Tinubu's reforms are painful – The Minister of Finance…

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has blamed the previous administration’s failure to implement necessary reforms for the current hardship and pain of President Bola Tinubu’s policies. Edun spoke at the launch of ‘Federal Civil Service Policies and Guidelines on Rewards and Recognition; Policy and Guidelines/Incentives and Consequences; Management Policy and Guidelines,’ in Abuja on Friday, November 22, 2024.Organised by the Head of Civil Service of the Federation (HCSF), Mrs Didi Walson-Jack, the event was part of activities marking her 100 days in office.Recall that President Tinubu declared the end of the petrol subsidy regime during his speech shortly after his inauguration to office on May 29, 2023. The pronouncement triggered an immediate increase in the pump price of fuel from N185 to over N600 across the country. The price of the commodity, which is essential to millions of Nigerians, has further risen to N1,100 per litre after the full deregulation by the Nigerian National Petroleum Company Limited (NNPCL).The policy, coupled with the floating of the naira, has led to an exponential rise in prices of food, transportation, goods and services in the country. Edun blames Tinubu’s predecessors for the current pain But, the minister argued that the current pain would have been less or nonexistent if Tinubu’s predecessors had taken the required steps.“After 18 months of bold and necessary reforms that Mr President has implemented, the country has changed, and yes, the reforms were so long overdue that they caused an element of pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.“Market-based pricing of foreign exchange was fully in place. The result was immediate benefit to the federal coffers, to the state coffers and the local government coffers, because an amount of 5% of GDP is what goes to subsidies. “If you say GDP was on average, let’s say $400bn we all know what 5% of that is $20bn of funds that could be going into infrastructure, health, social services, education. And that is what it is, the flow is now coming back into government coffers to be able to be deployed in those areas,” he said. Minister congratulates HCSF Edun congratulated Walson-Jack on reaching 100 days as HCSF and for using the milestone as an opportunity to gather and put across her agenda with four transformative documents dealing with reward and recognition, and incentives and consequence management.The minister described the development as important to the President’s agenda, his success and his macroeconomic reforms aimed at taming inflation, growing the economy, creating jobs and reducing poverty.For her part, the HCSF said the event was part of a collective journey to redefine the ethos of public service delivery in Nigeria, preparing the ground for a civil service that is professional and efficient, globally competitive, and responsive to the aspirations of all Nigerians. Walson-Jack stressed that the launched policies were not merely policies but powerful instruments of reforms designed to instil excellence, integrity and accountability at the heart of public service.“Today’s event is one of several initiatives marking my first 100 days in office. It is guided by the theme “Marching to Greatness”, a vision inspired by the Federal Civil Service anthem. This validation exercise exemplifies our unwavering commitment to charting a bold and transformative course for the civil service, laying a solid foundation for sustained progress and impactful outcomes,” she said. Walson-Jack urged the newly promoted directors to see themselves not just as leaders but also as role models worthy of emulation.“Today’s recognition of newly promoted directors is a testament to this commitment. We celebrate their achievements and highlight the pathways for excellence available to all civil servants,” the HCSF added.
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