Tinubu’s reforms painful due to delayed implementation, says Edun 

…Says no more access to easy money by rent seekers

…Hails Walson-Jack impactful reforms in 100 days as head of service

Minister of Finance and Coordinating Minister of a the Economy, Wale Edun, has said after 18 months of significant reforms under President Bola Tinubu, Nigeria is witnessing a transformative shift in its economic landscape.

According to him, while these changes were long overdue and resulted in temporary pain, discomfort, and increased living costs for many citizens, the benefits are now becoming apparent.

He said this at the validation for the Federal Civil Service Policies and Guidelines, by Head of the Civil Service of the Federation, Didi Walson-Jack, commending her for her significant achievements in her first 100 days in office.

Edun, highlighted the immediate positive impact of these reforms saying: “The reforms were so long overdue that it caused an element of pain,” he acknowledged, but emphasized that “the successes and the gains are coming through.”

One notable example of this transformation, he said is the implementation of market-based pricing for Premium Motor Spirit (PMS) and foreign exchange. Edun explained that prior to these reforms, subsidies were costing the country approximately 5% of its GDP. “If we consider an average GDP of $400 billion, that translates to about $20 billion that could have been allocated to critical sectors such as infrastructure, health, social services, and education,” he stated.

With the removal of these subsidies, he said funds are now flowing back into government coffers, allowing for greater investment in essential public services.

Edun pointed out that this shift not only strengthens federal finances but also benefits state and local governments. “The flow is now coming back into government coffers to be deployed in those areas,” he noted.

He further elaborated on the shift in Nigeria’s economic landscape, stating that the new incentive framework has moved away from rent-seeking behaviour associated with subsidies. “The real change is that nobody can wake up with the target of getting access to cheap funding or thriving in an opaque market,” Edun noted. Instead, he said the reforms had encouraged Nigerians to explore legitimate business opportunities under the African Continental Free Trade Agreement (AfCFTA), which opens doors for exports in various sectors.

“The country has changed,” Edun reiterated. “Now there are real opportunities where you can use your background, skills, knowledge, contacts, and energy to succeed in free enterprise while helping to create jobs and reduce poverty.”

He commended Walson-Jack, who presented her transformative agenda, which includes four key documents focused on enhancing civil service operations through reward and recognition, incentives, consequence management, and a monitoring framework.

Edun expressed his admiration for Walson-Jack’s proactive approach, stating, “I want to congratulate the head of the civil service for not just achieving 100 days but using that platform as an opportunity to gather you all and put across to you her agenda.”

He emphasized that these documents are essential tools designed to empower civil servants and improve their effectiveness in delivering government services.

Edun underscored the critical role that civil servants play in executing President Tinubu’s economic reforms, which are aimed at stabilizing the economy, reducing inflation, and creating jobs.

He remarked, “You are the arrowheads. It is your knowledge of competence… your determination on the job that makes a difference.” He urged civil servants to embrace their responsibilities with renewed vigor and commitment, as their efforts are vital to the success of the administration’s macroeconomic objectives.

Earlier, the Head of the Civil Service of the Federation, emphasised the importance of redefining public service delivery in Nigeria. “Today, we embark on a collective journey to create a Civil Service that is professional, efficient, and globally competitive,” she stated.

Walson-Jack introduced four transformative documents aimed at guiding the Federal Civil Service: the Rewards and Recognition Policy, Incentives and Consequence Management Policy, Mentoring Framework, and Protocol on the Use of Federal Government Secretariats. She described these policies as essential tools for embedding excellence and accountability within the service.

Celebrating her first 100 days in office, Walson-Jack highlighted the theme “Marching to Greatness,” reflecting her commitment to fostering a culture of performance and integrity.

She urged stakeholders to actively engage in discussions during the validation process, stressing that their insights are crucial for refining these policies.

As part of the event, newly promoted directors were recognised for their achievements, reinforcing the values of diligence and professionalism in public service.

Daily Sun