Coalition Advises Nigerian Government: Make Poverty Reduction Primary Economic Success Measure

The Economic and Fiscal Justice Coalition (EFJC) has strongly advised Nigeria's federal government to shift its focus in measuring economic success from macroeconomic indicators to poverty reduction and improved human welfare. During a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, in Abuja, the coalition emphasized that the ultimate goal of economic policy should be the enhancement of citizens' quality of life.

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It is valuable only to the extent that it expands opportunities, creates productive employment, improves incomes, and enhances the quality of life of citizens. Nigeria today faces what development economists describe as the “growth without inclusion” dilemma.

While acknowledging the necessity of macroeconomic stability, citing the need to avoid fiscal indiscipline, high inflation, unsustainable debt, and exchange rate volatility, the EFJC stressed that stability is merely a tool, not an end in itself. The coalition argued that Nigeria is currently experiencing "growth without inclusion," where economic expansion does not necessarily translate into widespread benefits. They asserted that growth must create employment, reduce inequality, and ultimately serve as an instrument for improving human welfare.

"The success of Nigeria’s economic reforms should ultimately be measured not only by stronger macroeconomic indicators but by whether they reduce poverty, create decent jobs, improve public services, strengthen citizens’ resilience, and expand opportunities for all Nigerians," the EFJC stated in its presentation. The coalition advocated for a people-centered economic reform agenda, urging that poverty reduction become the primary metric for evaluating the government's economic performance.

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The success of Nigeria’s economic reforms should ultimately be measured not only by stronger macroeconomic indicators but by whether they reduce poverty, create decent jobs, improve public services, strengthen citizens’ resilience, and expand opportunities for all Nigerians.

Furthermore, the EFJC addressed Nigeria's escalating public debt, calling for the adoption of a "Borrow Better" framework. The coalition recognized that borrowing is a common practice for modern economies but stressed the importance of prudence. They questioned the purpose of borrowing, whether funds finance productive investments, if those investments yield sufficient returns, and if future revenues can comfortably service the debts. The group indicated that Nigeria's debt profile necessitates greater caution and strategic management to ensure sustainable economic development.

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The fundamental questions are:What are we borrowing for? Are borrowed resources financing productive investments? Are those investments generating sufficient economic returns? Can future revenues comfortably service those debts? Nigeria’s public debt has risen signifi