Editorial: Tinubu’s reforms deserve praise, but citizens need real relief 

The latest Economic Snapshot Report released by the Nigeria Revenue Service paints a picture that many economists and investors have long awaited. By several key macroeconomic indicators, Nigeria appears to be on firmer ground than it was three years ago. Rising external reserves, stronger tax revenues, improved oil production, expanding domestic refining capacity, lower inflation, a healthier balance of payments and renewed investor confidence all suggest that the difficult economic reforms undertaken by the administration of President Bola Tinubu are beginning to produce measurable results.

These achievements surely deserve recognition.

Past administrations seemed to have lacked the courage and the political will to have confronted structural but painful distortions in the country. The removal of the fuel subsidy, the unification of the foreign exchange market, tax reforms and the implementation of the Petroleum Industry Act were politically painful decisions. They attracted criticism because of the immediate hardship they imposed on citizens already struggling with a high cost of living.

Yet, reforms are rarely painless. Countries that have successfully transformed their economies have often had to endure difficult transitions before enjoying long-term benefits. If the figures presented by the Nigeria Revenue Service accurately reflect the country’s economic trajectory, then the administration can rightly claim that it has begun laying a stronger foundation for sustainable growth.

However, governments do not govern spreadsheets. They govern people.

The average Nigerian will not judge the success of economic reforms by the size of external reserves or the performance of the stock market. Families are more concerned about whether food prices have become affordable, whether decent jobs are available, whether electricity is more reliable, whether transport costs are manageable and whether their incomes can sustain a reasonable standard of living.

This remains the greatest challenge before the Tinubu administration.

While inflation has reportedly moderated, millions of Nigerians continue to battle the high prices of essential goods and services. Many small businesses still struggle with operating costs. The owners of these businesses groan daily. Youth unemployment remains a major concern, while insecurity continues to affect farming, commerce and investment in many parts of the country. These realities mean that macroeconomic stability, though essential, is only the beginning.

The next phase of reform must therefore focus on inclusive growth. Economic expansion must generate employment, strengthen manufacturing, support agriculture, empower small and medium-sized enterprises and improve public services. Increased government revenue should not merely strengthen official accounts. It must be visible in better roads, quality schools, accessible healthcare, affordable housing, reliable electricity and modern transport systems.

Equally important is fiscal discipline. Higher revenue should never become an excuse for wasteful expenditure. Nigerians expect prudence, transparency and accountability at every level of government. Every naira collected through taxation should be seen working for the people.

The responsibility for improving the lives of Nigerians does not rest solely with the Federal Government. State governments and the 774 local government councils must also rise to the occasion.

The increase in federal revenue has translated into higher allocations to states and local governments. Citizens therefore have every right to expect corresponding improvements in grassroots development. Too many communities still lack potable water, functional primary healthcare centres, quality public schools and motorable roads. In many places, local governments exist only on paper while residents continue to suffer from poor sanitation and inadequate public services.

Governors must demonstrate that increased revenues are yielding measurable improvements in education, healthcare, infrastructure, agriculture and job creation. Local government chairmen must equally justify the resources entrusted to them by addressing the everyday needs of their communities.

Nigeria’s economic recovery will ultimately be judged not by impressive statistics but by visible improvements in the quality of life of its people.

President Tinubu’s administration deserves credit for embarking on reforms that previous governments repeatedly postponed. The encouraging economic indicators suggest that those decisions may be yielding positive results. But the work is far from complete.

The true dividend of reform will be realised only when every Nigerian can genuinely feel the difference at the dining table, in the workplace, in the marketplace and in the community.

That should remain the nation’s overriding objective.