The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, says President Bola Tinubu inherited severe structural deficiencies, including $6 billion in unpaid petroleum import liabilities and a revenue-to-GDP ratio far below global averages.

‎Mr. Oyedele stated this while presenting the administration’s economic scorecard, noting that the inherited fiscal gaps made urgent reforms inevitable to stabilize public finances and restore investor confidence.

He explained that low revenue generation and legacy debts in the petroleum sector limited government’s ability to fund infrastructure, human capital and social services before 2023.

‎According to the Minister, policy decisions such as subsidy removal and tax reforms were necessary to free resources and shift the economy from consumption-driven spending to investment and productivity.

The Minister of Information and National Orientation, Mohammed Idris, who spoke alongside him, reiterated the administration’s commitment to transparency in managing national resources.

‎Mr. Idris said Nigerians have a right to know how public funds are being managed, especially amid ongoing economic adjustments aimed at long-term stability.

He announced that the full scorecard of the administration’s performance will be published for public scrutiny. It will cover resource accounting, ten direct benefits and harms prevented, and 25 comparative performance indicators.

The complete document, including an open methodology appendix, will be hosted on the website of the Federal Ministry of Finance to ensure transparency and allow citizens, experts and stakeholders to review government performance.