According to him, before the reforms, oil revenues were largely spent on fuel subsidy payments, while non-oil revenues were used to service debts, leaving little funding for infrastructure and other critical sectors.
"The reforms were not optional; they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians," he said.
Oyedele said the next phase of the government's economic agenda would focus on accelerating growth, reducing inflation, expanding opportunities across sectors and protecting low-income earners as well as small businesses.
He also stressed the need for greater public understanding of government policies, arguing that misconceptions about public borrowing often stem from equating government debt with personal debt.
The minister cited the recently approved tax reforms as an example of policies designed to protect small businesses and low-income households while ensuring higher-income earners contribute more to public financing.
He urged Nigerians to adopt a more balanced view of the country's economic progress, saying improvements had been recorded in fiscal management, debt sustainability, investor confidence and macroeconomic stability despite existing challenges.
Other panellists, including National Health Insurance Authority Director-General Dr. Kelechi Ohiri, Centre for the Promotion of Private Enterprise Chief Executive Officer Dr. Muda Yusuf, and Nigerian Economic Summit Group Principal Economist Dr. Wilson Erumebor, agreed that the reforms were necessary but called for faster implementation to deliver greater benefits to businesses and citizens.
The summit brought together government officials, private sector leaders, development partners and economic experts to discuss strategies for improving enterprise competitiveness and promoting inclusive economic growth through ongoing reforms and Environmental, Social and Governance (ESG) principles.
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