Dr Tope Fasua, Special Adviser to the President on Economic Affairs, has said Nigerians will begin to feel greater benefits of the reforms. He spoke in an interview on the sidelines of the IMF and World Bank Annual Meetings in Thailand. He cited declining inflation, improved reserves, easing interest rates and GDP growth. He acknowledged that hardship persists. But he said the macroeconomy must be fixed first.
The reforms began in 2023. The petrol subsidy was removed. The naira was floated. Inflation peaked at 33.2% in 2024. The World Bank estimates 63% of Nigerians live in poverty. The government says the measures were necessary. The opposition says they were poorly sequenced. Fasua’s comments reflect the government’s effort to frame the narrative.
Fasua said inflation had declined to 14.63% in September. He expects it to fall toward 10% in the coming months. He said the capital market had attracted investments estimated at N133 trillion. He said the government was developing a social protection package. It will target the elderly, children and vulnerable persons. He said it would provide direct cash assistance where necessary. He defended the reform path. “The micro-economy can only stand on the macro-economy,” he said. He likened the reforms to laying a foundation.
Winners: The Federal Government, which shows confidence. Investors, who gain certainty. The capital market, which gains liquidity. Multilateral institutions, which back the reforms. Losers: Nigerians who see no improvement in daily life. The poor, who face high food and fuel costs. The opposition, whose criticism is dismissed. The government, if the benefits do not materialise.
Bottom Line: The government says benefits are coming. Inflation is falling. The capital market is rising. But food prices remain high. The poor still struggle. The microeconomy is still waiting.