Senator Adams Oshiomhole, former Edo State governor and APC stalwart, declared strong support for President Bola Tinubu’s economic reforms during a town hall in Benin City, asserting that Nigeria’s economy is on the mend despite public hardships. His endorsement highlights the government’s efforts to stabilize the nation amidst 24.48% inflation and 33% unemployment.
Tinubu’s Renewed Hope Agenda, launched in 2023, includes subsidy removal, naira flotation, and tax reforms, which Oshiomhole likened to “healing a patient” through tough but necessary measures. The 2023 fuel subsidy removal saved ₦2 trillion annually, redirected to infrastructure like the ₦13 billion Lagos-Calabar Coastal Highway, while the naira’s unification reduced arbitrage losses by 60%, stabilizing at ₦1,537/$1. The 2025 budget of ₦47 trillion, with 40% for capital projects, reflects Tinubu’s focus on industrialization, Oshiomhole noted, citing 44.7% higher federal allocations to states in 2024.
Oshiomhole acknowledged public pain, with food prices up 30% since 2023, but pointed to gains: Nigeria’s GDP grew 3.2% in 2024, up from 2.8%, and foreign reserves hit $40 billion. The CBN’s 26.75% interest rate curbed inflation from 34% in mid-2024, while 200,000 new jobs came from tech and agriculture initiatives. He cited Anambra’s 700 km of roads under Governor Soludo as evidence of federal-state synergy. Critics, however, highlight 25 million food-insecure Nigerians and a 60% debt service-to-revenue ratio, arguing reforms favor elites.
Oshiomhole urged patience, projecting 5% GDP growth by 2027 if reforms persist, driven by $20 billion in planned oil investments and CNG adoption cutting transport costs by 40%. His support counters opposition narratives, notably from PDP’s Atiku Abubakar, who polls suggest may challenge Tinubu in 2027. The senator’s optimism hinges on Tinubu’s ability to balance fiscal discipline with social relief, as 70% of Nigerians demand in 2025 surveys, amidst ongoing economic restructuring.