More Nigerians Would Have Fallen Into Poverty Without Tinubu’s Reforms — NRS Chairman

The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has said more Nigerians would have been pushed into poverty if the Federal Government had not introduced its ongoing economic reforms.

Adedeji made the statement during an interview on Channels Television’s Politics Today programme monitored on Sunday.

He said the impact of the reforms should be assessed by comparing the current situation with the economic conditions inherited by the administration of President Bola Ahmed Tinubu.

According to him, the government’s reforms have helped prevent further deterioration in the living conditions of Nigerians.

“If we had not done what we were supposed to do, possibly double of that population would have gone into poverty,” Adedeji said, stressing that the progress achieved should be the basis for measuring the reforms.

The NRS chairman also argued that state governments have become less dependent on federal allocations to meet their salary obligations, while more civil servants now have access to credit facilities.

He cited the Federal Government’s student loan programme as another example of the impact of its policies, saying more than one million students across about 300 higher institutions had received over N303 billion in loans within the past three years.

Adedeji also highlighted reforms in the foreign exchange market, saying the unification of exchange rates had helped address distortions that previously discouraged investors from bringing capital into Nigeria.

He explained that the wide gap between the official and parallel market rates had created uncertainty for investors and contributed to weak capital inflows.

The NRS boss said the reforms had since improved the business environment, adding that the positive impact could be seen in the financial performance of companies operating in the country.

Refinery Operations Dependent on Subsidy Removal — Adedeji

Adedeji further said the removal of the petrol subsidy was necessary to create an environment where domestic refineries could operate profitably.

He said Nigeria’s refining capacity had risen significantly, from about 30,000 barrels per day before the Tinubu administration to approximately 700,000 barrels per day.

According to him, the removal of the subsidy was critical to making local refining economically viable.

“If Mr President had not removed the subsidy, there is no way the refinery will work,” he said.

Adedeji added that increased domestic refining capacity had also helped Nigeria reduce its exposure to disruptions in the international oil market.

He urged Nigerians to support the reforms and commended President Tinubu for taking what he described as difficult but necessary decisions in the interest of the country.

The NRS chairman said the President had demonstrated the willingness to act as a statesman rather than merely as a politician in implementing the reforms.