The presidency has strongly dismissed a recent statement by a faction of the pan-Yoruba socio-political group, Afenifere, which accused President Bola Tinubu’s administration of economic mismanagement, democratic backsliding, and regression in human development over the past two years.
Sunday Dare, Special Adviser to the President on Media and Public Communications in a statement issued on Tuesday, described the group’s claims as “deceitful,” “jaundiced,” and reflective of opposition sentiments rather than an objective assessment of Nigeria’s progress under the Renewed Hope Agenda.
The presidency argued that the Afenifere faction’s critique ignored significant macroeconomic gains achieved through tough but necessary reforms, including the removal of the fuel subsidy and the floating of the naira.
According to the statement, these policies, though initially painful, have begun yielding results, with Nigeria’s foreign reserves rising to $38.1 billion by 2024 and a trade surplus of N18.86 trillion recorded. Inflation, though still high, has shown signs of moderation, dropping to 23.71% in April 2025 from 24.23% the previous month.
The government also highlighted its extensive social intervention programmes, including cash transfers to over 5.7 million households, the Presidential Loan and Grant Scheme benefiting 900,000 Nigerians, and the Students’ Loan Scheme (NELFUND) supporting over 600,000 students.
On infrastructure and economic growth, the administration pointed to the distribution of free CNG kits to commercial drivers, the rollout of CNG buses in partnership with state governments, and the construction of over 20,000 affordable housing units.
Other achievements include clearing over $10 billion in FX debt, increasing federal allocations to states by 60%, revitalising over 1,000 primary health centres, and securing $50 billion in foreign direct investment commitments. The presidency also noted a 3.84% GDP growth in Q4 2024—the highest in three years—and a rise in net foreign exchange reserves from $3.99 billion in 2023 to $23.11 billion in 2024.
Responding to allegations of fiscal irresponsibility, the presidency defended its handling of the Oronsaye Report, stating that while full implementation is pending, the administration has made strides in reducing the fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024.
It also cited a drop in the debt service-to-revenue ratio from nearly 100% in 2022 to under 40% by 2024, alongside record revenue generation of over N6 trillion in Q1 2025.
The statement further rejected claims of corruption and prebendalism, highlighting the suspension of Humanitarian Affairs Minister Betta Edu over alleged fund diversion as evidence of the government’s commitment to accountability.
It also pointed to the Economic and Financial Crimes Commission’s (EFCC) record 4,111 convictions in 2024 and the recovery of over N364 billion, including significant foreign currency seizures.
On security, the presidency acknowledged ongoing challenges but emphasised that over 13,500 terrorists, bandits, and insurgents had been neutralised in the past year, with 7,000 arrests made. The administration also noted improvements in agricultural productivity due to increased security for farmers, alongside initiatives like tractor procurement and fertiliser distribution.
The presidency dismissed Afenifere’s allegations of democratic backsliding, citing judicial independence demonstrated by Supreme Court rulings favouring opposition parties in states like Kano, Plateau, and Abia. It also denied claims of suppressing protests or manipulating electoral institutions, describing such accusations as recycled rhetoric from past administrations.
Looking ahead, the statement reaffirmed the administration’s focus on securing the nation, fixing the economy, and improving human capital development. It called for collaborative efforts to counter disinformation, including misleading AI-generated videos, and urged critics to acknowledge the administration’s progress in stabilising the naira, curbing inflation, and expanding access to education and healthcare.
“Under President Tinubu’s leadership, Nigeria is turning the corner,” the statement concluded. “From stabilising the economy to rebuilding institutions, Nigeria’s comeback story is not yet complete—but it is firmly underway.”
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