Britain’s new Prime Minister, Andy Burnham, is expected to speak with President Bola Ahmed Tinubu in the coming weeks to discuss Nigeria’s economic reforms, including monetary, fiscal and tax policies that have reshaped the country’s economy over the past three years.
The outgoing British High Commissioner to Nigeria, Richard Montgomery, disclosed this during a farewell visit to the Revenue House in Abuja, saying the planned conversation would focus on the far-reaching reforms introduced by the Tinubu administration and the progress recorded across key sectors of the economy.
According to a statement issued by the Special Adviser to the Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, Mr. Dare Adekanmbi, Montgomery said the British Prime Minister would discuss with President Tinubu the monetary reforms led by the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; the fiscal reforms initiated by the former Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edin, and continued by Mr. Taiwo Oyedele; and the tax reforms and improvements in public financial management championed by the Nigeria Revenue Service under Adedeji’s leadership.
The outgoing envoy said the reforms, although difficult, are laying a solid foundation for Nigeria’s long-term economic growth.
Reflecting on his three years in Nigeria, Montgomery described the period as remarkable because of the scale of economic changes introduced by the Federal Government.
“To be in Nigeria over a three-year period where so much has happened for the good was awesome,” he said.
He acknowledged that policies such as exchange-rate reforms and other economic measures had brought short-term hardship to many Nigerians, but insisted they were necessary to restore the economy.
“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,” he said.
Montgomery noted that managing Nigeria’s public finances is particularly challenging because of the country’s complex fiscal structure and budget process.
“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,” he added.
He praised the economic management team for how it has handled the country’s finances and for pursuing reforms aimed at improving economic stability.
“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,” he said.
The envoy also commended the technical expertise and political skill demonstrated by the reform team in implementing policies that many countries would find difficult to execute.
“I am full of admiration not just for the technical, but also for the politically savvy way in which your team has worked,” he said.
Montgomery added that other initiatives, including changes in the leadership of the Nigerian National Petroleum Company (NNPC), efforts to attract more investment, and improvements in Nigeria’s credit ratings, have strengthened confidence in the country’s economy.
“I think what you and other key members of the economic management team have done is fundamental to the future of Nigeria. So you have my real admiration,” he said.
Looking ahead, the envoy said Nigeria should focus on increasing its economic growth rate from about four per cent to seven per cent over the next four years to deliver greater benefits to ordinary citizens.
“I’ve been quietly saying to a couple of senior people that the next four years need to be about getting the growth rate from four to seven per cent, because that’s what will make a difference for ordinary people,” he said, adding that he believes the country has the capacity to achieve that goal.
Montgomery described the Nigeria Revenue Service as one of the United Kingdom’s strongest institutional partners in Nigeria and praised the collaboration between the agency and His Majesty’s Revenue and Customs (HMRC), particularly in the area of peer review of operational processes.
Responding, the Executive Chairman of the Nigeria Revenue Service, Dr. Zacch Adedeji, thanked Montgomery for the personal and institutional support he provided throughout his diplomatic assignment, saying the partnership played an important role in advancing Nigeria’s reform agenda.
“The way you’ve done this work has changed the story, especially your support, both personal and technical, for our reforms,” Adedeji said.
He expressed appreciation for the envoy’s commitment to Nigeria’s economic transformation, noting that many of the reforms are already beginning to produce positive results.
“The support is not lost on us. I would also like to 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,” he said.
Adedeji said Montgomery regarded the Nigeria Revenue Service as an important part of the country’s economic system and noted that the engagements between both sides helped shape several reform initiatives.
“You saw us as part of the economic fabric of this country. Those engagements really went a long way in shaping our reforms,” he said.
He also agreed with the envoy’s view that sustainable development is achieved through strategic partnerships rather than dependence on aid, expressing confidence that the strong relationship between Nigeria and the United Kingdom would continue under Montgomery’s successor.
“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 added.
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