Tinubu economic reforms draw praise from the APC as Dele Alake defends fuel subsidy removal and foreign exchange unification ahead of 2027

The All Progressives Congress (APC) Presidential Campaign Council has praised President Bola Tinubu for implementing controversial economic reforms, particularly the removal of petrol subsidy and unification of Nigeria’s foreign exchange market, saying the decisions demonstrated his willingness to prioritise national interests over political considerations ahead of the 2027 presidential election.

The council’s spokesperson and Minister of Solid Minerals Development, Dele Alake, made the remarks in Abuja on Tuesday, November 10, 2026, during the unveiling of the APC’s 2027 presidential manifesto, titled From Reforms to Prosperity.

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Alake argued that the decisions required political determination because of the interests associated with the previous economic arrangements and the possibility that the policies could affect Tinubu’s popularity.

He maintained that the President chose to confront longstanding economic challenges rather than postpone difficult decisions for electoral convenience.

“Regardless of the political consequences, or even the President’s own political situation and aspirations, he carried out genuine structural reforms. And that is the kind of person Bola Ahmed Tinubu is. He does not think of himself; he thinks of the nation, and that is what a statesman should do,” Alake said.

The minister described the removal of petrol subsidy as particularly significant, arguing that the previous arrangement had created opportunities for smuggling, fraudulent claims and other activities that placed pressure on public finances.

He said powerful interests that benefited from the subsidy system had resisted its removal, making the policy politically difficult to implement.

“It takes a man of courage, a man of grit, brains and brawn, to withstand the pressure of the cabal, which would fight back, and they are fighting back over the removal of fuel subsidy,” he stated.

Alake also defended the administration’s foreign exchange reforms, which brought together previously separate official exchange rate windows under a more unified market framework.

He alleged that the previous system allowed individuals with privileged access to government and Central Bank officials to obtain foreign currency at preferential rates and sell it through alternative channels for substantial profits.

According to him, the arrangement encouraged speculative activities without necessarily supporting productive investment or strengthening the naira.

“President Bola Ahmed Tinubu looked that problem in the face, confronted it and normalised the situation,” the minister said.

The reforms, introduced shortly after Tinubu assumed office on May 29, 2023, marked a major departure from Nigeria’s previous approach to managing petrol prices and foreign exchange.

The removal of the petrol subsidy led to a sharp increase in fuel prices, while the exchange rate changes contributed to significant naira depreciation and higher import costs.

Although international financial institutions have acknowledged the potential long-term benefits of the policies, they have also highlighted the immediate economic difficulties experienced by households and businesses.

The World Bank, in its December 2023 Nigeria Development Update, reported that petrol prices had increased by an average of 163 per cent following the reforms, while the naira depreciated by approximately 41 per cent against the US dollar in the official market. The bank emphasised the need for targeted support to protect vulnerable households.

The International Monetary Fund also recognised the removal of fuel subsidies and the unification of foreign exchange windows as significant structural reforms. However, its assessments highlighted persistent inflation, poverty and food insecurity, stressing the importance of social protection measures to cushion the effects on Nigerians.

According to the World Bank’s October 2026 assessment, Nigeria’s real gross domestic product grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent during the corresponding period a year earlier.

The bank also reported improvements in government revenue and foreign exchange market operations. Gross federation revenues increased by 69 per cent in real terms between 2023 and 2025, largely reflecting exchange rate reforms, petrol subsidy removal and improved revenue administration.

However, the institution cautioned that economic growth remained insufficient to generate enough productive employment or substantially reduce poverty. It also noted that inflation continued to affect household purchasing power.

These contrasting outcomes have remained central to the debate surrounding Tinubu’s economic policies, with supporters emphasising improved public revenue and macroeconomic adjustments, while critics continue to point to the cost-of-living pressures facing ordinary Nigerians.

The APC’s defence of the reforms comes as the party prepares to present its economic and governance agenda for the next presidential term.

According to reports on the party’s 2027-2031 manifesto, titled From Reform to Prosperity Agenda, the document outlines ambitions to achieve annual economic growth of six per cent, construct 200,000 affordable homes and improve electricity generation towards 10,000 megawatts.

The manifesto also includes proposed recruitment of 78,000 additional security personnel, alongside targets covering healthcare, education and employment.

The party’s manifesto signals a shift in emphasis from stabilising the economy through structural reforms to demonstrating how those changes can translate into improved living conditions.

That distinction is particularly important as the administration faces questions about whether increased government revenues and improvements in economic indicators are sufficiently benefiting households, small businesses and workers.

The World Bank has acknowledged that the reforms have improved public finances and the functioning of the foreign exchange market. Nevertheless, it has stressed the need for stronger job creation, better public spending and policies that improve living standards.

For the APC, the challenge ahead will be demonstrating that the economic adjustments defended by its campaign council can produce more affordable living conditions, sustainable employment and improved purchasing power.

Alake’s comments therefore form part of the party’s broader effort to explain the rationale behind Tinubu’s first-term economic decisions while presenting the administration’s proposed priorities for another four years.

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As political parties prepare for the 2027 contest, the debate over subsidy removal, exchange rate management, inflation and economic growth is likely to remain central to discussions about Nigeria’s economic direction.