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Reforms Were Painful, But Nigeria Is Recording Economic Gains
By: Aglow TV
The Coordinator of the Club 17 Peace Initiative, Aba South LGA Chapter, Onyeama Augustine, has acknowledged that the economic reforms introduced by President Bola Ahmed Tinubu’s administration contributed to increased poverty and hardship across the country. However, he said the government had also recorded significant progress since the reforms were introduced in 2023.
Augustine made the remarks while defending the administration’s economic policies, particularly the removal of the petrol subsidy and the unification of the foreign exchange market. The measures triggered substantial increases in transportation, logistics and production costs, placing additional pressure on households and businesses. The Federal Government has maintained that the reforms were necessary to correct structural weaknesses in the economy and reduce pressure on public finances.
He conceded that the immediate consequences of the reforms were painful for many Nigerians, noting that more people were pushed into poverty during the adjustment period. According to him, major economic reforms inevitably come with a period of disruption and hardship. He nevertheless argued that the difficulties should be considered alongside what he described as measurable gains recorded since the reforms began.
Augustine pointed to the administration’s reported economic indicators, including a decline in inflation from its peak, an increase in foreign reserves and greater stability in the foreign exchange market. He said these developments demonstrated that Nigeria had made progress despite the challenges confronting citizens. President Tinubu has also described the economy as moving from a difficult reform phase towards a period of greater prosperity.
On the 2027 presidential election, Augustine expressed confidence that President Tinubu would receive stronger electoral support than he did in 2023. He predicted that the President’s margin over his challengers would be substantially different in the next election, although the eventual outcome will be determined by voters at the polls.
Augustine also cited the political movement of some governors from opposition parties to the All Progressives Congress (APC) as part of the changing political landscape ahead of 2027. He expressed the view that more governors could align with Tinubu before the next presidential election than did during the 2023 contest.
