Imo State Governor Hope Uzodimma has stated that the economic reforms implemented under President Bola Tinubu's Renewed Hope Agenda have significantly strengthened Nigeria's fiscal position. He disclosed that monthly Federation Account Allocation Committee disbursements have risen to between N1.8 trillion and N2.6 trillion, while foreign reserves have reached $49.4 billion.
Diplomatic Support for Renewed Hope Agenda
Members of the diplomatic community in Nigeria have expressed support for the Renewed Hope Agenda, describing it as a strategic framework capable of addressing poverty, insecurity, and economic challenges. Uzodimma made these remarks during an engagement with diplomats in Abuja, where he presented the economic trajectory of the Tinubu administration since May 2023.
Key Reforms and Their Impact
The governor highlighted two major reforms: the removal of fuel subsidy and the unification of the foreign exchange market. He argued that these measures have fundamentally altered Nigeria's fiscal outlook and restored investor confidence. According to Uzodimma, the reforms, though initially painful, have begun yielding measurable economic benefits across all tiers of government. He described the removal of petrol subsidy as one of the most consequential anti-corruption measures ever undertaken in Nigeria, noting that the previous subsidy regime had become a massive conduit for fraud and revenue leakages.
Economic Indicators Improve
Uzodimma also disclosed that diaspora remittances, which hovered around $200 million monthly in 2023, increased to an average of $600 million monthly. Additionally, foreign exchange market liquidity reached $10 billion in April 2026.
EU Backs Renewed Hope Agenda
European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, said the Renewed Hope Agenda aligns with the aspirations of Nigeria's international partners. He described it as a people-oriented governance approach capable of driving inclusive growth and democratic consolidation.
Strengthening Subnational Collaboration
The interactive session with diplomats aimed to strengthen collaboration between Nigeria's state governments and international partners on governance, investment, development cooperation, and democratic reforms. The meeting, chaired by Uzodimma, provided a platform for constructive engagement on issues such as subnational governance, investment opportunities, security cooperation, climate resilience, and partnerships for development across Nigerian states.
Liberian Ambassador to Nigeria, John Ballout, expressed appreciation for Uzodimma's holistic presentation of the Renewed Hope Agenda. Similarly, Philippine Ambassador Mersole Mellejor, speaking on behalf of the Association of Southeast Asian Nations, described the forum as timely and relevant, creating an avenue for exchanging ideas and strengthening collaboration between Nigeria and Southeast Asian countries.
