The Federal Government is set to introduce a new framework for measuring the success of its economic reforms by tracking poverty, household income and income inequality across the country.
Speaking at the BusinessDay CEO Forum in Lagos on Thursday, The Minister of Finance and Coordinating Minister of the Economy,
Taiwo Oyedele, said the initiative is designed to determine whether recent policy changes are translating into tangible improvements in the lives of Nigerians. He explained that the assessment would move beyond conventional economic indicators to focus on the welfare of citizens.
According to Oyedele, the proposed Shared Prosperity Scorecard will evaluate government performance using three key indicators: reductions in multidimensional poverty, growth in real income per capita and lower income inequality.
He said the scorecard would serve as a transparent tool for monitoring the social impact of reforms and ensuring that economic progress is reflected in improved living standards. The government, he added, intends to publish the data periodically to enable Nigerians to assess the effectiveness of its policies.
The initiative comes as the Tinubu administration continues to implement reforms aimed at stabilising the economy. Measures such as the removal of petrol subsidy and the unification of the foreign exchange market have helped strengthen public finances, improve foreign exchange liquidity and restore investor confidence.
However, the reforms also contributed to higher inflation and increased living costs, prompting calls for stronger measures to ensure that economic gains benefit ordinary Nigerians.
Speaking further at the Lagos forum, Oyedele said Nigeria’s next phase of economic reforms would focus on boosting productivity, attracting investment and creating quality jobs capable of raising household incomes.
He stressed that macroeconomic stability should be viewed as a foundation for sustainable development rather than an end in itself, noting that inclusive growth remains the government’s long-term objective.
“We came up with a framework to measure shared prosperity based on reduction in the number of people living in multidimensional poverty, increase in real income per capita and reduction in inequality.”
“The government owes accountability to the Nigerian people.”
“A stable economy can still be a stagnant one if we become complacent.”
The proposed framework comes amid continued scrutiny of the social impact of Nigeria’s economic reforms. While institutions such as the International Monetary Fund (IMF) have acknowledged improvements in fiscal management and macroeconomic stability, they have also pointed to persistent poverty and food insecurity affecting millions of Nigerians.
By introducing the new scorecard, the government hopes to generate reliable data that will guide policy decisions, improve accountability and ensure that future reforms deliver measurable benefits for households across the country.
