APC defends Tinubu’s economic reforms, says Nigeria on path to recovery

The All Progressives Congress (APC) has intensified its defence of President Bola Tinubu’s economic reforms, insisting that the policies introduced since 2023 are already restoring stability and rebuilding investor confidence in Nigeria’s economy.

The party says that despite short-term hardship, key indicators such as foreign reserves and rising investment inflows show that the country is gradually moving away from past economic distortions and toward a more sustainable growth path.

Speaking on Channels Television’s Sunday Politics, APC National Publicity Secretary Felix Morka said Nigerians have reasons to be optimistic about the country’s future, arguing that the economic situation inherited in 2023 was significantly distorted and largely unsustainable.

He described the difference between the economy in 2023 and now as “like night and day,” insisting that many of the figures at the time did not reflect economic reality due to deep structural distortions in the foreign exchange market and fuel pricing system.

“As of May 2023, this country was not doing well. All of the fundamental numbers were off,” Morka said. “From the exchange rates to just basic living, it was all phantom. A lot of it was phantom.”

He argued that comparisons between the current economy and that of 2023 must take into account the structural challenges that existed before the reforms, including what he described as artificial pricing and market distortions that masked the true state of the economy.

According to him, the Tinubu administration has focused on correcting these imbalances through key policy decisions such as the removal of fuel subsidy and the unification of the foreign exchange market.

“What this president has done since 2023 is to really tackle the root causes of all of those distortions,” he said. “None of that was real. And so what Nigerians are dealing with today is closer to reality.”

Morka added that the government’s reforms are beginning to yield results, pointing to improved foreign reserves and increased investor interest as evidence of growing confidence in the Nigerian economy.

“Today, like you said, we’ve gone from 50 billion. That counts for something because the world is taking us more seriously today,” he said, noting that investments are flowing into oil, gas, and other key sectors.

According to him, renewed investor participation reflects confidence in the direction of reforms, even as debates continue over their immediate impact on the cost of living.

The APC spokesman maintained that while the reforms may have been difficult, they were necessary to reposition the economy on a realistic and sustainable footing.