Tinubu’s Economic Reforms Strengthen Second-Term Prospects, Says Kwankwaso

By Ladan Muhammad Nasidi

President Bola Ahmed Tinubu’s economic reforms and efforts to address Nigeria’s financial obligations could strengthen his prospects for a second term in office, according to Dr. Musa Illiyasu Kwankwaso.

Kwankwaso, in a statement, said the Tinubu administration had made significant progress in stabilising the nation’s finances, clearing inherited foreign exchange and loan obligations, and improving the country’s fiscal position.

He cited Nigeria’s foreign reserves, which he said currently stand at $54.13 billion, as one of the key indicators of the administration’s economic performance.

According to him, the reserves have risen substantially from the level recorded when Tinubu assumed office in May 2023, describing the current figure as the highest level reached since September 2008.

Kwankwaso also claimed that the Federal Government had cleared more than $7 billion in inherited foreign exchange and loan backlogs, while making progress in settling other major financial obligations.

He said the administration had additionally paid about $3.5 billion in COVID-19-related loans, while also addressing the substantial Ways and Means advances inherited from the previous administration.

“Over N30 trillion in Central Bank Ways and Means advances inherited from the previous administration have been cleared and securitised,” Kwankwaso said.

He further noted that the Tinubu administration inherited more than $6 billion in unpaid petroleum import bills, adding that efforts had been made to resolve the outstanding obligations.

According to Kwankwaso, these measures have also had an impact on Nigeria’s debt-service burden. He said the country’s total debt-service-to-revenue ratio had fallen from about 97 per cent to between 64 and 68 per cent, easing pressure on government finances.

Beyond the financial sector, Kwankwaso said the administration’s policies were also beginning to affect agriculture, food supply and the prices of essential commodities.

He argued that lower prices for some food items and other necessities were providing relief to ordinary Nigerians, despite continued criticism from opposition parties.

“The criticism of the opposition could not stop Tinubu from securing a landslide victory, because Nigerians are not blind to the realities of the efforts to improve their livelihoods by the Tinubu administration,” he said.

Kwankwaso expressed strong confidence in Tinubu’s political prospects, particularly in northern Nigeria, saying the administration’s performance would translate into increased electoral support.

“We believe that the President has done marvellously well. That is why we are 100 per cent loyal to his government, and we are assured that in the North, for example, he will secure the largest votes,” he said.

The claims come as the Tinubu administration continues to face scrutiny over its economic reforms, with supporters pointing to improvements in government finances and critics highlighting the cost-of-living pressures still facing many Nigerians.