Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has urged Nigerians to discontinue the use of the phrase “May Nigeria never happen to you.”
Speaking on Saturday at The Platform, an event hosted by the Covenant Nation, Oyedele expressed optimism about the nation’s future, noting that the economic challenges caused by President Bola Tinubu’s reforms—such as the rising cost of living—were a necessary step toward progress.
“The worst is behind us,” he stated. “There is nothing wrong with Nigeria. But perhaps there is something wrong with the people governing Nigeria. In America, people face gun violence daily, yet you never hear Americans say, ‘May America never happen to you.’ Let’s stop saying, ‘May Nigeria never happen to you.’ Instead, let’s say, ‘May Nigeria work for me.’”
Oyedele expressed confidence in the reforms, particularly the removal of fuel subsidies, which he described as a critical decision. “We were living on window-dressed realities,” he explained. “Two years ago, the naira’s exchange rate was pegged at N450, but was that the true rate? Petrol was sold at under N200 per litre, but was that the actual cost?”
He further emphasized the unsustainable nature of the pre-reform economy, highlighting that all revenue generated by the government was used to service debts, leaving other expenditures dependent on borrowing. “Nigeria was on the brink of economic collapse due to its excessive reliance on debt,” he said.
Drawing parallels with other nations, Oyedele mentioned Sri Lanka, where fuel shortages once restricted citizens to driving only on specific days. He also warned about the consequences of excessive money printing, noting, “We printed nearly N40 trillion, including interest, and were then surprised by inflation. Nigerians must understand that the invisible often controls the visible. Removing subsidies is an intangible reform, but its impact is real.”
He called for a shift in mindset, urging Nigerians to embrace the changes for a more sustainable and prosperous future.
