Nigeria’s Minister of Information and National Orientation Mohammed Idris says the economic reforms set in motion by President Bola Tinubu are laying the foundation for long-term national prosperity and development.

The Information Minister disclosed this while receiving the leadership of the APC Forum of Former Presiding Officers of State Houses of Assembly (FOPSHA) led by its Chairman, Senator Wasiu Esinlokun on a courtesy visit in Abuja, the nation’s capital.

He noted that the Tinubu administration has taken bold decisions that previous governments were unwilling to implement. “The removal of fuel subsidy and the unification of the foreign exchange market have strengthened public finances and created room for increased investment in infrastructure, education and other critical sectors.

“Only President Bola Tinubu has the courage, the vision and the will to scrap fuel subsidy. It was a difficult decision, but one that had been inevitable after decades of delay. “There is fiscal space for governments at all levels to deliver services to the people today,” Idris said.

He said that increased revenues had allowed state governments to meet their salary obligations and to undertake capital projects, noting that many states that had been in financial trouble previously were now in a better fiscal position.

The Minister said those who had been members of state legislatures were in a good position to communicate government policies due to their closeness to the people at the grassroots.

“I am challenging the members of the Forum to use their experience and their grassroots outreach to intensify efforts to explain the policies and programmes of the administration of President Bola Tinubu to Nigerians at the grassroots.

“We want you to go down to the grassroots and tell the people about these policies and programmes of government and how they can help to deliver the Nigeria. “People need to understand better what these reforms are doing and how they are going to benefit the country in the end,” he said.

Idris also cited improvements in key economic indicators, saying Nigeria’s foreign reserves had crossed the $50 billion mark, while the country’s Gross Domestic Product (GDP) growth had surpassed four per cent.

“For the first time in many years we have crossed the $50 billion mark in our foreign reserves and our economy is growing at over four per cent. “These are indications that the reforms are beginning to take effect,” he disclosed.

The Minister disclosed that the Nigerian Education Loan Fund (NELFUND) had improved access to tertiary education, stating that over one million students had been retained in school through the initiative.

He also cited ongoing infrastructure projects such as the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, the Ajaokuta-Kaduna-Kano gas pipeline and railway modernisation as evidence of the administration’s commitment to stimulating economic growth and improving living standards.

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“Reforms are never easy; they bring challenges and sacrifices, but when the benefits begin to manifest, Nigerians will appreciate why these hard decisions had to be taken,” he said.

Earlier, Chairman of the Forum of Past and Present Scribes of the Holy Spirit (FOPSHA), Senator Wasiu Esinlokun, said the forum was committed to mobilising political support for President Tinubu ahead of the 2027 general elections, describing the administration’s reforms as necessary to reposition Nigeria’s economy.

“Our first assignment is to contribute immensely to the success of APC and the re-election of President Bola Tinubu. That is the reason for our coming here to seek the cooperation and support of the Ministry of Information,” he said.

He backed the economic policies of the administration, which he described as bold interventions that saved the country from a deepening fiscal crisis.

“When President Bola Tinubu took over the mantle of leadership, Nigeria was at a very critical stage. “Many states could barely pay salaries, and the fuel subsidy was no longer sustainable, and it was making a few people rich at the expense of the majority,” Esinlokun said.

He said the removal of the fuel subsidy has significantly increased the allocations to the states, giving them more capacity to execute development projects and improve public services.

“What we are witnessing now is that many states are deriving a lot more from the Federation Account than before. “We expect that those resources are used judiciously for the benefit of Nigerians,” he said.

Esinlokun also lauded the reforms introduced by the administration in the foreign exchange market, education financing and infrastructure development, saying they showed a clear commitment to reposition the country’s economy.

“The government has been focused on and investing in infrastructure, education and economic reforms. These are long-term policies that will strengthen the Nigerian economy. “I am confident that the reforms will ensure sustainable economic growth and improve the welfare of Nigerians in the years ahead,” he said.

The Forum re-affirmed its commitment to mobilize grassroots support for the Renewed Hope Agenda through continuous engagement with Nigerians across the country.

The post Information Minister Defends President Tinubu’s Economic Reforms appeared first on TheNigerian.

Convener of an influential political group in Ogun State, Yayi Progressives Movement, ‘Tope Akintunde in this interview contends that President Bola Tinubu’s economic reform plans remain ideal for Nigeria. He also contends that Senator Solomon Adeola and Prince Dapo Abiodun are most ideal contenders for Ogun State Governorship and Ogun East Senatorial posts respectively during January, 2027 vote. James Sowole offers snippets.

As a grassroot political mobiliser in Ogun State, what is your political career like so far?

I am Armstrong ‘Tope Akintunde, from the family of the late Fowodara of Araromi, Iperu-Remo in Ogun state. I attended the then University of Agriculture, Abeokuta (UNAAB), now the Federal University of Agriculture, Abeokuta (FUNAAB), where I received my bachelor’s degree.

I began my professional career in 2009 with Suru Group Limited, a Lagos-based real estate company, where I served as Executive Director, Special Projects. At the same time, I also served as the Managing Director and Chief Executive Officer of Aerofield Homes Limited. Over the years, I have had the luxury of attending various real estate and project management courses, seminars, training programmes, and conferences in Nigeria, Europe, and the United States. Most recently, I completed an executive Real Estate programme at Saïd Business School, University of Oxford, United Kingdom.

I am a Fellow of the Institute of Professional Managers and Administrators of Nigeria (IPMA), an Associate Member of the Nigerian Institute of Management (NIM), and a Certified Customer Relationship Manager (CRM/CEP). In recent years, I was also awarded an honourary Doctorate Degree in Business Administration and Corporate Governance by the European-American University, in conjunction with the Kingdom of Bunyoro-Kitara and the Republic of Panama, among other recognitions.

My passion has always been to offer inexpensive and adequate housing for Nigerians, and that vision continues to drive our activities.

Politics, on the other hand, gives another path through which I can serve my community. My love for grassroots mobilisation and public engagement inevitably drew me into active political activity.

Nigeria is currently confronting economic and security issues. Can President Bola Tinubu’s initiatives yield the desired results?

Every nation passes through terrible eras. Nigeria is not an exception. While the present economic and security issues are serious, I believe they are temporary and that the country is on the way to recovery. President Bola Tinubu is working diligently to reduce insecurity, boost the economy and reposition Nigeria for sustainable growth. These reforms may be challenging in the short term, but I am convinced history will accept them as important steps towards rebuilding the country.

No Nigerian is delighted about the present problems, notably insecurity, but significant reforms require patience.

As the cliché goes, Rome was not built in a day. My message to Nigerians is to remain supportive, unified and hopeful. I believe the sacrifices being made today will ultimately bring beneficial outcomes for the nation.

As Convener of the Yayi Progressives Movement and Chairman of Aerofield Homes Limited, how are you able to mix business with politics?

I believe success comes from having clarity of purpose. Real estate is my job, while politics is my passion for public service. I started both journeys early in life, and today, by God’s help, both my firm and political movement have become household names. I don’t view the two as contradicting. They compliment each other since each provides various objectives. Business enables me to participate economically, while politics allows me to engage socially and politically. Proper planning, dedication and commitment have made it feasible to manage both successfully.

What prompted the creation of the Yayi Progressives Movement?

The movement has progressed through numerous periods of political activity. Ahead of the 2023 general election, it began as the Dapo Abiodun Continuity Agenda (DACA), founded to assist Governor Dapo Abiodun’s re-election. As political realities evolved and consultations increased, the platform transformed into the Omoluabi Movement to incorporate larger progressive values based on inclusiveness and people-oriented leadership. Following strategic agreements with many political support groups, including artisan associations across Ogun State, it eventually became the Yayi Progressives Movement.

This transition was planned. It demonstrates our resolve to develop a stronger grassroots political platform capable of mobilising residents throughout all sections of Ogun State under a shared progressive vision.

What distinguishes the Yayi Progressives Movement from other political groupings in Ogun State?

The Yayi Progressives Movement has evolved into one of the greatest grassroots political organisations in Ogun State, with membership topping 50,000 across the state’s 20 local government areas.

Our strength resides in inclusiveness. We bring together youths, women, artisans, students, professionals, community leaders and party followers under one platform.

Beyond politics, we give chances for mentorship, leadership development and civic participation, particularly for young people. We remain dedicated to supporting all APC candidates while boosting grassroots participation and democratic engagement throughout Ogun State.

Governor Dapo Abiodun is the APC candidate for Ogun East Senatorial seat in the next general election, what are his chances?

I feel Governor Dapo Abiodun’s chances are quite bright. Having served Ogun State for nearly eight years, his achievements in infrastructure, education, healthcare and economic growth speak for themselves. His leadership approach has been inclusive, consultative and focused on generating outcomes throughout all sections of the state. His transfer to the Senate will enable him to continue championing Ogun’s interests at the national level while consolidating the developmental successes recorded during his administration.

The opposition has challenged Senator Solomon Adeola’s emergence as the APC’s favored governorship candidate. What is your response?

Every opposition party is entitled to its opinion. However, our focus remains on delivering the best candidate to the people of Ogun State. Historically, Yewa has never produced a governor since the foundation of Ogun State almost 50 years ago. Many believe 2027 gives an opportunity to promote fairness, equity and inclusiveness by supporting a suitable candidate from that axis. Senator Olamilekan Adeola has proved competence via his legislative experience and commitment to public service. I believe he possesses the capacity, expertise and leadership skills required to manage Ogun State successfully.

What stands Senator Adeola out for the position?

Senator Adeola combines legislative experience, administrative competence and grassroots appeal. Throughout his years in public office, he has earned a reputation for competent representation, infrastructure development and wise administration of public resources. His strategy for Ogun State concentrates on economic growth, industrial expansion, infrastructure renewal, education, healthcare and youth empowerment.

Equally crucial is his ability to combine disparate political interests inside the APC while keeping solid contacts across the state. I believe he offers the skills, vision and leadership needed to bring Ogun State to greater heights.

What is your message for the people of Ogun State?

Our commitment as members of the All Progressives Congress is to continue mobilising support for good government and democratic progress. The Yayi Progressives Movement will continue increasing its grassroots engagement across the state, advocating greater political participation and supporting policies that promote sustainable development. I urge the people of Ogun State to remain peaceful, unified and devoted to the prosperity of our beautiful state. Together, we can construct a more prosperous Ogun where development reaches every community.

The post Akintunde: Today’s Sacrifices Will Ultimately Yield Positive Results For Nigeria appeared first on TheNigerian.

“Nigeria was using 90% of revenue to service debt in 2023. Today the budget is tripled and debt to revenue ratio is down. That’s not Leprosy. “That’s recovery.

When President Bola Ahmed Tinubu said “borrowing is not leprosy”, he was not telling Nigerians to celebrate debt. He was asking them to consider context. For the past two years, the headlines have been about one number: ₦65.9 trillion borrowed. Anger is the one emotion social media has zeroed in on. What’s missing is the math from 2023 to 2026 – and the math tells a different story.

Loud Backlash. The Balance Sheet Says More

The backlash has been fierce, as you would expect. Daily Times Nigeria quoted Tinubu in a headline defending borrowing “if used productively and responsibly”. Critics hit back with charts showing Nigeria’s debt in 2 years outpacing the last 55 years. Nigerians flooded the World Bank’s Instagram page with comments like “Stop giving Tinubu more loans,” forcing the bank to lock comments on the page.

And Nigerians are right to be tired Debt is now a national trauma. But trauma is a poor economist. To know if we are sicker or healing we have to begin a comparative analysis, define what we’re talking about, and set the context.

The Company Nigeria What Tinubu inherited

“You don’t measure a new CEO by the size of the loan. You judge him by the company he kept.”
The Tinubu administration inherited a ₦11 trillion budget deficit in 2023. The plan was to spend N11 trillion more than it expected to earn. At the time, Nigeria’s debt-to-revenue ratio was roughly 65%. It got worse after real term estimates for Q1. At one point we were literally using 90% of all government revenue just to pay interest on debt.

It is getting dark. The last administration had taken money for future crude supplies in advance so we could pay for consumption. Imagine taking over a company with current and future earnings that can’t possibly support proposed spending, yet you still have to spend to keep the lights on.

“If you’re not growing your revenue base, you’re going to have to borrow more money to survive.” Both were chosen by the Tinubu administration.

Three Reforms That Changed Math

Three structural decisions altered Nigeria’s fiscal base between 2023 and the present:

Subsidy cancellation
Economically unavoidable. Politically toxic. The fuel subsidy was debt in another guise, we borrowed to consume, not to build.
FX Unification
The massive devaluation of Naira was caused by the merging of the parallel market and CBN rate. It also killed the arbitrage racket which used to siphon billions of dollars from the treasury every year.
Reduced Cost of Credit
Interest rates on foreign loans have moved from double digit to single digit in Nigeria. That’s like refinancing a mortgage from 18 to 8 percent. You still owe. But the bleeding begins to slow.
The outcome: Nigeria’s 2026 budget is nearly three times the size of its 2023 budget, with projected revenue soaring exponentially.

The Problem: We Still Have a Gap

“Once the budget was approved, the deficit was accepted. “Pretending that borrowing is a surprise is ignoring simple arithmetic.”
And just like the CEO, whenever there is a deficit the government has two choices: raise revenues via taxation or by increasing business output; or borrow. I’m a fan of cutting spending myself. But you can’t run a country while cut your way out of a ₦11 trillion hole.

So the decision to borrow was not taken yesterday. It was done the moment the budget passed and the deficit was accepted.

Three Indicators of Fiscal Space

Why is Tinubu so confident? The “leprosy” comment is based on three quantifiable changes since 2023:

Debt to Revenue Ratio Is Down
The debt-to-revenue ratio has actually gone down, the fact that the budget has tripled. We are spending less of every naira we earn on debt service than we did at the peak of the crisis. In 2023, debt service took up 90% of revenue. There is room to fund capital projects now.
Investor Panic Is Subsiding
When buying Nigeria’s bonds, investors are less worried about our debt exposure. Eurobond yields have fallen. Market-wise, it’s a vote of confidence. Risk flows with money. When yields fall, it means the world thinks you’re less likely to default.
Dollar Debt Has In Fact Reduced
Nigeria has not defaulted on its sovereign debt. In fact, total debt in USD has actually come down from $108 billion in 2023 to $90-$95 billion now. The sharp rise in debt as measured in naira terms partly reflects devaluation, which raised the naira value of existing external debt even without new borrowing.
So, Does Nigeria Have a Debt Problem?

“So not leprosy, but not full either.”
Yes. And no. Nigeria is no longer working in the same fiscal environment that it was at the peak of its revenue crisis. In nominal terms, the revenue is better and the government has more fiscal space than when debt obligations consumed almost everything coming in.

But the country remains heavily dependent on borrowing. Inflation is still high. The naira is still weak. How long the debt remains sustainable will in the end hinge on whether revenues can continue to grow faster than obligations.

If revenues hold steady or borrowed money is wasted, Nigeria could easily revert to the same fiscal stress that characterized the years before 2023. But as long as they grow and as long as this administration does well with revenue, we will be fine.

The Tinubu Doctrine: Borrow to Transition, Not Consume

This is the heart of the administration’s PR case. Under Buhari, subsidies and FX distortions were debt financed. We borrowed to spend. Under Tinubu, debt is driving a move away from that model.

The strategy is built on three pillars:

Cheaper Money: The switch to single-digit foreign loan rates reduces the life cost of debt. That matters more than the headline borrowing number.
Revenue First: Removing subsidies, unifying FX and tax reforms are to broaden the base so that today’s loans do not become tomorrow’s crisis.
Transparency: The deficit was declared by the budget. Nigerians may dislike the borrowing. But they cannot deny it was concealed.
What Nigerians Need to Watch Next

“The real PR victory is not taking Twitter. That’s when debt service is no longer 90% of the story, and growth writes the next chapter.”
If this strategy is successful, three indicators will confirm it in 24 months:

Debt Service-to-Revenue Below 40%: Permanent exit from the 90% trap means cash for schools, roads and power.
FX Stability: The first step was to unify. Step two: Reserves and inflows. A stable naira is the best sign that reforms are working.
Debt-Funded Assets: Borrowing needs to be visible in rail, power, digital infrastructure and agriculture — projects that pay for themselves.
We’re not there yet. Inflation is biting. The naira is fragile. But the vital signs are good: less dollar debt, cheaper credit, and a budget that tripled without a debt spiral.

Conclusion: ICU to Recovery

Nigeria was on fiscal ICU in 2023. Debt service accounted for 90% of revenues. Sold forward crude. Subsidies were a bleeding sore. The Tinubu administration chose painful surgery: end subsidies, unify FX, borrow cheaper to fund transition.

The patient is breathing, but the patient is not dancing. The debt-to-revenue ratio has decreased. The dollar is less bound. Investors are less skittish.

Nigeria is not complete. But it is not leprous A country that can scale up its budget by three times, reduce its USD debt and borrow at single-digit rates has options.

The next 18 months will tell whether this breathing room translates into a full recovery. For the moment, the data confirms what the President said: borrowing is not a disease. When the underlying disease was 90% debt service, the real cure was fiscal space. And that space is finally opening up.

The post From 90% Debt Service to Fiscal Breathing Room: Tinubu’s Reforms Show Results appeared first on TheNigerian.

Three years on, President Bola Tinubu’s administration is quietly but steadily reshaping Nigeria’s trajectory through targeted reforms aimed at strengthening security, revitalising production and restoring national confidence, writes Linus Aleke.

Three years after President Bola Tinubu took office, his performance is still the subject of heated public debate. Scrutiny is both inevitable and healthy in a democracy as complex and diverse as Nigeria. But a wider view of progress in key sectors, removed from partisan rhetoric and the daily deluge of politics, reveals a track record of significant accomplishment. The administration has initiated reforms in areas from security and crude oil production to agriculture and education, which are slowly reshaping the face of governance and national development.

President Tinubu took over in May 2023, inheriting a challenging security situation. The country was engulfed in terrorism in the North-East, banditry in the North-West, separatist violence in parts of the South-East, widespread kidnapping and criminality in several regions, and large scale crude oil theft in the Niger Delta.

Confronted with these multiple threats, the administration embarked on a mission to strengthen the nation’s security architecture, knowing that steady economic growth and national prosperity cannot thrive in an environment of insecurity. The government’s response has focused on increased intelligence gathering, more funding for military operations, stronger inter-agency collaboration and procurement of modern security assets.

These efforts, according to military authorities, have been visible across various theatres of operation. Director of Defence Media Operations, Major General Michael Onoja, said of the achievements recorded by the Armed Forces of Nigeria: “The operational outcomes recorded across all theatres of operation during the period are irrefutable and a resounding testament to the strategic clarity, combat effectiveness and institutional resolve of the Armed Forces of Nigeria. The AFN has demonstrated an all-encompassing and growing operational capacity to decisively confront the full spectrum of challenges facing the country, from the sustained neutralisation of Boko Haram/ISWAP formations in the North East, the interdiction of bandit networks across the North West, the rescue of over a hundred kidnapped civilians across the North Central, the dismantling of illegal arms manufacturing networks, the seizure of sophisticated oil-theft convoys in the South South, to the systematic degradation of separatist criminal elements in the South East. “…317 terrorists/criminals neutralised, 314 suspects arrested, 221 civilians rescued, 18 terrorists surrendered, 93 arms recovered, three illegal refining sites destroyed while 21,910 litres of assorted petroleum products recovered.”

Beyond these particular operational successes, the Defence Headquarters has issued figures indicating that during sustained military offensives, thousands of terrorists and criminal elements have been neutralised, arrested or compelled to surrender. Security agencies have also rescued thousands of kidnap victims and busted many criminal syndicates around the country. Serious security challenges remain, but armed forces have maintained relentless pressure on groups that once operated with alarming impunity and controlled vast areas of territory.

These efforts have also impacted Nigeria’s standing on global security indices. Nigeria’s ranking improved considerably between 2020 and 2024, according to the Global Terrorism Index. The country has moved from eighth place in 2024 to sixth in 2025, but it is still in a much better situation than when it was one of the three or four countries most affected by terrorism in the world. It means that the overall direction has been more positive than it is often portrayed, despite the occasional setback.

The link between security and economic development is nowhere more evident than in the oil and gas sector. Crude oil theft, pipeline vandalism and sabotage robbed the country of billions of dollars in revenue and eroded investor confidence for years. Theft of crude oil on a grand scale, orchestrated by sophisticated criminal networks and local collaborators, is one of the most damaging economic leakages in Nigeria’s history.

Against this backdrop, the administration increased efforts to protect critical oil infrastructure. Security agencies, private surveillance contractors and local stakeholders have worked together to significantly curb illegal bunkering activities in key production areas. There has been a steady recovery in crude oil output.

Major General Emmanuel Emekah, the General Officer Commanding, 6 Division, Nigerian Army and Land Component Commander, Joint Task Force, South South, Operation Delta Safe, gave an insight into the development. He said that the improved security situation has allowed crude oil production to rebound to about 2.2 million barrels per day.

Major General Emekah, who spoke during a Defence Correspondents’ visit to the Area of Responsibility of Operation Delta Safe, reiterated military’s commitment to support the Federal Government’s target of attaining three million barrels of crude oil production per day by 2027.

Security situation in the Niger Delta had improved tremendously, he said, enabling residents of riverine communities to return to fishing and other legitimate means of livelihood without fear.

“The Niger Delta remains the backbone of the Nigerian economy and the performance of the oil and gas sector is a critical indicator of our operational effectiveness,” he said.

He said that since he took over command on 24 January 2025, there had been no incident of violent pipeline vandalism in its area of responsibility during Operation Delta Safe.

Major General Emekah said: “Before now, crude oil production was hovering between 1.4 million and 1.5 million barrels per day. Output, however, climbed steadily to around 2.2 million barrels a day by December 2025 after a presidential order to boost production. “We are working hard to maintain and build upon this figure.”

He said no oil company operating within the area had reported any pipeline breach as a result of vandalism from January, 2025 to date.

Data from the Organisation of the Petroleum Exporting Countries (OPEC) and the Nigerian Upstream Petroleum Regulatory Commission further reinforce this narrative, showing that Nigeria’s oil output has improved compared with previous years, when production frequently fell below expectations due to theft and operational disruptions. Higher production has boosted government revenues, improved foreign exchange earnings and strengthened Nigeria’s position in the global energy market.

Investor confidence has also been buoyed by the improvement in security. The announcement of large investment commitments worth billions of dollars for offshore and deep-water projects underscore the increasing confidence in the government’s efforts to provide a stable, secure and investment-friendly operating environment.

Minister for Marine and Blue Economy, Adegboyega Oyetola said the importance of such investments is beyond the oil and gas sector in a comment on the developments.

“These investments,” he said, “are vital not only to boost oil and gas production but also to strengthen the wider blue economy through port development, maritime services, local content participation and job creation.” “The investor interest is growing as the regulatory clarity has improved and the government is continuously working to create a safe, efficient and investment friendly maritime environment,” he said.

Outside the energy sector, the administration has sought to reposition agriculture as a key driver of economic growth, food security and rural development. Agriculture also remains a key component of the government’s wider economic vision, given the strategic importance of the sector to national prosperity.

The sector is critical for livelihoods and economic stability as Nigeria’s largest employer of labour. The Government has used targeted interventions, support programmes and expanded access to financing to boost productivity and strengthen domestic food production. There has also been a focus on improving agricultural value chains, promoting mechanisation and empowering smallholder farmers who remain at the heart of the sector’s success.

You can’t ignore the structural reforms that are happening, but rising food prices still put a lot of pressure on households. The administration’s emphasis on expanding cultivation, supporting farmers and reducing dependence on food imports is reflective of a long-term strategy geared towards achieving sustainable food security. International institutions such as the World Bank and the Food and Agriculture Organisation have consistently emphasized the significance of such measures in tackling agricultural productivity challenges in developing economies.

The administration also tried to make a lasting impact in the education sector. Financial difficulties have for several years prevented many young Nigerians with talent from accessing tertiary education. Many have had to give up their studies or suffer great hardship in their quest for academic development.

One of the most important intervention of the administration in this regard is the creation of the Nigerian Education Loan Fund (NELFUND). For the first time, large numbers of students can access structured financial support to pursue higher education and vocational training without the immediate burden of tuition costs. The scheme has already impacted hundreds of thousands of students and could be one of the most transformative educational reforms Nigeria has seen in recent times.

In addition to student financing, the government has also shown its commitment to strengthening technical and vocational education. This is a recognition that modern economies require practical skills, innovation and entrepreneurship as well as traditional academic qualifications. By broadening educational opportunities and investing in human capital development, the administration is helping to lay the foundation for a more competitive and productive workforce.

Critics of the administration often cite the economic hardships associated with major policy reforms such as the elimination of fuel subsidies and the unification of foreign exchange rates. These are legitimate concerns and deserve serious consideration. We cannot avert our gaze from the inflationary pressures and the rising cost of living that millions of Nigerians are contending with.

But it is also important to recognize that deep structural distortions often require difficult reforms. International financial institutions such as the International Monetary Fund and the World Bank have repeatedly argued that subsidy regimes and multiple exchange-rate systems impose heavy burdens on public finances, while discouraging investment and economic efficiency. The real test of these reforms will not be their pain in the short term, but their results in the long term.

History teaches us that nation-building rarely is achieved by popular decisions alone. More often it requires courage, strategic vision and the will to stand up to entrenched challenges. Three years into his presidency, Tinubu has shown a willingness to confront issues that previous administrations kicked down the road or approached with trepidation.

There is much work to do, but the administration’s record in security, energy, agriculture and education offers concrete evidence of progress. Military operations have disrupted criminal networks and improved national security. Production of crude oil is on the rise after years of decline. Agricultural reforms are focused on strengthening food security and improving rural livelihoods and educational initiatives are creating more opportunities for future generations.

No government can transform a country overnight. But meaningful and lasting progress is often the product of deliberate policies, sustained commitment and a clear sense of purpose. As Nigeria continues its journey towards stability, prosperity and national renewal, the achievements recorded by the Tinubu administration over the past three years suggest that the country may indeed be moving steadily towards a more secure, productive and hopeful future.

The post As Tinubu Reshapes Nigeria’s Trajectory Through Targeted Reforms appeared first on TheNigerian.

The Nigeria Employers’ Consultative Association (NECA) has stated that businesses across the country are yet to fully benefit from the ongoing economic reforms by the Federal Government.
The Director-General of NECA, Mr Adewale-Smatt Oyerinde, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, while assessing the administration’s economic performance.
Oyerinde said the removal of fuel subsidy and liberalisation of the foreign exchange market were steps that showed government’s commitment to market-driven economic policies and better transparency across sectors.
The reforms had improved fuel availability, reduced recurrent supply interruptions and sent a signal of policy consistency to local and foreign investors, he said.
He said there were signs of rising investor confidence, but many domestic players, especially Micro, Small and Medium Enterprises (MSMEs) were still grappling with operational challenges.
He stated that depreciation in the value of naira had increased production costs, affected competitiveness and raised operational risks for many businesses.
“Many private sector players are yet to reap the benefits of the reforms, as they continue to grapple with inflation, energy costs and exchange rate volatility,” he said.
“Businesses are feeling the heat as a result of the declining purchasing power of consumers and increasing cost of production. Some are even fine-tuning their investment plans and operations in line with the current economic realities,” Oyerinde said.
Oyerinde said developments in housing, industrial investments and local petroleum refining have created opportunities and contributed to an improved fuel supply on infrastructure and refining.
But he said power supply was a big challenge for businesses, citing persistent grid instability and reliance on alternative energy sources.
“The number one constraint to business productivity and competitiveness across the country is the insufficient electricity supply, despite the ongoing reforms in the power sector,” he said.
Oyerinde said that while some macro-economic indicators like foreign reserves and government revenues had improved, the gains had yet to broadly trickle down to business operations and household welfare.
“Inflation, high energy prices, multiple taxation, logistics challenges and weak consumer spending continue to constrain productivity and limit business expansion,” he said.
The NECA director-general said employers were wary of hiring on a large scale amid high borrowing costs, foreign exchange volatility and rising operating expenses.
He thinks sustainable job creation will rely on more profound structural reforms that lower the cost of doing business and increase access to affordable finance.
He charged government to concentrate on stable power supply, reduce energy cost, harmonise tax, policy consistency and foreign exchange stability to fast-track economic recovery and build investor confidence.
Oyerinde also called for more investments in technical and vocational education, digital skills acquisition and stronger public and private sector partnerships to boost workforce readiness and enterprise growth.
He called for patronage of made in Nigeria goods, infrastructure development and improved security in key business and investment corridors, to support local production.
Oyerinde was hopeful that continuous reforms and targeted interventions would allow businesses to enjoy wider benefits that could drive growth, employment and long term economic development.
N4.5trn market gain in May driven by banking, consumer stocks
The equities market, however, continued to build on positive momentum in May as investors pocketed N4.514 trillion as renewed buying interest in financial services and consumer goods stocks lifted overall market performance.
The market capitalisation appreciated by 2.89 per cent to close at N160.508 trillion, compared to N155.994 trillion recorded at the beginning of the month.
Also, the All-Share Index (ASI) increased by 8,107.66 points or 3.35 per cent to close at 250,385.47 from 242,277.81 as at end of April.
But the performance fell short of the impressive rally recorded in April when investors posted gains of N26.185 trillion.
The rally in the markets in May was led by gains in financial services, consumer goods and select industrial stocks.
Dr Bennett Eze, Head of Research and Development, Chartered Institute of Stockbrokers, told the News Agency of Nigeria (NAN) in Lagos on Sunday that the performance was a reflection of a more cautious and selective investment environment.
Eze attributed the slower growth recorded in May to profit-taking by investors after the historic rally witnessed in April.
“Many investors took profits, particularly in banking, industrial and consumer goods shares, while the market also entered a consolidation phase as investors reassessed stock valuations,” he said.
“Slower growth in the market in May could also be related to rotation into fixed income instruments, valuation concerns and global uncertainties.
“While the equity market is attractive, the relatively high yields in the fixed income market continue to attract institutional funds and this reduces the strength of inflows into equities.
“Some very strong stocks got very overbought after April’s run, and that has made investors a bit more selective about putting new capital to work.
“Persistent concerns around oil prices, geopolitical developments and the trajectory of global monetary policy also led to a more cautious approach from foreign investors,” he said.
Eze said the relative stability in the foreign exchange market and the increasing confidence in the ongoing economic reforms have further strengthened investor confidence.
He added that demand for fundamentally strong companies was also helped by dividend-related positioning and corporate actions.
Eze looked forward to a brighter market outlook for June and the rest of 2026, but cautioned that there could be more volatility.
He expects the market to stay bullish in June, but with investors more focused on sustainability of earnings rather than momentum buying.
He also was looking for occasional pullbacks in the wake of the big gains in the first five months of the year.
Persistent exchange-rate stability can attract more foreign portfolio inflows.
Equities valuations could be lifted by moderating inflation and possible monetary easing later in the year.
“There is expectation of strengthening of confidence on financial stocks by recapitalisation of banking sector.
‘Given the long-term return prospects, pension funds and institutional investors are likely to retain significant exposure to equities.
“But key risks are inflationary pressures, oil price volatility, potential weakness in corporate earnings and political positioning ahead of the 2027 election cycle,” he said.
On sectoral outlook, Eze said banking stocks were the major attraction of the market, with stronger capital bases, robust earnings potential, digital banking expansion and improved investor confidence following recapitalization efforts.
He also noted that consumer goods, industrial goods, insurance, energy and telecommunications stocks are expected to benefit from improving economic conditions, infrastructure spending, sector reforms as well as strong cash flow generation.
During the same month, the market witnessed 18 trading sessions, out of which 11 were bullish and seven were bearish.
At the end of the review period, trading activities showed that investors traded 21.120 billion shares valued at N971.628 billion in 1,453,439 deals.
This was an improvement from the 15.596 billion shares valued at N848.972 billion traded in 1,113,650 deals in April.
Major gainers included Guaranty Trust Holding Company which went up from N135 to N137 and Ecobank Transnational Incorporated which jumped from N80.60 to N97.40.
First Holdco rose to N70 from N64.65 while United Bank for Africa moved from N42.75 to N44.50.
Airtel Africa gained from N3,021.30 to N3,655.70, Eterna from N32.80 to N34.45 and Learn Africa from N9.30 to N12.75.
Berger Paints also gained significantly, as it moved from N81.75 to N147.60 during the month.
Nigerian Aviation Handling Company declined from N258 to N189.50 and Guinness Nigeria from N497 to N402.60 on the losers chart.
Access Holdings dropped from N27 to N24.05, MTN Nigeria dropped from N915 to N820 while Aradel Holdings dropped from N2,024 to N1,933.80.
Likewise, the share prices of TotalEnergies Marketing Nigeria and Conoil closed flat at N640 and N194, respectively, during the month.
The Nigerian Stock Exchange (NSE) said it would switch to a T+1 settlement cycle from Monday, June 1, NAN reports.

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Nasarawa West Senator, Ahmed Aliyu Wadada, has promised to continue and deepen the economic reforms and investment drive embarked upon by the administration of Governor Abdullahi Sule if elected in 2027.

Wadada gave the pledge yesterday in his goodwill message at the 2026 Nasarawa Investment Summit, where he described the event as “a strategic inflection point” in the economic journey of Nasarawa State.
Speaking to investors, policymakers, captains of industry and members of the diplomatic and business community, the senator said the summit marked a transition from “building momentum to institutionalising legacy; from attracting investments to sustaining impact; and from vision to measurable, long-term prosperity.”

He praised Governor Sule’s administration for providing a solid foundation for economic transformation through reforms, infrastructure development and strategic investment promotion initiatives led by the Nasarawa State Investment Development Agency (NASIDA).

He said the state received over $1.23 billion in investment inflows in 2024, with about $466 million already actualised according to figures from the Nasarawa Investment Reports of December 2025, while the 2025 investment portfolio was over $1.008 billion.

“They are not just numbers. They are signals of a system working. They are indicative of a conscious move away from rhetoric toward results,” Wadada said.

The senator also commended the introduction of the Lafia Declaration at the summit, terming it a big step towards sustaining reform continuity beyond political cycles through institutional memory, policy discipline and long-term planning.

As a political leader and proud son of Nasarawa State, I acknowledge and commend the leadership of Governor Abdullahi A. Sule. “His administration has done what is most important in governance: de-risking the state for investors, strengthening institutions and aligning development with strategy,” he said.
Wadada told stakeholders that his administration, if elected governor in 2027, would build on the gains already made and not undo ongoing reforms.

“We will not disrupt progress, we will deepen progress. “We will not reverse reforms, we will institutionalise and scale up,” he said.

He said investment and economic growth would remain at the core of his WADADA HEARTS Agenda, especially under Pillar Five on trade and investment.

He said priority areas under the agenda would include scaling up domestic and foreign direct investments across mining, agriculture, manufacturing and energy while also strengthening investor confidence through policy stability and contract sanctity.

The senator also revealed plans to set up a Governor’s Results Delivery Unit, real-time development and investment performance dashboards, and quarterly accountability reviews to ensure effective project delivery and measurable governance outcomes.

“Because at the end of the day it’s not what is announced that matters, it’s what is delivered,” he said.

He also called on investors and development partners to leverage on Nasarawa State’s strategic location of bordering the Federal Capital Territory, vast mineral resources and a reform-oriented investment climate.

“We will build on the investment drive of His Excellency, Governor Abdullahi A. Sule. “We will protect what has been built and we will take Nasarawa to the next level of growth and prosperity,” he said.43

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Biodun Ajiboye, a prominent member of the All Progressives Congress (APC), has supported President Bola Tinubu’s economic reforms, claiming that Nigeria’s current social and economic problems are the result of long-standing systemic failures by previous administrations.

According to reports, Ajiboye rejected claims that the Tinubu administration had made poverty, unemployment, and insecurity worse in an interview with ARISE Television on Tuesday.

The magnitude of Nigeria’s current problems, according to Ajiboye, is a result of years of fiscal mismanagement, including excessive money printing, oil forward sales, and policy distortions inherited by the current administration. He contended that the nation’s economic collapse did not happen overnight.

“A country as beautiful as Nigeria does not collapse in a day,” he declared. Let’s examine how different governments have contributed to this downfall over time.

What were we anticipating if, as of May 2023, we had printed more than ₦30 trillion? What did people expect to happen if they printed money carelessly and sold oil that was still underground?

Ajiboye stated that the Tinubu administration’s economic reforms were inevitable, pointing out that before remedial action was taken, the nation was in danger of completely collapsing.

“What do you think would have happened by now if the reforms had not come?” he observed. We were on the verge of a crisis similar to Sri Lanka. That disaster cannot be cleaned up in two years. What kind of miracle are you hoping for?

Ajiboye charged opposition leaders with hypocrisy, claiming that many of them had served in earlier governments that caused the issues under scrutiny.

“The mess we are witnessing did not begin today,” he declared. There were a lot of people shouting now that were clearly involved. I’ll explain their roles to you if you bring them out one by one.

Ajiboye also justified President Tinubu’s frequent trips abroad, arguing that global engagement is essential for investment inflows and economic development.

“You cannot run a country sitting in one place,” he continued. You need allies to manage a healthy economy. In Brazil, I was with him. I am aware of the progress we made. Investments are rolling in while he is in Abu Dhabi.

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