All Progressives Congress (APC) Chieftain and Political Analyst, Dr. George Agbakahi, has defended President Bola Tinubu’s economic reforms, insisting they have strengthened Nigeria’s macroeconomic fundamentals while urging Nigerians to hold state governors accountable for how they spend increased federal allocations.
Speaking during an interview on ARISE NEWS on Thursday, Agbakahi argued that although many Nigerians were yet to feel the full impact of the reforms, the administration had recorded measurable economic progress, while states now receive significantly higher monthly allocations capable of improving citizens welfare if properly utilised.
“There has been measurable improvement in the macroeconomic fundamentals and things have started getting better in this country, The Nigerian populace should also try to hold their governors and the local government responsible.”
Responding to concerns that the reforms have failed to improve the living conditions of ordinary Nigerians despite endorsements from international financial institutions, he said. “You know one thing about economic reforms. You don’t get to see the benefits instantly. It is a medium, mid-term, long-term benefit that will eventually come.”
Agbakahi argued that President Tinubu inherited an economy facing severe structural challenges. “When President Bola Tinubu assumed office on the 29th of May 2023, the president confronted one of the most fragile macroeconomic environments in the history of this great country.”
According to him, the administration had no option but to dismantle policies that had become unsustainable over the years. “The fuel subsidy regime was costing Nigeria 4 to 6 trillion naira on a yearly basis.”
Agbakahi further claimed that the subsidy system disproportionately benefited a small group of influential Nigerians rather than the wider population. “The irony is that much of this particular amount was going through the wrong hands to pretty connected individuals in the society. And it wasn’t really going to the masses.”
He also defended the unification of Nigeria’s exchange rate, arguing that the policy had helped improve the country’s economic fundamentals. “That was the situation before the president extricated some of these areas and, you know, unified the multiple exchange rate to single exchange rate system.”
Addressing criticism that Nigerians continue to battle inflation, hunger, Agbakahi said. “In all countries that have experienced these macroeconomic reforms, there is usually shock in terms of inflation getting high, food prices getting high, transportation getting high, but eventually, the economy stabilised and they start getting a lot better economically.”
He also rejected opposition calls for the reforms to be halted, accusing opposition parties of criticising the government without presenting viable alternatives. “So far, they don’t have any policy. They don’t have any agenda.”
Agbakahi argued that improved investor confidence was already translating into job creation through new factories and infrastructure projects across the country.
“It has led to establishment of certain factories in the country. And there are people that are also being employed.”
He cited developments in the solid minerals sector as evidence of the administration’s economic progress. “Before the president came on board, solid mineral was a functioning sector in this country. But during this President Tinubu administration, from 6 billion naira, they’ve been able to generate about 70 billion.”
Agbakahi also pointed to ongoing federal infrastructure projects as another source of employment. “There are 330 road construction going on in this country, apart from the 27 legacy road projects. They are all employing people.”
He added that the administration had introduced intervention programmes to cushion the impact of the reforms on Nigerians. “The administration has put up a whole lot of empowerment to cushion the effects of these difficulties.”
Agbakahi highlighted youth empowerment initiatives and agricultural financing as examples of the government’s intervention efforts.
“Look at the youth empowerment of 110 billion. A lot of youth are benefiting from it, bank of Agriculture, we capitalised for 1.5 trillion. They’ve been giving loans to over 2 million farmers.”
He added that while some governors had invested the funds in infrastructure, others had failed to improve the lives of their citizens.
“They were getting about 960 something billion before President Tinubu came on board. And now they get 2.3 trillion naira. Is it not massive money? And most of them have used it wisely, you know, in infrastructural development. But I agree with you. Probably some have not used it wisely.”
Agbakahi concluded by urging Nigerians to demand greater accountability from governors and local government authorities over the utilisation of increased allocations.
“The Nigerian populace should also try to hold their governors and the local government responsible.”
Erizia Rubyjeana
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