Biodun Ajiboye, a prominent figure within the All Progressives Congress (APC) Presidential Campaign Council, has strongly backed President Bola Tinubu’s economic policies, asserting that Nigeria was sliding dangerously toward total economic collapse when the new administration assumed power in May 2023.
Ajiboye said previous governments failed to build a sustainable economy for future generations, leaving the country with mounting debts, dwindling revenue and an unsustainable subsidy regime.
Speaking on TVC News, Ajiboye acknowledged the hardship Nigerians continue to experience as a result of the reforms but insisted that the measures were necessary to prevent a deeper economic crisis.
He said, “The pain that a segment of Nigeria, all Nigerians are going through as a result of the inflationary effect of the reforms are regrettable. Regrettable because nobody likes their citizens to go through pain.”
However, he argued that the country could not continue with the previous economic model if it hoped to secure a better future for coming generations.
Ajiboye accused successive administrations of wasteful spending and failing to save during periods of high revenue, recalling warnings by former Finance Minister Ngozi Okonjo-Iweala about the need to build financial buffers.
He claimed that about 97 per cent of Nigeria’s earnings were being spent on debt servicing before the current administration took office, while future oil revenues had already been committed.
According to him, the country had reached a point where it could no longer sustain fuel subsidy payments or generate sufficient revenue to meet its obligations.
Ajiboye also praised Tinubu for demonstrating the political courage to implement difficult reforms, arguing that his experience as Lagos State governor prepared him to confront Nigeria’s economic challenges.
He said the president’s decision to pursue the reforms despite the political risks deserved commendation.
“If we had not done the reforms we have done, we would not have been able to stabilise the economy,” he said.
Ajiboye described Nigeria’s economic recovery as a transition from decline to stability, followed by prosperity.
He expressed optimism that Nigerians would begin to experience more benefits from the reforms from May 2027, when he said the country should move towards realising their gains.
His defence comes amid growing debate over the economic impact of the Tinubu administration’s policies and whether improvements in key economic indicators are translating into better living conditions for households.
The APC chieftain said the expected gains of the reforms would form the core of the ruling party’s campaign for another term in office.
What You Should Know
An All Progressives Congress chieftain, Biodun Ajiboye, has come forward to defend President Bola Tinubu’s sweeping economic reforms, arguing that the tough decisions were entirely necessary to rescue Nigeria from an impending economic crash caused by past financial mismanagement and unsustainable subsidies.
- Positive Impact: The reforms aim to stabilize the country’s finances, eliminate wasteful spending on unsustainable subsidies, and build a healthier foundation for long-term economic growth and future generations.
- Potential Concerns: Citizens continue to endure severe hardships and high inflation as a direct result of these policies, with tangible relief expected by officials only around 2027.
