In a recent interview by the Channels Television, the National Chairman of the All Progressives Congress (APC), Professor Nentawe Yilwatda, has defended the economic reforms introduced under the current administration, insisting that the difficult decisions taken were necessary to stabilize the nation’s economy and strengthen state finances.
Speaking on concerns that the policies, particularly subsidy removal and foreign exchange unification, may affect his party’s political future, Yilwatda dismissed the fears, noting that the reforms were not only campaign promises but also demands widely acknowledged by Nigerians across political divides.
“Difficult decisions were the promises that all the candidates made because Nigerians accepted that we needed those changes at that point in time,” he explained. “Almost all the candidates and commentators across the country said that we must remove subsidy. Almost all of them believed the parallel forex was not in the interest of Nigeria. So the reforms we have taken as a government were necessary reforms that the country needed at this juncture.”
Yilwatda highlighted the immediate impact of the reforms on revenue distribution and fiscal responsibility, noting that the federation account has seen unprecedented growth in recent months.
“Just last month, the federal, state, and local governments shared over ₦2 trillion,” he said. “Before now, they shared barely about ₦500 billion most times. Today, states that used to collect roughly ₦2 billion or ₦3 billion monthly are now collecting above ₦15 billion. These increments are improving services.”
According to him, the financial relief has reversed years of fiscal struggles by state governments, particularly in the area of salary payments and debt servicing.
“In 2023, about 24 states were borrowing and some of them could not pay salaries. Today, no single state has failed to pay salaries. All state governors and local governments are up to date, and borrowing has reduced because of the increased revenue from subsidy removal,” he stressed.
The APC chairman added that the reforms are gradually reducing the dependency of states on loans while enabling them to invest more in public services.
“The civil service has improved because states are now more financially stable,” he noted.
Yilwatda urged Nigerians to be patient with the government, emphasizing that while reforms may initially bring hardship, their long-term benefits will reposition the economy for sustainable growth.
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