Tinubu Demonstrated Courage in Tackling Nigeria’s Economic Challenges, APC Campaign Council Says

The All Progressives Congress (APC) Presidential Campaign Council has commended President Bola Ahmed Tinubu for demonstrating political courage and determination in addressing Nigeria’s economic challenges through major policy reforms, particularly the removal of the petrol subsidy and the unification of the foreign exchange market.

The council maintained that the President prioritised the country’s long-term economic interests over his personal political ambitions by implementing policies that previous administrations had been reluctant to introduce because of their potential political consequences.

The spokesperson of the APC Presidential Campaign Council and Minister of Solid Minerals Development, Dele Alake, stated this on Tuesday during the unveiling of the party’s 2027 manifesto, titled ‘From Reforms to Prosperity’, in Abuja.

According to Alake, Tinubu demonstrated the qualities of a statesman by confronting longstanding economic problems rather than avoiding difficult decisions to protect his political future.

He argued that ordinary politicians might have avoided controversial economic policies out of fear that they could affect their chances of winning future elections.

However, he said Tinubu chose to put national interest above personal political considerations.

Alake said the President understood that the reforms could initially create economic difficulties and public dissatisfaction but remained determined to implement them because of the need to address structural weaknesses in the economy.

He explained that the removal of the petrol subsidy was particularly challenging because the system had operated as a major component of Nigeria’s economy for several decades and had created powerful interests that benefited from its continuation.

The minister alleged that some individuals and groups had exploited the subsidy arrangement through smuggling, fraudulent claims and other questionable activities, making efforts to dismantle the system difficult.

He maintained that those who benefited from the previous arrangement were resisting the government’s decision to end the subsidy.

Alake said: “It takes a man of courage, a man of grit, brains and brawn, to withstand the pressure of the cabal, which would fight back, and they are fighting back over the removal of fuel subsidy.”

He also defended the administration’s decision to unify the foreign exchange market, describing the previous system as unfair and vulnerable to manipulation by individuals with privileged access to government officials and Central Bank authorities.

According to him, the multiple exchange rate system created opportunities for some individuals to obtain foreign currencies at the official rate and resell them at significantly higher rates through Bureau de Change operators.

He alleged that some beneficiaries accumulated enormous wealth without making meaningful contributions to production or economic development.

The minister argued that the previous foreign exchange arrangement contributed to the depreciation of the naira and other distortions in the country’s financial system.

He said Tinubu confronted the situation by introducing reforms aimed at addressing the discrepancies and restoring greater transparency to the foreign exchange market.

Alake further maintained that the President’s willingness to confront these economic challenges demonstrated his commitment to addressing problems that had remained unresolved for years.

Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023.

A few weeks later, his administration introduced changes to the foreign exchange market, including the unification of exchange rate windows.

The two major policy decisions represented significant shifts in Nigeria’s economic management and were introduced as part of the administration’s broader efforts to reform public finances, improve foreign exchange market operations and strengthen the economy.

However, the reforms have generated widespread debate across the country because of their impact on the cost of living, transportation, food prices and business operations.

While some Nigerians and economic stakeholders have acknowledged the need for structural reforms, others have criticised the government over the hardship associated with their implementation, arguing that adequate measures should have been introduced to cushion the effects on households and businesses.

The policies have also become major issues in the political debate ahead of the 2027 presidential election, with opposition figures questioning the government’s economic approach and blaming the reforms for worsening living conditions.

However, the Presidency and APC leaders have continued to defend the policies, insisting that they are necessary steps towards achieving sustainable economic growth and long-term prosperity.

The unveiling of the APC’s 2027 manifesto, themed ‘From Reforms to Prosperity’, is part of the ruling party’s efforts to present its policy direction and defend the Tinubu administration’s economic record ahead of the next presidential election.

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