ONE-ON-ONE WITH NRS CHAIRMAN ZACCH ADEDEJI SUNDAY POLITICS

Three years into President Bola Tinubu’s economic reforms, there are two stories of the Nigerian economy tonight: the story in the numbers and the story in the lives of the people.

On paper, there are signs of progress. The economy grew by 3.89% in the first quarter of 2026, up from 3.13% a year earlier. Reserves have strengthened, government revenues have improved, and the IMF says the reforms have produced better macroeconomic outcomes and greater resilience.

But walk away from the spreadsheets and into the market not the stock market, but the motor parks and the homes of salary earners and the picture becomes far more troubling.

The IMF says poverty has reached 63% of the national poverty line and estimates that 27 million Nigerians faced food insecurity in late 2025. The World Bank says household incomes have still not fully recovered and poverty remains high, with poor households spending as much as 70% of their income on food.

And that is perhaps the defining economic question for this government: If the macroeconomy is recovering, when does that recovery arrive at the dinner table of the average person?

If the government is collecting more revenue, when does the citizen become richer too?

If the painful reforms were the price Nigerians were to pay for prosperity tomorrow, how long must tomorrow take to come?

Critics say the administration has repaired the balance sheet of government faster than it has repaired the balance sheet of the Nigerian household. But the government insists the difficult choices are laying the foundation for sustainable growth.

So tonight, beyond GDP, reserves, taxes and revenue targets, we are asking a much simpler question: Is the average Nigerian’s life better off, and if not yet, when?

Our guest tonight is one of the key figures behind the government's revenue reforms. He is also an adviser to the President on issues related to revenue.

My guest is the Chairman of the Nigerian Revenue Service, Dr. Zacch Adedeji. He is live with us in the studio. Thank you for joining us tonight, sir.

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On the State of the Nigerian Economy

Interviewer:
I think where we should start is with a video that has gone viral, where you were talking about the opposition and questioning their understanding of the economy.

Critics of this government say things that are not comfortable for the government, while you appear to be assuring the President that all is well.

There are people watching tonight who will say, “Mr. Adedeji, you are wrong. All is not well with the Nigerian economy.”

How do you defend an economy where the average person is still feeling a lot of pain, yet you say the critics do not understand what is happening?

Dr. Zacch Adedeji:
Thank you, Shakimo, and thank you, Nigeria.

There are some things in your introduction that I need to correct. You are making a distinction between the people and Nigeria. The summation of the people you have in Nigeria is what we call Nigeria.

So, if the balance sheet of Nigeria is getting better, by extension, the lives of Nigerians are getting better.

Secondly, when you talk about the opposition, I want us to defer that because the focus today is to explain the decisions that Mr. President has made, the results that we have seen, and what the future looks like.

I want us to structure this conversation into four sections:

1. What did we meet when we came in?
2. What have we done?
3. What are the results?
4. How does the future look?

Let me take the first section what we met.

It is not in the character of Mr. President to share blame because we believe government is a continuum. But that does not mean we should not take stock of where we are coming from.

Mr. President inherited an economy that was plagued by four mutually reinforcing distortions.

First was an unsustainable subsidy.

Second was an opaque foreign exchange market that discouraged investment into the country.

Third was an underperforming oil sector, which should be our backbone.

And fourth was a tax base that was very small compared to the size of our economy.

Those were the conditions we met.

In real terms, we had a trade deficit and negative foreign inflows. Instead of the NNPC bringing money to us, we were actually owing the NNPC because of unsustainable subsidy.

You went to the CBN and had a backlog of about $7 billion. We had Ways and Means of roughly ₦23 trillion.

That was the situation before 2023.

There was virtually no foreign inflow because of distortions in the foreign exchange market. There was poverty and a lack of coordination.

As a visionary leader, Mr. President sat down and asked: “How will I fix this?”

There is a saying that when trees fall upon each other, you have to take them from the top. He took the boldest and most fundamental decision of this administration, which was the removal of subsidy.

This was an issue that had been with us for more than three decades and had caused a lot of distortion in the macroeconomic indices of our economy.

Coupled with that was the unification of the exchange rate, the setting up of tax reforms, and the issuance of executive orders pending the passage of the relevant laws.

When you have this situation on the ground, you need to understand that economics is not run by emotion. There are fundamentals and rules.

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Was Subsidy Removal a Mistake?

Interviewer:
There are those who argue that more thought should have been given to the removal of subsidy and that buffers should have been created before it was removed.

With the benefit of hindsight, do you think the President made an error by not creating a buffer before removing subsidy?

Dr. Zacch Adedeji:
No. That is the point I made earlier.

What do you call a buffer? People need to understand where we were.

Subsidy is not an income. It is like borrowing money to buy a product.

Imagine you borrow money to buy a product for ₦10 and sell it for ₦3.

The ₦10 you used to buy the product is not your money; it is borrowed money.

So when people talk about creating a buffer, it is still a lack of understanding of the situation.

I understand the pain because it had to happen, and we should commend Mr. President for not being a politician but being patriotic.

He put aside the question of whether he wanted to win another election and focused on laying a solid foundation for the economy.

All the good results that I will outline soon are a consequence of that courageous decision.

It was not a mistake. It was one of the best things that has happened to this country.

Interviewer:
Subsidy, around the world, is something governments use to support citizens. When you remove subsidy, people immediately feel the impact.

Dr. Zacch Adedeji:
When you call it subsidy, it is actually a wrong use of the word.

It was under recovery.

If you procure a product at ₦10 and sell it at a discount, that is not necessarily subsidy in the sense people understand it. It means you are selling below your cost.

At that time, we had reached the bottom. If Mr. President had not taken that decision, only God knows where we would have been today.

Imagine what Nigeria could have been if we had continued.

The subsidy today would have been about ₦53 trillion, given what is happening globally.

Nigeria's total budget is around ₦63 trillion. Imagine an unsustainable subsidy taking up such a huge proportion of the budget.

If Mr. President had not taken that courageous decision, the exchange rate would also have been much worse.

That is why people need to consider where we would have been without the reform.

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Impact on the Average Nigerian

Interviewer:
But in the pocket of the average Nigerian who is buying petrol, the price increased after subsidy was removed. From the perspective of the consumer, the effect is very real.

Dr. Zacch Adedeji:
The point I am making is that people have misconceptions.

If the real value of a product is ₦10 and people are buying it for ₦3, the remaining ₦7 is not free money. It is money that has to come from somewhere.

The impression in people's minds is that there was money called “subsidy” sitting somewhere and the government simply stopped giving it to people.

That is not the reality.

If Mr. President had not stopped it, only God knows where this country would have been.

And truthfully, all the candidates agreed that subsidy should be removed. The question is: what should have been done differently?

When you break down what Mr. President has done, you will see the impact.

The reforms have increased the resources available to the states. We operate a constitutional federation, and revenue goes into the Federation Account and is distributed according to the law.

There is no window for anyone to simply take money and keep it aside as a “buffer.”

That is why, after the subsidy removal, the government introduced measures such as CNG to support those who were most affected, particularly people who depend on public transportation.

We need to look at the actual data and understand where we are coming from before judging where we are today.

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Macroeconomic Recovery and the Common Nigerian

Interviewer:
The President's economic policy has been described by critics as a “voodoo economy” an economy that favours the elites and the government rather than ordinary Nigerians.

How do you respond to that?

Dr. Zacch Adedeji:
I want you, as a journalist, to ask them a further question: What exactly would they have done differently?

For example, we now have the student loan scheme. Students from villages and cities can access funding to attend higher institutions.

We have distributed more than ₦33 billion to students in the last three years.

Is that a voodoo economy?

We also have credit facilities for civil servants to acquire cars and houses.

If these are not measures that benefit ordinary Nigerians, then what is?

Critics say the macroeconomic indicators are improving while microeconomic indicators remain negative.

But we need to understand that macroeconomic stability is a process.

The market capitalization of the Nigerian Exchange has increased significantly, and companies are performing better.

Corporate earnings have multiplied compared with where we started.

When companies do well, they employ more people.

The first stage was to fix the fundamentals.

Now that the fundamentals are being fixed, we can focus on attracting investment, improving employment and ensuring that Nigerians are ready to benefit from the recovery.

That is why the government introduced measures such as student loans and other interventions.

We are just less than three years into this government.

Rome was not built in a day.

Measuring Progress and the Impact on Ordinary Nigerians

Interviewer:

The IMF says that 63% of Nigerians, using the national poverty line, have been drawn into poverty. It is also estimated that 27 million Nigerians faced food insecurity in 2025.

Doesn't that suggest that more people have been pushed into poverty under this administration?

Dr. Zacch Adedeji:

No. That is exactly the point I am making. If you remember where we were coming from, if we had not done what we were supposed to do, possibly twice that number of people would have fallen into poverty.

The question is: What progress have we made from where we started?

Today, state governments are no longer coming to the Federal Government to borrow money or seek salary support in the way they used to.

And the civil servants working in those states—are they not ordinary Nigerians? The people working in businesses that are now paying more taxes and employing more people are they not Nigerians?

That is why I do not want us to rely on motherhood statements about the “common man.” Let people come with verifiable data.

Before now, nobody talked about student loans. These are programmes for ordinary Nigerians. The wealthy will not necessarily need those loans.

Based on the latest figures, more than one million students across about 300 institutions have benefited, with more than ₦33 billion disbursed to them in the last three years.

We have also established credit facilities for civil servants to acquire cars and houses. That had never existed before this administration.

So, when we talk about the common man, who else are we referring to?

Exchange Rate and Capital Importation

Dr. Zacch Adedeji:

Let me also explain what happened with the exchange rate.

Before the reforms, there was a huge gap between the official exchange rate and the parallel market rate.

When you have an official rate that is completely disconnected from reality, you discourage capital importation. If someone brings $1 into the country and gets one value through the official channel while the real market value is significantly higher elsewhere, people naturally look for the unofficial channel.

That was why we were not seeing meaningful capital inflows.

Mr. President directed that we should unify the exchange rate. That decision has produced results.

Today, we see companies bringing in capital and reporting significantly stronger earnings.

So, when people make claims about the economy without looking at the data, the question I would ask them is:

What would you have done differently?

What About a Buffer for Nigerians?

Interviewer:

You have explained the argument about subsidy. But let's move beyond that.

When subsidy was removed, transportation costs increased significantly. The government later introduced CNG buses and other measures.

Critics would argue that if the government had planned properly, these systems should have been put in place before the subsidy was removed so that Nigerians would not have been thrown into such hardship.

Dr. Zacch Adedeji:

I understand the argument, but again, you are asking where the money for that buffer would have come from.

Imagine that you are borrowing ₦10 to buy a product and then selling that product for ₦3. Where is the money for the buffer?

At that time, the NNPC was effectively in a negative position. The Federation was owing the NNPC.

So, there was no pot of money sitting somewhere that could simply be used to create a buffer.

What the government subsequently did including the introduction of CNG buses and other interventions were the measures put in place to cushion the effects.

What Is the Current Position of NNPC and Frontier Exploration Funds?

Interviewer:

What is the current status of the NNPC?

Dr. Zacch Adedeji:

The situation has changed significantly.

Apart from paying taxes and royalties, Mr. President also issued an executive order directing that proceeds from frontier exploration should be paid directly into the Federation Account.

There were recently discussions about the movement of money, and some people interpreted that as something improper. They were looking at the old system.

The President's directive has changed the process. Frontier exploration proceeds are now paid directly into the Federation Account.

Interviewer:

When did that payment process begin?

Dr. Zacch Adedeji:

It started a few months ago, following the President's directive.

Interviewer:

So there is now a consolidated account for these collections?

Dr. Zacch Adedeji:

Yes. The funds are paid directly into the Federation Account.

After the Break: Where Is the Dividend of the Reform?

Interviewer:

Welcome back.

Tonight, we are putting Nigeria's economic numbers against the reality of the Nigerian market.

Government revenues are rising, economic growth has returned, reserves are stronger, and the administration says its reforms are beginning to produce results.

But for the trader in the market, the worker living on a salary, the pensioner buying medicine, and the family struggling with food, rent, transportation and electricity, the question is not simply whether the spreadsheet looks better.

The question is whether life feels better.

So where is the meeting point between macroeconomic recovery and household prosperity?

When will more money for government translate into greater purchasing power for citizens?

After three years of difficult choices and enormous sacrifices, when should Nigerians expect to feel the dividend of these reforms?

Poverty, Household Income and the Reform Programme

Interviewer:

Despite the extensive reforms, poverty and household hardship remain high according to the World Bank.

What specific policy has measurably increased the real income and purchasing power of the average Nigerian, and by how much?

The background is that millions of Nigerians are living below the national poverty line.

Dr. Zacch Adedeji:

Like I explained earlier, we need to look at four things:

1. What did we meet?

2. What have we done?

3. What are the results?

4. Where are we going?

Imagine that we had not done what we have done. The numbers you are reading out today would have been much worse.

The economy we met in 2023 was in serious difficulty.

I do not want to quote figures from sources I cannot verify, but I have given you the data relating to the situation we met.

Whatever the numbers are today, they could have been significantly worse if the President had not taken these decisions.

Refining Capacity and Government Revenue

Dr. Zacch Adedeji:

Let me give you some concrete examples.

Before 2023, our effective refining capacity was extremely low. Today, we have significantly greater refining capacity.

That is a major change because we no longer have to depend to the same extent on importing refined petroleum products.

Look at government revenue.

Before this administration, revenue was around ₦12 trillion. Today, it has risen significantly, reaching about ₦28 trillion and, based on the figures being discussed, moving toward ₦40 trillion.

That additional revenue has an effect on the states because more money is being distributed through the Federation Account.

I previously served as a Commissioner for Finance, so I understand the importance of state-level revenue.

When salaries are paid consistently at the state level, the effect spreads throughout the economy.

Civil servants spend their salaries in markets. Traders receive the money. Transport operators benefit. Small businesses benefit.

So, if that is not helping the common man, what would you call helping the common man?

Trade, Exports and Capital Importation

Dr. Zacch Adedeji:

Look at our trade performance.

Our exports have increased significantly.

In March alone, Nigeria became a net exporter of PMS. That had not happened in decades.

The Dangote Refinery has also become a major supplier of aviation fuel, including exports to international markets.

Look at capital importation.

Companies such as Shell are bringing significant capital into Nigeria because of the incentives and the executive orders introduced by this administration.

This level of capital inflow had not been seen in many years.

Look at the capital market as well.

The stock market index has increased substantially, creating wealth for shareholders and investors.

Then look at the minimum wage. In three years, it has been doubled.

The President also directed that salary reviews should be carried out more frequently rather than waiting five years.

So, if these things are not helping ordinary Nigerians, then what should we call helping ordinary Nigerians?

Foreign Reserves and Economic Stability

Dr. Zacch Adedeji:

If you look at inflation, GDP growth, the official exchange rate and external reserves, you can see the changes.

Our foreign reserves have strengthened significantly.

Because we are now refining more of our petroleum products domestically, the amount of foreign exchange required for petroleum imports has reduced.

That strengthens our reserves.

International standards generally consider it important for a country to have enough reserves to cover several months of imports.

Nigeria now has a much stronger reserve position than it previously had.

That is economic stability.

And if you look at debt, we have also been addressing the liabilities we inherited.

Remember that we inherited about ₦23 trillion in Ways and Means. We have not simply continued printing money to finance it; we have been working to reduce those obligations.

Corporate Performance

Dr. Zacch Adedeji:

Look at the performance of major businesses operating in Nigeria.

Companies such as MTN, Dangote and others have reported significant increases in earnings.

Why?

Because the business environment is becoming more conducive.

When businesses make more money, they employ more people and pay better salaries.

So when someone asks, “What about the common man?” I ask: What about the people employed by these companies?

Do they not have families?

Do they not spend money in the economy?

The Naira and Exchange-Rate Reform

Interviewer:

But the value of the naira has depreciated significantly, and prices remain high.

In 2016, under President Buhari, the exchange rate was around ₦360 to the dollar and relatively stable. Under President Jonathan, it was around ₦190 to the dollar.

Today, the rate is significantly higher.

What does that mean for purchasing power?

Dr. Zacch Adedeji:

It means that we need to understand what actually happened.

We did not simply “devalue” the naira.

The problem was that the official exchange rate did not reflect the real market value of the currency.

If the parallel market rate is significantly higher than the official rate, maintaining an artificially low official rate does not create value.

It actually discourages investment.

International investors know the real value of the currency. If you tell them the dollar is worth ₦300 officially while they know it is worth much more in the real market, they will not bring their money through the official system.

That was the reality we were living with.

The exchange-rate reform therefore brought the official rate closer to market reality.

Should Nigerians Commend the President for the Reforms?

Interviewer:

But the President was elected to do these things. Why should Nigerians commend him for doing what he promised to do?

Dr. Zacch Adedeji:

Why did previous governments not take the same decisions?

They were also elected.

They had opportunities to remove the subsidy. They had opportunities to address the exchange-rate distortions.

What is different is that President Tinubu took the courageous decision despite knowing that there would be temporary dissatisfaction.

When someone takes a difficult but necessary decision and implements it despite the political consequences, I believe that should be recognized.

If you do your job well, people should be able to commend you for doing it well.

Tax Reform and Revenue Growth

Dr. Zacch Adedeji:

Let me show you another result.

Revenue performance has improved significantly.

This is one of the strongest improvements we have seen in the history of Nigeria's revenue system.

The tax system had remained largely unchanged for decades.

The reforms under President Tinubu have consolidated the tax laws and simplified the system.

Revenue has multiplied significantly, and more of that money is being distributed to the states.

That is why you are seeing state governments commissioning projects and paying salaries more consistently.

Petroleum Products and Domestic Refining

Dr. Zacch Adedeji:

We must always recognize where we are coming from.

The President created an environment that allowed refineries to operate.

Nigeria is now refining more petroleum products domestically.

The price Nigerians pay for PMS is significantly lower than what it would cost if we were importing all of it at international prices.

That is one of the benefits of having domestic refining capacity.

We also need to recognize the role played by private-sector investors who have invested heavily despite the difficult business environment in Nigeria.

Simplifying the Tax System

Dr. Zacch Adedeji:

Another major reform is the simplification of the tax system.

Imagine having about 66 different tax laws and levies and then consolidating them into a much simpler framework.

What makes the business environment more conducive than reducing complexity and making it easier for businesses to understand their tax obligations?

If businesses have fewer taxes to deal with and a clearer regulatory framework, they can plan better and invest more.

From Crisis Management to Consolidation

Dr. Zacch Adedeji:

When you look at all these indicators together, I can say that President Tinubu has moved the Nigerian economy from crisis management to consolidation.

Many of the indicators that were previously negative have improved.

We now have a positive trade balance.

There is greater stability in the foreign exchange market.

Bank capitalization has improved.

And importantly, no bank has collapsed as a result of these reforms.

We have raised about ₦4.6 trillion in bank capitalization over three years, with approximately 75% coming from domestic sources.

That gives confidence in the banking system and provides greater protection for the deposits of ordinary Nigerians.

The Taxman's Perspective: How Much Revenue Can Government Collect?

Interviewer:

We are almost out of time, but I am not satisfied with the answers yet, particularly because many Nigerians believe that the government is not doing enough and that some of its policies are hurting the people.

So, let me extend this conversation.

The economy is at the centre of government action, and Nigerians will ultimately decide in 2027 whether to retain this administration.

But let us move away from the politics and focus on taxation.

You are the tax man. You want a stronger tax system.

How aggressively can you collect revenue from an economy where household incomes have not fully recovered and poverty remains extremely high?

Where is the breaking point?

Dr. Zacch Adedeji:

Let me speak technically as a tax administrator.

At the Nigerian Revenue Service, our objective is not to extract money from people.

If you remember President Tinubu's philosophy, he has said that he wants to tax prosperity, not poverty.

He wants to tax the fruit, not the seed.

He wants to tax the return on investment, not the investment itself.

So, our focus is not extraction.

Our focus is to create an environment where businesses can grow.

When businesses do well, the revenue service also does well.

For example, if you make ₦100, I may collect ₦30 in tax. If you make ₦200, I collect ₦60. If you make ₦300, I collect ₦90.

Therefore, if I want to collect more revenue, I have to help you make more money.

That is why it is in the interest of the Nigerian Revenue Service for businesses and individuals to prosper.

Government's Role in Creating Prosperity

Dr. Zacch Adedeji:

That is why you see the President working to remove obstacles to business.

For example, the Electricity Act was signed into law, allowing states to play a greater role in electricity generation, transmission and distribution.

More resources are also being allocated to the states.

Real poverty reduction largely happens at the state level because states are closer to the people.

Primary education, secondary education and other basic services that can lift people out of poverty are largely responsibilities of state governments.

At the Federal level, we have introduced interventions such as student loans and credit facilities.

For us at the Nigerian Revenue Service, the goal is not simply to collect more money.

The goal is to help create a prosperous country because when the country prospers, revenue will naturally increase.

Will Poor Nigerians Pay More Taxes?

Interviewer:

There is still a fear among Nigerians that poor people may end up paying more taxes.

Dr. Zacch Adedeji:

That is not our objective.

President Tinubu has repeatedly said that we are not here to tax poverty.

We are here to tax prosperity.

That is why our responsibility is also to make sure that people and businesses have the opportunity to prosper.

Revenue Versus Budget Performance

Interviewer:

Critics argue that the government talks about increasing revenue, but capital budget releases remain low.

Some elements of the 2024 and 2025 budgets were still being carried over into 2026, and there have been complaints about poor budget implementation.

How do you reconcile higher revenue with low capital expenditure?

Dr. Zacch Adedeji:

There is a fundamental difference between the budgeting system and the expenditure and financing framework.

People are mixing different things together.

Let me give you an example.

There are major infrastructure projects such as the Lagos-Calabar Coastal Highway and the Lagos-Badagry corridor.

The fact that something appears in the budget does not necessarily mean the entire project must be funded directly from government revenue at once.

There are different financing structures.

For some projects, the government pays part of the cost while contractors and other financing arrangements cover the balance.

Because the economy has become more viable, investors are now willing to participate in financing major infrastructure projects.

That is part of what is happening.

Financing Versus Funding

Interviewer:

But many Nigerians are concerned because they hear that government workers have not been paid and that some ministries are complaining about funding.

Dr. Zacch Adedeji:

Financing and funding are two different things.

That distinction is important.

A project can be in the budget while having a different financing structure.

For example, the Lagos-Calabar project is in the budget, but the financing arrangement involves different sources and payment structures.

The same applies to some airport and other major infrastructure projects.

There are aspects of how these arrangements are structured that are not necessarily for public discussion.

The important thing is that the projects are moving.

That is part of the strength of the current approach.

Budget Reforms

Interviewer:

But the budgeting process has been a major concern for Nigerians.

Dr. Zacch Adedeji:

And that is why we recognize that there is a structural problem with the budgeting process.

President Tinubu addressed this in his budget speech and made it clear that he would not continue to allow the problem of rolling budgets.

The government is working to reform that area.

So, when you talk about financing and funding, they are different things.

Where Is the Increased Revenue Going?

Interviewer:

You have explained that government revenue has increased significantly. Give us an idea of where all this additional revenue is going. Where are these monies being spent?

Dr. Zacch Adedeji:

That is exactly what I have been explaining.

Have you ever seen projects of this magnitude being undertaken in Nigeria before? Look at the infrastructure projects across the country. These are being funded through the increased resources available to government.

The government is also focusing on agriculture and mechanization. You can see what is happening through the Bank of Agriculture and the Bank of Industry.

So, when you ask where the increased revenue is going, it is going into infrastructure and productive activities of government.

Electricity and Industrialization

Interviewer:

Give us an understanding of the government's position on electricity and what it means for production.

Dr. Zacch Adedeji:

A major part of Nigeria's problem is our inability to produce what we consume, and electricity is at the centre of industrialization and productivity.

Mr. President has said it clearly: if he cannot provide stable electricity, Nigerians should not vote for him.

There are people who say, “That is good, but we will hold you accountable. You do not deserve to return because you have not given us electricity.”

But that is why I am explaining what the future looks like.

The future is very bright.

The fundamentals have now been fixed. The necessary laws have been passed.

For example, the law now allows states to generate, transmit and distribute electricity. A lot of incentives have also been provided in that direction.

Now that the fundamentals have been fixed, you will begin to see improved work in the electricity sector.

Mr. President recognizes that stable electricity is critical. That is why he has continued to focus on the sector and has established structures to drive the reforms.

From Take-Off to Consolidation

Dr. Zacch Adedeji:

You have to understand that before we can attract investment into electricity, we first have to correct the distortions that existed in the economy.

It is like taking off on an airplane. When you are taking off, there are bumps and turbulence.

But once the aircraft reaches cruising altitude, you can relax.

That is where we are now.

We have moved into the cruising and consolidation stage.

What we need now is to consolidate the gains that have already been achieved.

Interviewer:

But you mentioned the next three to five years. You do not have three to five years. You only have a few months before the next election.

Dr. Zacch Adedeji:

No, I was explaining what the consolidation period would look like.

Of course, Nigerians will decide whether they want to renew the President's mandate.

But we are people of science and data.

Based on what I have explained and the results we have achieved, tell me why Nigeria would not vote for this administration.

Why Should Nigerians Re-elect the Government?

Dr. Zacch Adedeji:

How many governors did we have supporting these reforms before? How many do we have now?

These are people who understand what is happening because they see the data and the results.

They know what they inherited and what they are receiving today.

So, I ask those criticizing the government: Show us your blueprint.

It is not enough to say that you can do better.

Tell us exactly what you would have done differently.

On subsidy, what alternative did they propose?

I have shown you where we started and where we are today.

Interviewer:

Are you saying that this is the best that Nigerians could have gotten?

Dr. Zacch Adedeji:

Yes. By the special grace of God, I believe this is the best.

I work with the President day and night, and I have never seen anyone who has Nigeria so much at heart.

I believe the solutions he is bringing are the best thing that could happen to this country.

When Will Sacrifice Become Prosperity?

Interviewer:

Dr. Adedeji, Nigerians were told that subsidy removal and other painful reforms were necessary sacrifices for a better future.

Three years later, when exactly does sacrifice become prosperity?

I want you to give Nigerians a timeline rather than another request for patience.

What should the average Nigerian be able to see in their salary, food bill or household expenses by January 2027 that would demonstrate that the sacrifices have worked?

Dr. Zacch Adedeji:

I do not even need to give them a timeline from now because the benefits have already started.

I understand and empathize with Nigerians. We always want more and better.

But let me ask you: when was the last time you heard about fuel queues?

When was the last time you heard that workers were going on strike because salaries had not been paid?

When was the last time you heard a state government say it could not pay its workers?

These things did not simply disappear.

They are products of the courageous decisions that we have taken.

People have taken some of these improvements for granted because they now expect them to continue.

But it was not always like this.

Is the Painful Period Over?

Interviewer:

So, are you saying the painful period is over?

Dr. Zacch Adedeji:

Of course.

That is exactly what I am saying.

We have moved from crisis management to consolidation.

This is not the time to try something completely different or start another experiment.

We need to consolidate what we have achieved.

For example, the new tax law has only been in implementation for about eight months. Do you now want to change it?

We also have reforms in the capital market. The next step is to deepen the market and bring more large corporations and government enterprises into the Nigerian stock market so that wealth can be distributed more widely among Nigerians.

We have also established credit programmes.

People who previously struggled with salary and rent can now begin to think about owning houses and cars.

We have the student loan programme, which is also being stabilized. The first beneficiaries will graduate and become products of that programme in the coming years.

Why would we stop these programmes just as they are beginning to produce results?

Pensioners and Workers

Interviewer:

Does this government care about pensioners?

Dr. Zacch Adedeji:

Of course.

When was the last time you heard pensioners threatening to go on strike because of unpaid pensions?

And recently, Mr. President approved improved salaries for security personnel.

These are examples of the benefits that are beginning to emerge.

Think of it like an airplane.

When you are taking off, you are told to tighten your seatbelt because of the turbulence.

But once you reach cruising altitude, the pilot tells you to relax your seatbelt because the food is about to be served.

That is where we are now.

We should not decide to go back and start the take-off process again.

What we need now is consolidation.

What Happens If the Government Is Not Re-elected?

Interviewer:

So, are you saying Nigeria needs four more years of this administration?

What happens if the government is not re-elected?

Dr. Zacch Adedeji:

Nigeria is wise and considerate.

Nigerians do not repay good with evil.

I am not going to focus on “if” the government is re-elected.

Look at what we have done.

We have worked extremely hard to stabilize the country.

Refineries and Energy Security

Interviewer:

You have not been able to fix the government-owned refineries.

Is there a plan to fix the NNPC refineries?

Dr. Zacch Adedeji:

Honestly, that is not our primary concern at this point.

What matters is whether Nigeria has working refining capacity.

Today, through Mr. President's initiative and the naira-for-crude arrangement supporting domestic refining, we have significant refining capacity operating in Nigeria.

The Dangote Refinery alone has a capacity of about 700,000 barrels per day.

That is significantly higher than the refining capacity Nigeria had been able to achieve previously.

So, whether the refinery is operated by the government or the private sector, what matters to us is that Nigeria has a functioning refinery that contributes to energy security.

That is the priority.

What About the Government-Owned Refineries?

Interviewer:

But what about the government-owned refineries?

Dr. Zacch Adedeji:

There are ongoing discussions and partnerships aimed at rehabilitating them.

But as we stand today, Nigeria has already achieved greater energy security because of the conducive business environment created by this administration.

Private investors have been encouraged to invest in refining.

The important thing is that Nigerians can now have access to refined petroleum products produced domestically.

Cost of Governance

Interviewer:

Are you not concerned about the perception that people in government live large and in luxury?

People point to the President's convoy, the expenses associated with the Presidency, the First Lady, aircraft and other costs.

There are Nigerians living in poverty who believe the cost of governance is too high.

The President promised to reduce the cost of governance. Has that agenda been abandoned?

Dr. Zacch Adedeji:

No.

Let me explain the mismatch in that argument.

Tell me, how does the President live extravagantly?

The President goes from home to office and works continuously.

He is not someone who spends his time attending parties or travelling for leisure.

Interviewer:

But government resources are being used to provide these things.

Dr. Zacch Adedeji:

Of course, government must provide what is necessary for the President to perform his duties.

We cannot pay for what we cannot afford.

But we should also ask: how much does it actually cost for the President of Nigeria to travel securely and perform his constitutional responsibilities?

Other countries do the same.

The question should not simply be whether government is spending money.

The question should be whether the spending is necessary, justified and affordable.

Understanding the Cost of Governance

Dr. Zacch Adedeji:

When people talk about reducing the cost of governance, they often focus on individual expenses without understanding the broader economic cycle.

Government is both a debtor and a creditor within the economy.

For example, if government needs to use a conference centre and decides not to use it simply to reduce spending, the owner of that conference centre loses revenue.

That person would have employed workers, paid suppliers and paid taxes on the income generated.

So, the economy is a cycle.

Government spending can also create economic activity and generate additional tax revenue.

That does not mean government should spend recklessly.

It means we must distinguish between wasteful expenditure and productive expenditure.

Outstanding Payments to Contractors

Interviewer:

When will contractors who are owed by government be paid?

Dr. Zacch Adedeji:

The Minister of Finance is working on the payments.

There are different categories of outstanding obligations.

Those who are owed smaller amounts have payment plans, while those with larger claims are also being addressed through the government's funding mechanisms.

It is an issue being handled within the Ministry of Finance.

Are States and Local Governments Using the Money Properly?

Interviewer:

Give us an idea of how government resources are being managed.

What Nigerians often hear is that more money has gone to the states and local governments, but people at the grassroots say they are not seeing the impact.

Is there any management or supervisory mechanism to ensure that the money is properly utilized?

Dr. Zacch Adedeji:

The law is very clear.

Nigeria is a federation, and each level of government has its constitutional responsibilities.

No level of government is superior to another in the way that you are suggesting.

However, journalists and citizens can ask state governments questions about what they are doing with the resources available to them.

The states are actually closer to the common man and the middle class than the Federal Government.

Mr. President has also done well by ensuring that funds due to the states are not withheld.

We are operating within one economic cycle.

What Are the States Doing With Increased Revenue?

Dr. Zacch Adedeji:

Look at what some governors have publicly reported.

One governor explained that he had received significantly more revenue and had been able to execute major projects without borrowing.

You see similar developments in states such as Ekiti and Imo.

So, if the results are not immediately visible everywhere, it does not mean nothing is happening.

As these programmes are consistently implemented, the benefits will spread throughout the country.

Youth Unemployment

Interviewer:

Let's look at Nigeria's population.

The figures show enormous potential, particularly because of our youthful population.

But jobs are still not enough.

Is this government concerned about young Nigerians who are out of school and unemployed?

Dr. Zacch Adedeji:

Yes, we are concerned.

That is why you see what Mr. President is doing.

It is not only the Tertiary Education Trust Fund that is involved. The Ministry of Education is also working on technical and vocational education to equip young Nigerians with skills that can help them secure employment.

But we also need to understand that government cannot employ everyone.

A significant portion of employment comes from corporate organizations and the private sector.

That is why it is important that companies perform well.

When corporate earnings increase, businesses expand and create more jobs.

Infrastructure and Employment

Dr. Zacch Adedeji:

We have only been in government for about three years, and the first priority was to fix the fundamentals.

Think about what has happened in the refinery sector.

We now have major refining operations that employ people who previously did not have those opportunities.

Look at the cement industry.

Look at the reconstruction of airports.

At some airport projects, more than 1,000 people are involved in the work.

Visit the construction sites across the country the Sokoto projects, the Lagos-Calabar Coastal Highway, Badagry and other major infrastructure projects.

You will see people working.

Employment is increasing as these projects progress.

What Does Increased Revenue Mean for Nigeria?

Interviewer:

I want you to explain this because whenever Nigerians hear that government revenue has increased, they are happy.

What does increased revenue actually mean for the average Nigerian?

Dr. Zacch Adedeji:

It means Nigeria has a significant untapped capacity to generate wealth.

Simple mathematics and economics tell you that when you have a large population, that population represents potential productivity.

More productivity means more earnings.

More earnings mean more revenue.

More revenue means greater capacity to provide better roads, healthcare, education and other public services.

Nigeria still has serious challenges in healthcare and education.

But we are seeing progress.

For example, the figures on out-of-school children have also shown improvements.

Frontier Exploration Revenue

Dr. Zacch Adedeji:

When this administration came in, the Nigerian National Petroleum Corporation's remittance to the Federation Account was severely affected by the subsidy regime.

Today, the situation has changed significantly.

The NNPC now remits substantial amounts monthly.

There has also been some misunderstanding about frontier exploration revenue.

There was a recent controversy suggesting that money had been moved illegally.

The reason for that misunderstanding is that some people were still operating based on the old system.

The Executive Order changed the arrangement.

Under the new directive, revenue from frontier exploration is collected by the Nigerian Revenue Service and paid into the Federation Account.

How Much Has Been Distributed?

Dr. Zacch Adedeji:

Let me give you one final figure.

In May 2023, approximately ₦71 billion was being distributed monthly.

By July, the monthly distribution had risen to about ₦4.5 trillion.

That represents an increase of approximately 532%.

And what has been the effect?

You see the effects in the states.

Workers are being paid.

The frequency of industrial actions has reduced.

Governors are commissioning projects.

States are now able to undertake projects that they previously could not afford.

Three Things Nigerians Should See

Interviewer:

We have very little time left.

Let us make this simple for Nigerians watching across the country.

By election day, what three things should have changed in the pocket of the average Nigerian and in their household before you would ask them to say that President Tinubu's economic reforms have worked?

Not three things that you say have already changed, but three things that the average Nigerian should actually experience.

Dr. Zacch Adedeji:

I will tell you three things.

First, energy security.

Nigerians should have greater confidence that there will be fuel availability and improved energy security.

Second, access to education.

A child from a Nigerian village should be able to go to university, regardless of whether their parents have enough money to pay the full cost upfront.

The student loan system is helping to make that possible.

Third, peace, security and hope.

People should have confidence that when they work hard and do well, there are systems and institutions that can support them.

We have moved out of crisis management.

We are now in the consolidation stage.

We are at the cruising stage, and the next step is to build on what has already been achieved.

Closing

Interviewer:

Thank you very much.

Before we close, a lot of civil servants are asking about the credit programme you mentioned.

I think the Managing Director of the credit programme needs to come on the programme to explain how it works.

There is a lot of interest in how people can access affordable credit to purchase household items, cars, pay rent and eventually own homes.

But, Dr. Zacch, thank you very much for coming.

There is a lot of effort involved in explaining these economic issues, but Nigerians need the explanations to understand what government is doing.

And when government is not doing enough, we must hold it accountable.

That's our show for tonight.

Thank you for watching.

God bless Nigeria.