…Insists reforms yielding impressive results
From Romanus Ugwu, Abuja
The All Progressives Congress (APC), USA chapter has given President Bola Ahmed Tinubu-led administration high rating of 85 per cent performance scorecard.
Chairman of the chapter, Tai Balofin, insisted that President Tinubu’s economic reforms have yielded remarkable results, including a 111.24 per cent growth in the Nigerian Exchange (NGX) and a nearly 500 per cent increase in external reserves, which grew from $4 billion in 2023 to over $23 billion by the end of 2024.
Balofin further praised Tinubu’s bold economic policies, describing them as transformative despite short-term challenges.
“The removal of fuel subsidies, which saved N4 trillion, and the unification of exchange rates, which attracted $50 billion in foreign direct investment (FDI) were some of the key indicators.
“These reforms were necessary to avert a fiscal crisis that could have led to runaway inflation, external debt default, and a collapsing naira,” he highlighted.
Balofin, however, acknowledged the significant public hardship caused by high inflation, which peaked at 34.19 per cent to 40 per cent, and the naira’s severe depreciation of approximately 245 per cent since Tinubu took office.
He equally urged Nigerians to remain patient, emphasising that the benefits of Tinubu’s reforms are beginning to take hold.
Balofin compared Tinubu’s performance favorably to his predecessor, Muhammadu Buhari, whose administration grappled with a crippling 2016 recession.
“Tinubu’s decisive actions have outperformed Buhari’s era in key metrics like stock market growth and reserve accumulation,” he noted.
The APC USA Chairman’s remarks come amid mixed reactions to President Tinubu’s mid-term performance, with opposition groups citing persistent inflation and insecurity as major concerns.
Nevertheless, Balofin’s scorecard underscores the administration’s focus on economic restructuring, even as it navigates the challenges of public discontent.