With politicking intensifying ahead of the January 2027 election, opposition politicians have escalated their campaign of misinformation and calumny to diminish the impact and achievements of this administration over the last three years. Two years ago, when the administration was struggling to deal with the unintended consequences of its historic reforms, the campaign would have made sense. But not anymore, as the administration can rightly claim bragging rights for what it has achieved against all odds and why the international community is applauding it for putting Nigeria irrevocably on the path of growth and development.
The impact of the three-year-old government is best felt at the subnational level – state and local levels. States that hitherto were unable to pay salaries by May 2023, with months of unpaid obligations to their workers and pensioners, are now doing so with ease and dreaming big about infrastructure. In every state I have visited, I have seen this development. Ogun, my state, Oyo, Nasarawa, Enugu, Ebonyi, Kaduna, Kano, Kebbi, Katsina, and others have witnessed development projects spring up, thanks to President Tinubu's re-engineering of the federation's finances and increased allocation to the states.
When local councils begin to receive their allocations directly from the Federation Account, the Tinubu effect will ensure that more governance cascades down to the 774 local councils. State governors who have benefited from this policy have openly admitted that increased allocations have enabled them to bring social and infrastructural development to their states. Many opposition PDP governors who joined the APC did so for this reason—not for the baseless claim that President Tinubu bribed them. Governor Abdulrazak said in December 2024 that his administration embarked on more projects in the first 18 months of Tinubu's presidency than in his first four years. The Governor of Ebonyi, Nwifuru, who is building iconic underpasses and overpasses in Abakaliki, credited his ambition to President Tinubu. Governor Peter Mbah similarly attested to this, crediting the Naira rain from the centre for his programmes. And Nasarawa State Governor Abdullahi Sule, who understands how Tinubu's financial re-engineering and the end of the subsidy regime have increased the states' fortunes, said President Tinubu has taken the bullets for all of them.
Inherited Challenges and Immediate Actions
In May 2023, President Tinubu inherited acute petrol scarcity, an unsustainable petrol subsidy regime due to expire in June 2023, multiple exchange rates, arbitrage, and low revenue, with at least 30 states unable to pay workers, let alone fund infrastructure and social projects. Debt servicing consumed 97 per cent of Federal revenue. Additionally, food scarcity and inflation plagued the country as farmers abandoned their fields, recording massive losses amid the currency squeeze introduced by former CBN Governor Godwin Emefiele.
President Tinubu, guided by the Renewed Hope Agenda, wasted no time. He threw the ruinous subsidy out of the window from Day One. Days later, he floated the Naira and ended the artificial fixing of the Naira-to-dollar exchange rate, a system that had enabled well-connected individuals to profit effortlessly. Tinubu declared a food emergency and announced the Presidential Committee on Fiscal Policy and Tax Reforms to examine our outdated tax laws, some of which date back to the colonial era. Immediate gains included encouraging dry-season farming, with subsidies and inputs provided for farmlands abutting dams and irrigation sites in at least 14 states.
Early Hardships and Persistence
Even by President Tinubu's admission, the early months and the first year were tough as the government implemented its programme. The cost of living went up, and businesses claimed the harmonised exchange rate had put them in the red. A few companies even closed shop and left our shores. On the streets, some Nigerians claimed that the policies have left them hungry, a sentiment the opposition still parrots to this day, without any empirical proof. If not sure of the salience of his reforms, President Tinubu would have taken a reverse gear in fright and abandoned all the new reform policies amid the avalanche of attacks from critics and opposition elements in the media. Instead, he persisted.
Two years after the first challenging year, the story has changed for good. However, some opposition elements are stuck in the sentiment of 2023/24, unyielding and adamant about acknowledging the many gains and milestones achieved by the Tinubu administration. But only the blind will fail to admit that this government has taken the country miles away from the state it inherited in 2023.
Economic Milestones
The stock market is clear proof of the administration's economic success. In May 2023, Tinubu met the All-Share Index at 53,000 points and the market capitalisation at N30 trillion. Today, the ASI has risen five times, to a record 250,000 and a market capitalisation of N160 trillion. Blue-chip companies, including those initially negatively impacted by government policies, are declaring record profits and dividends. Equally, foreign portfolio investors are flocking in to partake in the Nigerian boom. This is not a bubble. It shows that a fundamental paradigm shift has occurred in the economy, all thanks to the Tinubu administration's policy direction.
