Tinubu’s Reforms Rescue Nigeria from Fiscal Collapse

Minister of State for Health and Social Welfare, Iziaq Adekunle Salako, has said the economic and structural reforms introduced by President Bola Ahmed Tinubu have pulled Nigeria back from the brink of fiscal collapse and set the country on a path to recovery and growth.

Salako stated this on Friday while delivering remarks at the 2026 Obafemi Awolowo Memorial Lecture organised by the Obafemi Awolowo Foundation in Ikenne, Ogun State, in honour of the late nationalist and statesman, Obafemi Awolowo.

According to the minister, the reforms initiated by Tinubu since assuming office in May 2023 reflect the kind of courage and vision associated with Awolowo, whom he described as one of Nigeria’s most profound leaders.

He noted that previous administrations avoided difficult economic decisions, opting for short-term palliatives instead of structural solutions.

“The reforms introduced by President Tinubu are those of a man with clear vision, courage and the tenacity to follow through. They literally pulled Nigeria from the precipice of bankruptcy and fiscal collapse,” Salako said.

He said current economic indicators show that the country is gradually recovering from what he described as a necessary “radical economic surgery”.

Salako cited a Gross Domestic Product growth rate of 4.23 per cent in the second quarter of 2025 — the fastest in four years — alongside reduced inflation, improved foreign reserves and a significant drop in the debt service-to-revenue ratio.

According to him, Nigeria recorded foreign reserves of $50.45 billion in February, the highest level in 13 years, while the country has also maintained consistent trade surpluses and increasing foreign portfolio inflows.

The minister added that the government is also driving major infrastructure projects to boost economic integration and development across the country.

Among the projects he listed were the Lagos–Calabar Coastal Highway, the Sokoto–Badagry Superhighway, the Trans-Sahara Highway and the Abuja–Kaduna–Zaria Expressway.

Speaking on developments in the health sector, Salako said the administration’s Health Sector Renewal Investment Initiative had begun delivering measurable improvements in national health indicators.

He disclosed that maternal mortality has reduced by up to 17 per cent in high-burden local government areas, while infant mortality rates are also declining.

The minister said the federal government had revitalised about 4,000 Level 2 primary healthcare centres in partnership with state governments and disbursed over N98 billion through the Basic Healthcare Provision Fund in 2025 to strengthen grassroots healthcare delivery.

He added that health insurance coverage in the country has expanded from about five per cent to over 11 per cent, with more than 21 million Nigerians now enrolled.

Salako also said efforts to strengthen tertiary healthcare and attract private investment into high-end medical facilities had helped reduce medical tourism spending by 52 per cent since 2023.

Reflecting on the legacy of Awolowo, the minister described the late leader as a “sage” whose policies on free education, healthcare and rural development transformed the Western Region and laid a lasting foundation for human capital development.

He urged Nigerians to sustain their faith in the country and support the ongoing reforms of the Tinubu administration.

“The World Bank and other multilateral institutions have projected continued growth for Nigeria but emphasise that reforms must be sustained for 10 to 15 years to unlock the nation’s full potential,” he said.

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Salako also commended the Obafemi Awolowo Foundation for sustaining the intellectual legacy of the late statesman through policy dialogue and national discourse.

He called on institutions and citizens alike to work with the government to consolidate the gains of ongoing reforms and translate them into improved living conditions for Nigerians.