The Minister of Solid Minerals Development, Dele Alake, has said the economic reforms introduced by President Bola Tinubu were necessary to rescue the country from a looming economic collapse.
Speaking in Abuja during the 2026 NRS-MSMD Joint Stakeholder Sensitization for the North Central zone, Alake stated that the removal of fuel subsidy in 2023 helped avert a major financial crisis and placed the economy on a path toward recovery.
The event with the theme: “From Resource to Revenue: Aligning Solid Minerals Operations with the 2025 Tax Reform Act,” focused on strengthening revenue generation and improving efficiency in Nigeria’s mining sector.
Alake blamed the country’s economic challenges on decades of dependence on imports, which he said weakened local industries, reduced the value of the naira, and contributed to rising unemployment.
Reflecting on Nigeria’s past economic strength, the minister noted that the naira once traded strongly against the dollar in the early 1980s before the nation shifted heavily toward importing goods that could have been produced locally.
He criticized previous administrations for allegedly failing to confront economic problems decisively, adding that Nigeria spent enormous resources importing non-essential items while also borrowing funds to meet recurrent expenses.
According to him, the Tinubu administration made difficult but necessary decisions aimed at blocking financial leakages, reducing waste, and stabilizing the economy.
Alake also claimed that before the current administration assumed office, the country relied heavily on borrowing and local currency printing to manage fiscal pressures.
Read also:
- Tinubu’s economic reform agenda moving Nigeria towards stability, growth – Edun
- Obasa backs Tinubu’s re-election, cites economic reforms, national stability
- ADC blasts Tinubu’s economic reform, says it has worsened poverty in Nigeria
He described the ongoing reforms as measures designed to rebuild sustainable economic structures capable of supporting long-term growth and development.
Also speaking at the event, the Permanent Secretary of the Ministry of Solid Minerals Development, Faruk Yabo, emphasized the need to strengthen the solid minerals sector as part of efforts to diversify the economy, create jobs, and boost government revenue.
He called for greater transparency, stronger regulatory compliance, and improved collaboration with revenue agencies to reduce leakages and maximize returns from the mining industry.
