Tinubu’s subsidy removal, FX reforms, stabilising Nigeria’s economy – Zacch Adedeji

Nigeria Revenue Service (NRS) Chairman Zacch Adedeji defended President Bola Tinubu's economic policies, stating that the implementation of subsidy removal and foreign exchange reforms prevented severe national economic collapse. According to Adedeji, without these interventions, the petrol subsidy bill would have escalated to approximately ₦53 trillion, and the exchange rate could have plummeted to ₦3,500 per dollar.

Adedeji explained that the current administration inherited a severely strained economy characterized by an unsustainable fuel subsidy regime, lack of transparency in the foreign exchange market, a narrow tax base, and an underperforming oil sector. He emphasized that the administration's reforms were essential to stabilizing Nigeria's broader economic framework and addressing these foundational financial vulnerabilities.