Makinde Accuses Tinubu of Using Foreign Reserves to Mislead Nigerians on Economic Recovery

Seyi Makinde, governor of Oyo State and presidential candidate of the Allied Peoples Movement (APM), has accused President Bola Tinubu of using the reported increase in Nigeria’s foreign reserves to create a misleading impression of economic recovery.

Makinde described the emphasis on rising foreign reserves as a political gimmick, arguing that the figures should not be presented as sufficient evidence that Nigerians are experiencing improved economic conditions.

The governor spoke on Saturday during the official launch of the Makinde and Daura for Better Nigeria (MAD) Resetter Movement in Lagos.

He questioned the narrative surrounding the country’s economic performance under Tinubu’s administration, suggesting that the reported growth in foreign reserves does not necessarily reflect the economic realities confronting ordinary Nigerians.

Makinde’s remarks add to the growing political debate over the impact of the Tinubu administration’s economic reforms, particularly the relationship between macroeconomic indicators and the cost of living.

Foreign reserves are external assets held by a country’s monetary authorities to support international payments, help manage exchange-rate pressures and strengthen confidence in the economy. However, changes in reserves alone do not establish whether households are experiencing improvements in purchasing power, employment or living standards.

The governor’s comments place renewed attention on how the Federal Government measures and communicates economic progress as political activities ahead of the 2027 general election gather momentum.