Tinubu’s reforms averted economic collapse, says ex-CBN deputy governor

A former Deputy Governor of the Central Bank of Nigeria (CBN), Dr Tunde Lemo, has said Nigeria’s economy is gradually stabilising, noting that the country is beginning to see “light at the end of the tunnel” after a difficult period of economic reforms.

Lemo stated that Nigeria would have slipped into economic collapse if not for the painful reforms and tax measures introduced by President Bola Tinubu. He spoke on Frontline, a current affairs programme on Eagle 102.5 FM, Ilese-Ijebu, monitored by The Guardian.

According to him, key indicators point to resilience in the economy, including declining inflation, improved exchange rate stability and easing food pressures toward the end of 2025.

“We thank God that we are beginning to see light at the end of the tunnel. The economy is resilient,” he said.

While acknowledging that prices remain high, Lemo noted that both headline and food inflation have been moderating consistently. He described December 2025 as a turning point, saying Nigerians no longer had to struggle to access food, a development he linked to the removal of fuel subsidy.

“For the first time in December, we didn’t need to queue for food. Those who bought wisely will tell you prices were about 20 per cent cheaper than the previous year,” he said.

Lemo maintained that the reforms introduced at President Tinubu’s inauguration are already yielding results despite the initial shocks. He explained that although subsidy removal triggered price increases, it also ensured product availability and reduced panic buying, leading to gradual price reductions.

Defending the new tax regime, Lemo dismissed claims that its timing was inappropriate, stressing that taxation is fundamental to governance. He warned that excessive borrowing or central bank financing would only worsen inflation.

“When will it be the right time to pay tax? It is only in Nigeria that people do not want to pay tax but expect the government to provide everything,” he said.

He added that traders with an annual turnover below ₦100 million are exempt from paying tax, arguing that the new tax law protects low-income earners more than the wealthy.

“Would a woman selling pepper by the roadside make ₦100 million a year? The poor are protected. The loudest critics are the elites, who are using the poor as mouthpieces,” Lemo said.