Friday, January 9, 2026 - A former Deputy Governor of the Central Bank of Nigeria, Dr. Tunde Lemo, has stated that Nigeria’s economy is steadily stabilising and that the nation is finally “seeing light at the end of the tunnel” after a difficult reform year.
Lemo added that President Bola Tinbu’s reforms, including
the removal of fuel subsidy has saved the country from going bankrupt.
He stated this on Thursday, while speaking on
Frontline, a current affairs programme on Eagle 102.5 FM, Ilese Ijebu,
monitored by our correspondent in Abeokuta.
Citing decreasing inflation rates, better exchange rate
stability, and lessening food pressures by the end of 2025, the seasoned banker
characterised the Nigerian economy as sturdy.
“We thank God because we are beginning to see light at the
end of the tunnel. The economy is resilient.
“If subsidy was not removed, Dangote would not have opened
that refinery, the reform made it possible. If subsidy had continued, Nigeria
would have been bankrupt by now,” Lemo stated.
While acknowledging that prices are still high, he
emphasised that headline and food inflation have been steadily declining,
arguing that the removal of the fuel subsidy was the reason Nigerians no longer
had to wait in queue for food in December 2025.
“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 percent
cheaper than the previous year,” he 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 product for us, so much so now that we don’t
have to be running our taskers and looking for wealth. And then of course,
prices are trending downwards.,” he added.
Lemo also put up a strong defence of the new tax system,
rejecting arguments that the timing was incorrect.
He cautioned against excessive borrowing or central bank
financing, which promotes inflation, and maintained that taxes are crucial to
governance.
According to him, the reform protects the vulnerable while
focussing on tax avoidance by the wealthy.
“Would a woman selling pepper by the roadside make N100
million a year? The new tax law protects the poor more than the rich,” he
stressed
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