Benin: The Minister of Regional Development, Abubakar Momoh, has described the economic reforms implemented by President Bola Tinubu as bold measures aimed at preparing Nigeria for future prosperity. Momoh made these remarks while delivering the 55th Founder’s Day Lecture at the University of Benin (UNIBEN).
According to News Agency of Nigeria, the minister, an alumnus of UNIBEN, spoke on ‘Reforms for a Shared Prosperity.’ He acknowledged that many Nigerians are experiencing the immediate challenges posed by the reforms but emphasized the necessity of addressing long-standing economic issues. Momoh highlighted that President Tinubu took decisive actions that previous administrations avoided, including the removal of the petrol subsidy, which was a significant step to tackle economic inefficiencies and corruption.
Momoh further explained the rationale behind unifying Nigeria’s exchange rate, criticizing the previous system for encouraging arbitrage rather than productive activities. He pointed out that this reform aims to increase transparency and boost investor confidence. The minister also discussed the operationalisation of the Petroleum Industry Act and investment in local refining, citing the Dangote Refinery’s expansion plans as evidence of restored sector confidence.
He addressed the energy transition, spotlighting the Presidential Compressed Natural Gas Initiative as a strategy to reduce transportation costs while meeting climate commitments. In the power sector, Momoh revealed government initiatives to clear debts and improve liquidity, noting a 70% revenue increase in 2024 due to regulatory changes.
The minister also disclosed the Federal Executive Council’s approval of N68.7 billion for solar projects in universities and teaching hospitals, including UNIBEN. He argued that while the reforms impose short-term hardships, they lay the groundwork for sustainable, inclusive prosperity.
Momoh shared his personal journey from being a UNIBEN student to serving in various public roles, expressing gratitude to the university for its influence on his career. The Vice-Chancellor, Prof. Edoba Omoregie, praised Momoh as a commendable ambassador, linking the university’s progress to the Federal Government’s reform agenda and revealing recent federal support for the institution.