Outgoing British High Commissioner to Nigeria, Richard Montgomery, on Tuesday, said the economic reforms of President Bola Tinubu would put Nigeria on a better footing in the long term.
Mr Montgomery said although the reforms might have caused short-term pain for ordinary people, they were fundamental to restoring vitality to the economy.
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A statement by Dare Adekanmbi, Special Adviser to the Executive Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji, said the British High Commissioner spoke in Abuja during a farewell visit to the Revenue House in Abuja.
The envoy said “to be in Nigeria over a three-year period where so much has happened for the good was awesome.”
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“And I know that a lot of the economic reforms are tough, and they can cause short-term pain for ordinary people— you know, devaluation, inflation, and so forth.
“But I stand by and continue to brief, including our new Prime Minister (Andy Burnham), who’s hoping to speak to His Excellency, President Bola Tinubu at some point in the next couple of weeks, about how fundamental the reforms have been, whether the monetary work done by Yemi Cadoso at the Central Bank of Nigeria (CBN) or initially by Mr Wale Edun at the Ministry of Finance, and of course, the work that you (Zacch Adedeji) and Taiwo Oyedele, now Minister of Finance and Coordinating Minister of the Economy, have done on tax reform and the fiscal management.
“And I know that Nigeria is complicated. I know that budget and fiscal management are always particularly difficult because of the way the budget works in the National Assembly.
“So, I think what the finance ministers and you personally and your team have done to try and put Nigeria on a better footing and also just manage the money better have been fantastic.
“And I know some that are better in public and better in private. You know I am full of admiration for not just the technical, but also the politically savvy way in which your team has worked.
“And it has been a pleasure to do that these last three years because, I mean, you know, there are other things I can mention, whether it’s sending in a new team into the NNPC or attracting more investments and getting off that path and getting the investment rate up and credit ratings improved.
“I think what you and other key members in the economic management team have done is fundamental to the future of Nigeria. So, you have my real admiration.
“And I’ve been quietly saying to a couple of senior people, the next four years needs to be about getting the growth rate from four to seven percent because that’s what will make a difference for ordinary people. And how?, you know what’s the vision for that in the future? But I have no doubt that there are, with your help and other people’s help, there are ways of getting there, “he said.
Describing the NRS as “one of our best partners” and commending Adedeji for doing a tough but good work, he commended the partnership between the NRS and His Majesty’s Revenue and Custom (HMRC) for peer review of processes.
The NRS chairman, in his response, said it was sad that Montgomery was leaving the country at this time, applauding the way he undertook his job.
“The way you’ve done this work actually changed the story, most especially your support, both personal as well as the technical assistance for our reforms and the expression of fear at the beginning.
“The support is not lost on us. I would like to also thank you for your commitment and I’m very grateful. although you are leaving, you can see some of the good results of the reforms.
“You saw us as part of the economic fabric of this country. Those engagements really went a long way in shaping our reforms. I also like what you said that real sustainable development is not about aid giving, but about strategic partnership. I’m very sure that that kind of engagement will continue through your successor,” Adedeji said.
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