Tinubu’s Reforms Will Strengthen Nigeria’s Economy Despite Short-Term Pain – Outgoing British Envoy
Outgoing British High Commissioner to Nigeria, Richard Montgomery, has commended President Bola Tinubu’s economic reforms, describing them as fundamental steps that will place Nigeria on a stronger economic footing despite the short-term hardships experienced by citizens.
Outgoing British High Commissioner to Nigeria, Richard Montgomery, has commendedPresident Bola Tinubu’seconomic reforms, describing them as fundamental steps that will place Nigeria on a stronger economic footing despite the short-term hardships experienced by citizens. Montgomery made the remarks on Tuesday during a farewell visit to the Nigeria Revenue Service (NRS) headquarters in Abuja. According to a statement issued by the Special Adviser to the Chairman of the NRS, Dr. Zacch Adedeji, Dare Adekanmbi, the British envoy said serving in Nigeria over the past three years had been a remarkable experience, during which the country embarked on significant economic reforms. He acknowledged that policies such as currency devaluation and other fiscal adjustments had contributed to inflation and increased hardship for many Nigerians but maintained that the reforms were necessary to restore the country’s economic vitality. “I know a lot of the economic reforms are tough and can cause short-term pain for ordinary people—devaluation, inflation and so forth. But I continue to brief our new Prime Minister, Andy Burnham, about how fundamental these reforms have been,” Montgomery said. He praised the roles played by key members of the economic management team, including Central Bank of Nigeria Governor Yemi Cardoso, Minister of Finance and Coordinating Minister of the Economy Wale Edun, NRS Chairman Dr. Zacch Adedeji and Taiwo Oyedele for driving tax reforms and strengthening fiscal management. According to him, managing Nigeria’s public finances remains particularly challenging because of the country’s complex budgetary process, but the reforms introduced by the economic team have laid a solid foundation for long-term growth. “I think what the finance ministers, you personally and your team have done to put Nigeria on a better footing and improve the management of public finances has been fantastic. I admire not only the technical expertise but also the political skill with which your team has pursued these reforms,” he said. Montgomery also highlighted other achievements of the Tinubu administration, including reforms in the Nigerian National Petroleum Company Limited (NNPC), increased investor confidence and improved credit ratings. He expressed optimism that Nigeria could achieve a higher growth trajectory in the coming years. “The next four years should be about increasing Nigeria’s growth rate from four to seven per cent because that is what will make a real difference to ordinary people. I have no doubt that, with the right policies and continued reforms, Nigeria can achieve that,” he added. The outgoing High Commissioner described the Nigeria Revenue Service as “one of our best partners” and commended its collaboration with His Majesty’s Revenue and Customs (HMRC), particularly in the area of peer review and institutional reforms. Responding, the Chairman of the NRS, Dr. Zacch Adedeji, expressed appreciation for Montgomery’s support for Nigeria’s economic reform agenda and described his departure as a loss. “You have changed the narrative through your personal support and the technical assistance provided to our reform programmes. Your commitment has not gone unnoticed, and we are grateful for your contributions,” Adedeji said. He noted that Montgomery recognised the NRS as a critical institution in Nigeria’s economic framework and said the envoy’s engagements had significantly influenced the agency’s reform efforts. Adedeji also welcomed Montgomery’s emphasis on strategic partnerships rather than aid, expressing confidence that the strong relationship between the United Kingdom and the NRS would continue under his successor. Please follow and like us: