Economist hails Oyedele’s expertise, urges FG to cushion hardship of reforms on Nigerians

Renowned economist and former International Monetary Fund (IMF) and World Bank expert, Dr Ifediora Amobi, has described the economic policy expertise of the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, as a national blessing, urging the Federal Government to ensure that ongoing reforms translate into tangible improvements in Nigerians’ living conditions.

Amobi, a former adviser during the administration of the late President Umaru Musa Yar’Adua and former economics professor at Howard University, said Oyedele’s appointment reflected President Bola Tinubu’s ability to identify professionals with the technical competence needed to address Nigeria’s economic challenges.

In a statement, the economist particularly commended Oyedele’s presentation of the Federal Government’s economic reform scorecard, which outlined the gains recorded, the costs of the reforms and the potential economic damage they were designed to prevent.

He, however, stressed that while the reforms were necessary to reposition the economy, the hardship faced by households and businesses must not be overlooked.

“The reforms were necessary to reposition the Nigerian economy, but the immediate impact on households and businesses cannot be ignored. What is important now is to sustain the reforms while implementing measures that will provide relief and stimulate economic activity,” Amobi said.

He also praised Oyedele’s contribution to the government’s tax reform programme, noting that improved revenue mobilisation, the elimination of fiscal loopholes and stronger accountability were essential to building a more resilient economy.

Amobi urged the minister to prioritise long-term revenue growth, reduce financial leakages and introduce policies that would encourage private-sector investment and expand economic opportunities.

According to him, the success of the reforms should ultimately be measured by their impact on the daily lives of Nigerians rather than improvements in government revenue and macroeconomic indicators alone.

He said increased government earnings should translate into better infrastructure, more employment opportunities, improved social services and a business environment capable of supporting sustainable growth.

The economist also called for targeted interventions to protect vulnerable citizens from rising living costs, stressing that macroeconomic stability would have limited meaning if ordinary Nigerians continued to struggle with basic necessities.

Oyedele’s professional background, Amobi said, provided a strong foundation for confidence in his capacity to contribute to Nigeria’s economic management.

Before joining the cabinet, Oyedele spent 22 years at PricewaterhouseCoopers (PwC), where he rose to become fiscal policy partner and Africa tax leader, with experience spanning taxation, fiscal policy, business strategy and policy development.

He holds a Higher National Diploma in accountancy and finance from Yaba College of Technology and a degree in applied accounting from Oxford Brookes University. He also attended executive education programmes at the London School of Economics, Yale University and Harvard Kennedy School.

Before his ministerial appointment, Oyedele chaired the Presidential Committee on Fiscal Policy and Tax Reforms, which developed proposals aimed at simplifying taxation, reducing multiple taxation and improving revenue collection.

Four tax reform laws were signed in 2025 as part of the government’s efforts to overhaul the country’s tax system.

Oyedele has also played a role in explaining the fiscal implications of major economic policy changes, including the removal of petrol subsidies and foreign exchange reforms.

In August 2026, he said the reforms had helped avert a deeper economic crisis by improving public finances and strengthening external stability.

While international investors and lenders have welcomed aspects of the reform programme, Nigerians continue to face significant cost-of-living pressures.

Amobi’s endorsement of Oyedele therefore comes with a broader challenge for the Federal Government: sustaining reforms that strengthen public finances while ensuring that the gains are reflected in improved living standards, greater economic opportunities and reduced hardship for citizens.

He maintained that technical expertise must be matched with policies that deliver measurable benefits to Nigerians, particularly households and businesses bearing the immediate costs of economic adjustment.

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