Special Adviser to the President on Economic Affairs in the Office of the Vice President, Dr. Tope Fasua, on Thursday defended the Federal Government’s economic reforms, saying the measures, though painful, were necessary to stabilise the economy and create long-term opportunities for inclusive growth.
Fasua spoke at the second conference of Rotary International District 9127 in Abuja, where he delivered a keynote address titled, “Nigeria’s Economy: Pathways, Reforms and Opportunities for Inclusive Growth.”
He said the reforms introduced by the administration of President Bola Tinubu were already beginning to produce results despite the hardship faced by many Nigerians.
Drawing comparisons with countries such as India and China, Fasua argued that economic transformation often required sacrifice before meaningful gains could be achieved.
“There is a time to sow and a time to reap,” he said, noting that India’s rise as one of the world’s fastest-growing economies was driven by years of difficult but deliberate reforms.
The presidential aide identified fuel subsidy removal, foreign exchange reforms and tax restructuring as major policy steps taken to reposition the economy.
On fuel subsidy removal, Fasua said the previous system had become unsustainable because of widespread corruption and abuse. According to him, billions of dollars were lost yearly through fraudulent subsidy claims and manipulation within the oil sector.
Although he admitted that the removal of subsidy contributed to higher fuel prices and inflation, he maintained that the policy was necessary to stop leakages and restore fiscal stability.
He said inflation, which he noted rose to nearly 35 per cent by the end of 2024, was gradually easing.
Fasua also defended reforms in the foreign exchange market, saying they had reduced arbitrage and speculative practices while encouraging exports and discouraging excessive imports.
He described the administration’s tax reforms as “pro-poor,” explaining that low-income earners and small businesses were protected under the new framework.
“The President’s position is to allow poor Nigerians breathe,” he said.
The economist urged Nigerians not to define the country solely by poverty, insisting that Nigeria still possessed enormous economic potential despite prevailing challenges.
“I’m one person who doesn’t agree that Nigeria should be defined by poverty,” he said.
Fasua cited the recapitalisation of banks, growth in cryptocurrency participation and increasing local investments as signs of resilience in the economy.
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He also pointed to the growing presence of foreign educational institutions in Nigeria, saying universities such as Coventry University and the University of Birmingham were establishing partnerships in the country, while schools such as Charterhouse and Rugby School had expanded operations into Nigeria.
According to him, such developments could reduce capital flight and create business opportunities for Nigerians.
The presidential aide, however, acknowledged that insecurity, inflation, high interest rates and poor electricity supply remained major concerns.
He said the current monetary policy rate was still too high for businesses and borrowers, while also identifying energy shortages as a major challenge for households and industries.
Fasua expressed optimism that renewable energy, particularly solar power, would become more affordable and play a larger role in Nigeria’s energy future.
He also urged Nigerians to take greater interest in governance and development at state and local government levels, noting that reforms were gradually shifting more opportunities away from the federal system.
“Please go back to the states, go back to the local governments, watch your state. Even if you live here in Abuja, take interest,” he said.
Calling for patriotism and collective responsibility, Fasua urged citizens not to lose hope in the country despite present economic and security challenges.
“This is our country. We are the ones we have been waiting for,” he added.
Also speaking at the conference, Kaduna State Deputy Governor, Dr. Hadiza Sabuwa Balarabe, commended Rotary International for its humanitarian and community development efforts, describing the organisation as a critical partner in advancing social development and nation-building.
Balarabe, represented by the Director-General of Intergovernmental Affairs, Hanatu Mohammed, said the Kaduna State Government valued Rotary’s contributions in healthcare, education, youth development, water and sanitation, economic empowerment and peace-building.
She said the administration of Governor Uba Sani remained committed to inclusive governance and people-centred development, stressing that sustainable progress required collaboration between government, civic organisations, development partners and the private sector.
“A government alone cannot meet all the needs of the people. Rotary has consistently demonstrated that service above self is not just a motto, but a practical and impactful approach to nation-building,” she said.
The deputy governor described the conference theme, “Uniting for Good, Fostering Friendships and Showcasing Service,” as a reflection of Rotary’s commitment to humanitarian service and community impact.
Meanwhile, Rotary International President, Francesco Arezzo, represented by Geeta Manek, commended Rotary District 9127 for its interventions in healthcare, maternal and child health, and polio eradication.
Speaking at the conference, Manek said the district had distinguished itself through impactful humanitarian projects and strong leadership in community development.
She particularly praised Nigerian Rotarians for their contributions to the eradication of polio in Africa.
“When you eliminated polio from Nigeria, we declared Africa polio free. Thank you, Nigeria,” she said.
Manek, however, urged members not to become complacent despite their achievements.
“So friends, I encourage you, this is the time to roll up your sleeves, not to be complacent, but to continue the fight against polio,” she stated.
She further called for stronger collaboration between Rotary, governments, communities and corporate organisations to deepen humanitarian impact across the continent.
“Africa is no longer on the menu, Africa is at the table. In Rotary, Africa is at the top of the table,” she added.
Earlier, District Governor of Rotary International District 9127, Dr. Joy Okoro, said the conference was aimed at strengthening collaboration among Rotarians across the 16 states and the Federal Capital Territory under the district.
Okoro said the gathering provided an opportunity for clubs to network, exchange ideas and review projects implemented across communities.
According to her, discussions focused on Rotary’s seven areas of focus, including maternal and child health, education, economic empowerment, environmental sustainability and polio eradication.
She disclosed that District 9127 had increased its membership from 88 to 95 Rotary clubs, alongside the addition of eight Rotaract clubs under her administration.
Okoro added that the district had undertaken several community projects, including the provision of incubators and phototherapy lamps for hospitals, renovation of schools and donation of school furniture.
The event also featured awards presented to notable philanthropists for their contributions to humanitarian causes and support for Rotary activities.
