Tinubu Defends Economic Reforms, Says Nigeria Making ‘Serious Foundational Progress’

President Bola Tinubu has defended his administration’s economic reforms, insisting that Nigeria is making “serious foundational progress” despite the challenges associated with the policy measures.

Speaking on Wednesday while receiving a delegation from Deloitte Africa led by its Chief Executive Officer, Ruwayda Redfearn, at the Presidential Villa, Abuja, Tinubu said the government’s fiscal, revenue and tax reforms were beginning to yield positive results and would continue to drive economic growth.

The President acknowledged that the reforms had required difficult decisions but maintained that they were necessary to build a stronger economic foundation for the country.

“We are following the example of Deloitte’s greatness to change things from the foundation, building the necessary future for our people,” Tinubu said.

He described the reform process as difficult but rewarding, noting that while Nigerians had to endure the “bitter medicine,” the economy was responding positively.

“The reforms on revenue will continue to stimulate growth. Yes, some issues are difficult to take the bitter medicine, but it is working well. For the economy, Nigeria is making serious foundational progress,” he added.

Tinubu said the reforms had strengthened the nation’s fiscal and revenue systems, repositioned financial institutions and enhanced Nigeria’s competitiveness in the global economy.

He also urged Deloitte Africa to expand its investment in Nigeria by supporting youth development through skills acquisition, training and job creation, stressing that the country’s youthful population remained one of its greatest assets.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, encouraged the global consulting firm to deepen its collaboration with the Federal Government, particularly in building the capacity of young Nigerians.

Earlier, Deloitte Africa CEO Ruwayda Redfearn commended the administration’s reform agenda and reaffirmed the firm’s commitment to supporting Nigeria’s economic transformation through investment, technical expertise, youth empowerment and employment opportunities.

She noted that Deloitte, which generated $74 billion in revenue in 2025 and employs more than 500,000 professionals globally, including over 6,000 across Africa, was well-positioned to partner with the Federal Government in delivering its economic agenda.

Also speaking, Deloitte Africa CEO for Nigeria, Yomi Olugbenro, said the firm would leverage its global experience to help ensure that the gains of the government’s reforms translated into tangible benefits for ordinary Nigerians.

He said Deloitte remained committed to working with the government to deepen the impact of ongoing reforms and accelerate inclusive economic growth across the country.