trade balance, unified the exchange rate, and rebuilt foreign reserves, they also triggered higher petrol prices, increased transport and food costs, and naira depreciation that raised import expenses for machinery, medicines, and industrial inputs.
He stressed that social intervention programmes must remain transparent, targeted, and measurable to translate into meaningful improvements in household welfare. According to him, available data presents a mixed picture: improvements in inflation, external reserves, and real GDP growth, but the naira exchange rate and cost of living remain major concerns.
Oyintiloye emphasised that the ultimate test of reform is its impact on production, jobs, investment, household income, and living standards, urging a shift from stabilisation to stronger productivity and broad-based prosperity. He appealed for patience, arguing that returning to the old system would only postpone the crisis, and called for resources freed from subsidy removal to be converted into tangible benefits for Nigerians.