Nigeria: Global Economic Shocks Driving Nigeria’s Fiscal Strategy – Minister

Nigeria’s fiscal policy direction is increasingly being influenced by global economic disruptions, requiring agile, data-driven responses to navigate uncertainty, Minister of State for Finance, Taiwo Oyedele, has said.

Speaking at a dinner hosted in his honour by Association of Chartered Certified Accountants Nigeria, Oyedele noted that recent global events—including the COVID-19 pandemic, the Russia-Ukraine war, and tensions in the Middle East—have had far-reaching impacts on economies worldwide, regardless of direct involvement.

According to him, such developments have made it imperative for governments to rely on real-time economic data to guide policy decisions and implement timely, sustainable interventions.

“You’re dealing with things that are outside your control. It’s now left to the government to assess the data, determine the right interventions, how quickly they can be implemented, and whether they are sustainable,” he said.

Oyedele emphasised that while global shocks are often unpredictable, policymakers must draw lessons from past crises to strengthen resilience, particularly as such disruptions become more frequent.

On Nigeria’s ongoing tax reforms, the minister assured that his new role would reinforce rather than hinder progress. He revealed that Bola Tinubu had underscored the importance of aligning his ministerial responsibilities with the country’s reform agenda.

“The expectation is that the reforms will accelerate, not slow down,” Oyedele stated.

He also highlighted the broader responsibilities of public office, urging professionals to contribute meaningfully to national development while maintaining a clear distinction between personal interests and public service.

“If you have the opportunity to serve in the public sector where policies can impact millions, it is a responsibility that should not be taken lightly,” he added.

Earlier, ACCA Nigeria Country Head, Tom Isibor, commended Oyedele’s track record in tax advocacy and reform, describing him as a professional known for integrity and consistency.

Similarly, Chairperson of the ACCA Nigeria Advisory Committee, Rashidat Adebisi, noted that his transition from policy critic to reform driver reflects the value of involving experienced professionals in national policy implementation.

Participants at the event expressed optimism that ongoing fiscal reforms would deepen transparency, accountability, and efficiency in public finance management, while strengthening Nigeria’s ability to respond to global economic shifts.

The gathering brought together key stakeholders from the accounting profession and the public sector, many of whom described the minister’s appointment as both a recognition of expertise and a call to greater national service.