The Chairman of the Nigeria Revenue Service, Zacch Adedeji, has said more Nigerians would have been pushed into poverty if the Federal Government had not implemented its ongoing economic reforms.
Adedeji made the assertion on Sunday during an appearance on Channels Television’s Politics Today, monitored by TheCable.
He said the impact of the reforms should not be assessed solely by current economic challenges but by comparing the country’s present position with the conditions inherited by President Bola Tinubu’s administration in 2023.
“If you remember where we are coming from… if we’ve not done what we are supposed to do, possibly double of that population will have gone to poverty, and I’m telling you that progress is what we should measure,” Adedeji said.
The NRS chairman argued that the government’s policies had helped strengthen the finances of state governments, noting that they were no longer as heavily dependent on federal support to meet salary obligations.
He also pointed to increased access to credit for civil servants and the Federal Government’s student loan programme as examples of policies that had directly benefited Nigerians.
According to Adedeji, more than one million students across 300 higher institutions had received over N303 billion through the student loan scheme in the last three years.
“Before now, nobody talks about student loan. Based on the last check, more than one million students in 300 higher institutions have been disbursed more than N303 billion to them in the last three years. This has never been in existence,” he said.
Forex Reform Boosted Investment
Adedeji also highlighted the unification of the foreign exchange market as one of the major reforms undertaken by the Tinubu administration.
He said the previous disparity between the official and parallel market exchange rates discouraged investors from bringing capital into Nigeria because of uncertainty and distortions in the currency market.
“When you have exchange rate at N463 and the official rate is roughly at N1,200, you have zero capital importation,” he said.
According to him, the reforms have created a more predictable foreign exchange environment and contributed to increased capital inflows.
He added that improved exchange-rate conditions were also reflected in the financial performance of companies operating in the country.
READ ALSO: Old Tax Laws Made Nigerians Poor, Reforms Will Bring Prosperity — Bola Tinubu
Subsidy Removal Necessary For Refineries
The NRS chairman further defended the removal of the petrol subsidy, saying the policy was necessary to make domestic refining economically viable.
Adedeji argued that without subsidy removal, the growth in Nigeria’s refining capacity would not have been possible.
“If Mr. President had not removed subsidy, there is no way [the] refinery will work,” he said.
He claimed that Nigeria’s refining capacity had increased from about 30,000 barrels per day before the Tinubu administration to approximately 700,000 barrels per day.
He said the expansion of domestic refining capacity had also strengthened Nigeria’s ability to withstand disruptions in the international oil market by reducing dependence on imported refined petroleum products.
Adedeji urged Nigerians to recognise what he described as the long-term benefits of the administration’s economic policies, arguing that President Tinubu had taken difficult decisions in the interest of the country.
He said the President deserved support and commendation for making what he described as courageous choices “to be a statesman and not a politician.”
The comments come amid continued debate over the effects of the Tinubu administration’s economic reforms, particularly the removal of fuel subsidy and foreign exchange reforms, with supporters highlighting their long-term benefits while critics continue to raise concerns about their impact on living costs and household welfare.