The Chairman of the All Progressives Congress (APC), United States of America (USA) Chapter, Professor Tai Balofin has stated that the economic reforms of President Bola Tinubu were yielding impressive results.
Balofin also scored the Tinubu-led administration 85 per cent in terms of performance.
He stressed that Tinubu’s economic reforms have yielded remarkable results, including a 111.24% growth in the Nigerian Exchange (NGX) and a nearly 500% increase in external reserves, which grew from $4 billion in 2023 to over $23 billion by the end of 2024.
Balofin who lauded the president’s bold economic policies, describing them as transformative despite short-term challenges, saying the removal of fuel subsidies has saved the nation N4 trillion and the unification of exchange rates attracted $50 billion in foreign direct investment (FDI).
According to Balofin, these reforms were necessary to avert a fiscal crisis that could have led to runaway inflation, external debt default, and a collapsing naira.
He acknowledged the significant public hardship caused by high inflation, which peaked at 34.19% to 40%, and the Naira’s severe depreciation of approximately 245% since Tinubu took office.
However, the APC USA chairman urged Nigerians to remain patient, emphasising that the benefits of Tinubu’s reforms were beginning to manifest.
Balofin added that Tinubu’s performance was comparable to his predecessor, Muhammadu Buhari, whose administration grappled with a crippling 2016 recession.
He emphasised that Tinubu’s decisive actions have outperformed Buhari’s era in key metrics like stock market growth and reserve accumulation.
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