The Federal Government is preparing to introduce a new set of economic indicators that will measure how Nigerians are benefiting from ongoing reforms. According to the Minister of Finance, Taiwo Oyedele, the planned scorecard will track changes in poverty levels, household income, and income inequality to provide a clearer picture of the country’s economic progress.
The initiative is expected to address growing concerns that while recent reforms have strengthened government revenue, improved foreign exchange liquidity, and boosted investor confidence, many Nigerians are yet to experience those benefits in their daily lives. Rising prices of food, transportation, and other basic necessities continue to place significant pressure on households across the country.
Speaking during a BusinessDay conference in Lagos, Taiwo Oyedele explained that the government wants to focus on whether economic growth is improving the lives of Nigerians,
Tinubu’s government is seeking to demonstrate that reforms introduced in 2023, including scrapping a fuel subsidy and liberalising the naira, applauded by lenders and investors, are translating into broader gains for Nigerians after driving up inflation and living costs.
The International Monetary Fund said in June that while the reforms were improving investor confidence and economic stability, 63% of Nigeria’s 200 million population remained in poverty and millions faced food insecurity.
The measures have also been accompanied by criticism over persistent corruption and allegations of unbudgeted government spending, raising questions about whether the sacrifices demanded of citizens are being matched by fiscal discipline.
Oyedele said inflation was easing, the foreign exchange market was functioning more efficiently and investor interest was returning, but acknowledged that macroeconomic stability alone would not be enough.
“A stable economy can still be a stagnant one if we become complacent,” he said.
Oyedele said the ministry of finance would be responsible for producing the scorecard but did not provide a timeline for publishing the indicators or say how frequently they would be updated.
