Like Oliver Twist who asked the workhouse master for more grub, or hot cereal, in the famous Charles Dickens novel, “Oliver Twist,” because he was hungry and the meal he received was insufficient to satisfy his hunger, Nigerians are asking the Bola Tinubu-led administration for more achievable milestones.
Lately, the government of the day has been scoring some major economic goals in its quest to set Nigeria on the right track for economic recovery.
The government not only achieved what some analysts call highly inspiring economic feats, such as the naira appreciating to a seven-month high and inflation crashing to below 25 percent, but also proved to have the knack for recovering from the socio-economic slumber the country has been wallowing in.
A public affairs analyst and chartered accountant, Ifeoma Ogbonna, told The Point, “What the government has been able to achieve recently is commendable. But there is still room for improvement.
“I don’t want the government to stop climbing or making progress because it thinks nothing can go wrong again or that economic indicators will continue to favour us.
“Nigerians want to see more evidence that the government is working. They want more hard work. They want the government to get results.”
However, unlike the workhouse master, who was peeved that Oliver would dare to ask for more food and struck the poor boy across the head with his large, long-handled spoon, analysts say that Tinubu and his team are hearkening to the prayers of Nigerians and demonstrating a strong desire to go the extra mile for the people on the tortuous journey to socio-economic redemption.
But journeying to Nigeria’s El dorado, which Tinubu, a former Governor of Lagos State is taking Nigerians on, is fraught with a deluge of unexpected hiccups and these have tested the patience and resolve of Nigerians.
Nevertheless, judging by the country’s recent national outlook, it seems that the tide is turning.
“But I sincerely hope that these significant successes the government is making will endure and encourage every Nigerian to believe in this government. I believe that the economy will continue to get better but we must have faith in this government and not bury them with criticisms”
To start with, Nigeria’s exchange rate appreciated remarkably in January 2025, gaining N63.72 against the United States dollar to close at N1, 474.78 per dollar on January 31, at the Nigerian Foreign Exchange Market.
Moreover, going by data from the Central Bank of Nigeria and the FMDQ Securities Exchange Limited, the increase, which was 4.14 percent, pushed the naira to the highest level it had reached in seven months.
For the avoidance of doubt, the last time the naira traded at a similar rate was on June 11, 2024 and it stood then, in the official market, at N1, 473.88 per dollar.
Another cheering news that Nigerians received was that the country’s foreign reserves have surpassed the $40 billion mark for the first time in three years, marking a significant milestone in the government’s vaunted economic recovery efforts.
Although the country’s apex bank, the CBN, attributes the rise to key reforms by the current government, analysts, on their part, point an accusing finger at the immediate past Government of Muhammadu Buhari for depleting the foreign reserves.
The Buhari government has often countered this, insisting it left a foreign reserve of $37.08 billion – a figure which runs counter to a JP Morgan’s shock revelation that put it at $3.7 billion.
Another feather the Tinubu government added in its cap is the good news about Nigeria’s headline inflation dropping to 24.48 percent, after Consumer Price Index rebasing, year on year in January 2025.
According to the National Bureau of Statistics, through the Statistician General of the Federation, Adeyemi Adeniran, the new figure marked a sharp decline from the 34.80 percent headline inflation recorded in December 2024.
Adeniran also said that the CPI, which measures the rate of change in prices of goods and commodities, had declined to 24.48 percent year on year in January.
He added that urban inflation stood at 26.09 percent while rural inflation came to 22.15 percent.
And last month, Nigerians welcomed the news about the country crossing the 1.5 million barrels per day threshold in crude oil production, surpassing its December 2024 quota set by the Organization of Petroleum Exporting Countries.
Nigeria’s output, according to Bloomberg, rose by 40,000 bpd to reach 1.51 million bpd, marking its highest production level in four years.
The Tinubu administration also got the bragging rights to speak about increasing Nigeria’s Foreign Direct Investment.
According to the NBS, the FDI increased by 248.1 percent in the third quarter of 2024, from $29.83 million (Q2) to $103.83 million. It was $119.18 million in Q1 2024.
Analysts say that the government’s reforms are attracting investors. They also claim that the President’s visits to some key countries are paying off and things will only get better if the momentum is sustained.
Under Tinubu, Nigeria has also improved in her Corruption Perception Index.
Earlier this month, the Transparency International officially launched the 2024 CPI.
Nigeria’s 2024 CPI score is 26 out of 100, showing a slight improvement from 25 in 2023.
The country’s global ranking also improved from 145th to 140th out of 180 countries and analysts say there is room improvement.
Nigerians who reacted to the achievements include the founder of the Embassy of the Blessed Kingdom of God for all Nations, Sunday Adelaja, who was in DR Congo for a Christian conference.
He said, “While I am in Africa, I cannot but notice what God is doing in my own country, too. Naira appreciated to a seven-month high
“Foreign reserves hit a high of $40 billion. Inflation has crashed to below 25%. Food prices dropped by as much as 25%.
“Oil production is now above 1.5 million BPD. Foreign Direct Investment is up. Nigeria improved in her Corruption Perception Index.
“May God bless Nigeria and all those who wish her well.”
A former presidential spokesperson, Reno Omokri, chose to use the Tinubu administration’s recent achievements to criticise a former Labour Party presidential candidate, Peter Obi, accusing him of being blind to all of the current government’s “progressive results.”
Omokri also said Obi was more interested in preventing the closure of the Onitsha market by the National Agency For Drugs, Drugs Administration than focusing on Tinubu’s achievements.
Thus, after listing out the government’s achievements, Omokri said, “Peter Obi is blind to all of these progressive results (of the Tinubu administration).
“His focus is on preventing NAFDAC from shutting down Onitsha Market after discovering a fake drugs syndicate operating there.
“This is the same market that IPOB closed for eight weeks last year, and Peter Obi said nothing. We are watching.”
A current affairs analyst, Ben Njoku, told The Point, “I don’t know whether to celebrate now or not.
“But I sincerely hope that these significant successes the government is making will endure and encourage every Nigerian to believe in this government. I believe that the economy will continue to get better but we must have faith in this government and not bury them with criticisms.”
A political analyst, Iliasu Saidu, however told The Point, “All the improvements the government has been making are good. But do they positively impact the life of the common man on the street?
“Don’t forget that as we are registering all the achievements, other aspects of our existence are being strained.
“I hope you know that there have been price increases to telecom tariffs and ATM withdrawal fees, for instance.
“So, it seems the government is using one hand to give us the blessings of this administration, but using the other hand to collect those blessings back.
“And even if the improvements they have made are genuine, how are we sure that they will build and improve on them?
“The last time I checked, the exchange rate had been fluctuating. Today, the value of the naira to dollar will improve, tomorrow, it will somersault.
“There is really no consistency. A little jolt on the system, their achievements will become shaky and go back to zero.”
