Tinubu’s reforms saved Nigeria from economic collapse — Ex-CBN deputy governor

By : Rotimi Agboluaje

Date: 8 January 2026 6:16pm WAT

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Former Deputy Governor of the Central Bank of Nigeria (CBN), Dr Tunde Lemo

Former Deputy Governor of the Central Bank of Nigeria (CBN), Dr Tunde Lemo

A former Deputy Governor of the Central Bank of Nigeria (CBN), Dr Tunde Lemo, has said Nigeria’s economy is gradually stabilising, insisting that the country is now “seeing light at the end of the tunnel” after a difficult year of reforms.

Lemo said Nigeria would have faced economic collapse if not for the painful economic reforms and tax measures introduced by President Bola Tinubu.

Speaking on Frontline, a current affairs programme on Eagle 102.5 FM, Ilese-Ijebu, and monitored by The Guardian, the former banker described the Nigerian economy as resilient, citing declining inflation figures, improved exchange rate stability and easing food pressures towards the end of 2025.

“We thank God because we are beginning to see light at the end of the tunnel. The economy is resilient,” Lemo said.

He acknowledged that prices remain high but noted that inflation has been trending downward, with both headline and food inflation showing consistent moderation.

According to him, December 2025 marked a turning point, as Nigerians no longer had to queue for food, a development he attributed to the removal of fuel subsidy.

“For the first time in December, we didn’t need to queue up for food. Those who bought right will tell you prices were about 20 per cent cheaper than the previous year,” he said.

Maintaining that the economic reforms introduced at President Tinubu’s inauguration are already yielding results despite initial shocks, Lemo said: “So you can see that the reform that Mr President started with on his day of inauguration, we are already reaping the benefits.

“Yes, subsidy has been taken away, there were price spikes when that happened, but that has brought in sufficient products for us, so much so now that we don’t have to be running helter-skelter and looking for wealth. And then of course, prices are trending downwards.”

Defending the new tax regime and dismissing claims that its timing is wrong, Lemo asked: “When will it be the right time to pay tax? It is only in Nigeria that people do not want to pay tax but want the government to provide everything.”

He argued that taxation is essential to governance and warned against excessive borrowing or central bank financing, which he said fuels inflation.

“The government largely spends tax money on other crimes. If we don’t pay tax, where do we expect funding to come from?” he asked.

Lemo added that traders with annual turnover below ₦100 million are fully exempt from paying tax.

“Would a woman selling pepper by the roadside make ₦100 million a year? The new tax law protects the poor more than the rich. The elites are the most vocal in this criticism. The poor don’t even have access to these conversations. The elites are using them as mouthpieces,” he said.

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