Presidency, on Tuesday, dismissed criticisms of “economic mismanagement and democratic backsliding” against President Bola Tinubu’s administration, by a faction of the Afenifere, a pan-Yoruban sociocultural organisation, assuring that “ Nigeria’s comeback story” is underway.
Sunday Dare, Special Adviser to the President on Media and Public Communications, in a response, listed the achievements of the Tinubu’s administration within the last two years, saying that the nation is on the growth trajectory.
According to the statement, “ Economic reforms are undoubtedly laying the foundation for long-term stability, with GDP growth at 4.6% in Q4 2024 and a Fitch B credit rating upgrade as evidence. Moody’s Investors Service’s latest upgrade of Nigeria’s rating from Caa1 to B3, with a Stable Outlook, indicates that the Tinubu administration is on the right path.
“ The government is not oblivious to some discontent and difficult times among Nigerians. There is an urgency to deliver more tangible results, which is guaranteed given the impressive performance of the administration in just two years”
Presidency, while describing the statement from the factional Afenifere group as “ a penchant and deliberate attempt to find faults and trade in deceit instead of objectivity”, added that the “group has found it challenging to accept that under the Renewed Hope Agenda of President Bola Tinubu, Nigeria’s comeback story is firmly underway”
In a detailed response backed by data, Afenifere rejected claims that President Bola Tinubu’s administration’s performance over the past two years has witnessed a regression in human development, economic mismanagement, and democratic backsliding.
It described the views put forward by the group as “jaundiced view, echoing the view of opposition politicians, one of whom the group supported in the 2023 election”
Reeling out data on President Tinubu’s economic reform and their impact, the Presidency dismissed claims that the removal of fuel subsidy and the floating of the naira led to “unmitigated sufferings” and “economic deforms”, adding that they ooverlookthe macroeconomic gains that came with the policy reforms
The removal of the fuel subsidy, announced on May 29, 2023, saved the government over $10 billion in 2023 alone, reducing fiscal strain and redirecting funds to other sectors. Unifying the foreign exchange market and the naira’s floatation aimed to address distortions in the currency market, boosted foreign reserves to $38.1 billion by 2024 and achieved a trade surplus of N18.86 trillion for the country.
“Under the Tinubu administration, Nigeria’s annual inflation rate fell to 23.71% in April 2025 from 24.23% in the prior month. Food inflation, the most significant component of the inflation basket, remained elevated but moderated to 21.26% from 21.79%.
Presidency said while “these figures indicate stabilisation, the immediate impact on ordinary Nigerians is not lost.
“The government’s cash transfer programme, which provides funds to the poorest households and benefits over 5.7 million households, is a credible outreach”
It noted that “dismissing the twin policies as ‘unforced errors’ ignores the unsustainable nature of the previous subsidy regime and multiple exchange rate systems, which were draining public finances. A more balanced critique would acknowledge the necessity of reform while emphasising the need for better-targeted social safety nets.
“As of today, the Tinubu administration has recorded over 900,000 beneficiaries of the Presidential Loan and Grant Scheme, over 600,000 beneficiaries of the Students’ Loan Scheme, NELFUND, N70,000 minimum wage, NYSC monthly stipend increase from N33,000 to N77,000, Free CNG kits distributed to thousands of commercial drivers across Nigeria with CNG buses rolled out in partnership with state governments, leading to a significant drop in transport costs.
The statement said the Tinubu administration also “recorded over $10 billion FX debt cleared, Federal account allocation to states growing by 60%, enabling more local development projects, N50 billion released to end the perennial ASUU strikes, and over 1,000 PHCs revitalised nationwide with an additional 5,500 undergoing upgrades.
Other achievements from the reforms include the disbursement of N75 billion in palliative funds to states and LGs for food distribution and cash transfers, over 150,000 youths are being trained in software development, tech support and data analysis under the 3 Million Technical Talent (3MTT) project.
“ Others are “ construction of over 20,000 affordable housing units, currently ongoing, under the renewed Hope cities program launched across Nigeria, N200 billion in Loans to farmers and agro-processors. Other gains: over two million Nigerians are now connected to new digital infrastructure and community broadband hubs and public WiFi projects, 3.84% GDP growth in Q4 2024 (highest in 3 years),
The statement said “over $50 Billion in new FDI Commitments, Net Foreign Exchange Reserves up from $3.99 Billion (2023) to $23.11 Billion (2024), over $8 Billion in new oil and gas investments unlocked, and over $800 million realised in processing investments in solid minerals in 2024 and inflation as at April was down to 23.17%”
Presidency also dismissed the assertion that the Tinubu administration failed to implement the Oronsaye Report and instead increased governance costs, as “inaccurate”, adding that instead, the administration improved fiscal discipline.
“The fiscal deficit was reduced from 5.4% of GDP in 2023 to 3.0% in 2024, and the debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% by 2024.
“The government also recorded over N6 trillion in revenue in Q1 2025, partly due to removing Ways & Means financing and fuel subsidies. These steps demonstrate fiscal prudence and will eventually translate into immediate, tangible relief for citizens. The administration is working earnestly to address these optics and prioritise cost-cutting measures, including implementing the Oronsaye Report, to restore public trust.
It also dismissed the claim that the administration favours “the privileged and connected” through corrupt palliative distribution and mega-project allocations, adding that “ the administration has taken steps against corruption, such as suspending Humanitarian Affairs Minister Betta Edu in January 2024 over alleged fund diversion, signalling some commitment to accountability. Critics may argue that more systemic action is needed, but dismissing all the efforts as propaganda overlooks these initial steps.
“ Without abusing Presidential powers, the administration is working on expediting action on all pending investigations and prosecution of corrupt practices.
It revealed that critical agencies are collating credible evidence on ongoing corruption litigations.
“It must, however, be noted that in 2024, the Economic and Financial Crimes Commission (EFCC) secured a record-breaking 4,111 convictions, marking its most successful year since its inception. They recovered over N364 billion and significant amounts in foreign currencies, including $214.5 million, $54,318.64, and 31,265 Euros.
“The EFCC achieved its single most significant asset recovery in 2025, with the final forfeiture of an Abuja estate measuring 150,500 square meters and containing 725 units of duplexes and other apartments. The EFCC concluded the final forfeiture and handed the estate to the Ministry of Housing in May 2025.”
Presidency also notedthat the accusation of pursuing a “one-party state totalitarianism” and undermining democratic institutions is “unsupported and lacks merit”
“The claim of neutralising the legislature and judiciary is also a false alarm”, citing cases where the Supreme Court upheld opposition victories in states like Kano, Plateau, and Abia, suggesting judicial independence.
“The administration has achieved fiscal improvements, such as reduced deficits and increased revenues, which will eventually translate into meaningful microeconomic relief for most Nigerians in the short term, even as the government moves to address these issues with greater empathy and transparency.
“Under President Tinubu’s leadership, Nigeria is turning the corner. From stabilising the naira and curbing inflation to reducing debt burdens and expanding access to education and health, the administration delivers bold reforms with actual results. With improved security, regional inclusion, anti-corruption measures, and institutional rebuilding, Nigeria’s comeback story is not yet complete — but it is firmly underway.”
