Tinubu is the Right Leader for Nigeria Now, Oyedele

Nigeria’s Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said on Wednesday that the country is lucky to have President Bola Tinubu as its leader during tough economic times and global uncertainty.

Mr Oyedele made this statement during the World Bank/International Monetary Fund (IMF) meetings in Bangkok, Thailand. He praised the president for being ready to carry out tough economic changes and for his grasp of economic and monetary policy.

“I say to myself every time that Nigeria is lucky to have a leader like Mr President,” the minister said.

“A leader that says ‘I’ll do the right thing, even when it’s not popular’. There are so very few of them, and our president is not just saying it; he’s doing it, he’s doing it even with pre-election worries,” he added.

Since he took office in May 2023, the Tinubu government has rolled out several economic reforms. These reforms have gained recognition from international bodies like the World Bank and the IMF.

The changes include removing expensive petrol subsidies that have drained public funds for years, unifying foreign exchange rates, and sharply devaluing the naira to attract foreign investments.

While ending fuel subsidies has increased government income and is viewed as a good move for investors, it has also caused a rise in living costs and inflation.

Changes in the foreign exchange market have boosted Nigeria's external reserves, which reached $55.1 billion as of 9 October. This is the highest level in over 18 years.

The banking sector also went through a recapitalization exercise that finished in March. This helped Nigerian banks raise N4.7 trillion in new capital.

According to the Central Bank of Nigeria, this recapitalization improved banks’ capital adequacy ratios, keeping the sector above international Basel standards.

Mr Oyedele pointed out that President Tinubu has two qualities that are rare among leaders, especially in democratic settings.

The first is his readiness to make decisions he believes are right, even when they are not popular or politically easy.

“I remember at least three issues that were discussed with him recently, and I would think to myself ‘maybe we wait until after the election’. And his question is always, ‘Is it the right thing to do?’ Yes, yes, it is. Why do we have to wait?” Mr Oyedele said.

“The second quality is that our President understands the issues. It’s not simple to grasp economic matters, finance, and monetary policy, like respecting the independence of the monetary authority. For Mr President, it’s 100 percent,” he added.

The minister noted that the president’s understanding means officials do not have to discuss these matters with him repeatedly.

“We don’t even talk about it. So, I feel like we are so blessed, we cannot afford to wait even one minute,” he said.