Tinubu’s economic reforms painful but necessary, Presidency replies opposition

The Presidency on Monday, issued a strong rebuttal to recent criticism by a faction of the pan-Yoruba socio-political group, Afenifere, accusing it of peddling falsehoods and failing to acknowledge the measurable gains made under President Bola Tinubu’s Renewed Hope Agenda.

In a statement titled “Response to Afenifere Faction’s Deceitful Statement on President Bola Tinubu’s Midterm,” the Special Adviser to the President on Media and Public Communications, Sunday Dare, described the group’s remarks as biased, misleading, and aligned with partisan opposition rhetoric.

The presidency, while defending the administration’s economic reforms and governance record, called on opposition leaders and their supporters to go beyond criticism and present realistic policy alternatives.

“It is now pertinent to inquire from opposition leaders about alternative strategies they would propose in contrast to this administration’s extensive list of significant achievements currently benefiting Nigerians in real-time,” Dare said.

Responding to Afenifere’s claim that Nigeria had suffered “economic deforms” under Tinubu, the statement pointed to bold reforms — notably the removal of petrol subsidies and the unification of the naira’s exchange rate — as crucial steps in halting fiscal decline and restoring investor confidence.

According to Dare, the removal of fuel subsidies saved over $10 billion in 2023 alone, while the floating of the naira has contributed to a growing foreign reserve base, now at $38.1 billion, and a trade surplus of ₦18.86 trillion.

Inflation, while still elevated, is reportedly on a downward trend, with April 2025 data showing a reduction to 23.71%, and food inflation moderating to 21.26%. These improvements, Dare argued, signal macroeconomic stabilisation after years of policy distortions.

Complementing the reforms are social interventions, such as cash transfers to over 5.7 million poor households, the Students’ Loan Scheme (NELFUND), increased stipends for youth corps members, free CNG kits for transporters, and a ₦70,000 minimum wage proposal.

Dare also listed notable achievements:

• 900,000+ beneficiaries of the Presidential Loan and Grant Scheme
• $10 billion in cleared FX debt
• ₦50 billion released to resolve ASUU strikes
• 1,000+ revitalised primary healthcare centres
• ₦75 billion in palliatives to states
• 3.84% GDP growth in Q4 2024
• $50 billion in new FDI commitments
• $800 million raised from solid minerals processing in 2024

“Dismissing these reforms as ‘unforced errors’ shows a lack of policy understanding and underestimates the scale of fiscal dysfunction this administration inherited,” Dare noted.

On allegations of increased governance costs and failure to implement the Oronsaye Report, the presidency clarified that while full implementation of the report is ongoing, important steps have been taken to restore fiscal discipline.

Nigeria’s fiscal deficit reportedly declined from 5.4% of GDP in 2023 to 3.0% in 2024, with debt service-to-revenue ratio reduced to under 40%. Revenue generation rose to ₦6 trillion in Q1 2025 — a reflection, according to the presidency, of reforms that include the elimination of Ways and Means financing.

Reacting to accusations of favouritism and corruption in palliative distribution and mega-project execution, the presidency cited the suspension of Humanitarian Affairs Minister Betta Edu over a corruption probe as proof of the administration’s commitment to accountability.

In 2024, the EFCC secured 4,111 convictions and recovered over ₦364 billion, alongside millions in foreign currencies. In what Dare called a “landmark recovery,” a 725-unit estate in Abuja was forfeited to the federal government in May 2025 — the agency’s biggest asset recovery to date.

On charges that Tinubu’s government is veering toward authoritarianism, Dare maintained that democratic institutions remain intact.

He cited the Supreme Court’s upholding of opposition victories in Kano, Plateau, and Abia as evidence of judicial independence.

Criticism of INEC’s appointments, he said, lacks concrete evidence that any of the appointees are card-carrying members of the ruling APC.

He also dismissed concerns over centralisation of power, especially regarding security architecture, noting that discussions on state policing are ongoing and subject to national security assessments.

On the security front, the presidency reported the neutralisation of over 13,500 terrorists and the arrest of 7,000 suspects in the past year. The administration, it said, is investing in food security through agricultural mechanisation, and expanding access to tech skills under the 3MTT programme targeting 150,000 youths.

Dare further highlighted the establishment of regional development commissions across Nigeria’s six geopolitical zones as a step toward more inclusive growth.

While Afenifere accused the federal government of fomenting discord within opposition parties, the presidency described the claim as “baseless” and challenged opposition actors to focus on policy instead of conspiracy.

“Economic reforms are undoubtedly laying the foundation for long-term stability,” the statement read.

“The Moody’s upgrade from Caa1 to B3, with a Stable Outlook, is proof that Nigeria is turning a corner.”

Sunday Dare concluded with a call for constructive engagement, urging critics and political actors to abandon partisanship and join hands with the administration in building a better Nigeria.

“Under President Tinubu’s leadership, Nigeria is turning the corner. From stabilising the naira and curbing inflation to reducing debt burdens and expanding access to education and health, the administration delivers bold reforms with actual results.”

He acknowledged the hardship being experienced by Nigerians but expressed confidence that continued reforms would bring microeconomic relief in the short term and sustained growth in the long run.