Tinubu Fooling Nigerians With $55.16bn Foreign Reserve Figures, Says Makinde

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Oyo State Governor and presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, on Saturday said President Bola Tinubu led government is merely deceiving Nigerians with the reported growth of $55.16bn in the nation’s foreign reserves.

The governor who stated this at the official launch of the Makinde and Daura for Better Nigeria (MAD) Resetter Movement held in Lagos said the federal government is harping on the figures to create a misleading impression of economic recovery and growth while millions of Nigerians continue to grapple with hunger and hardship.

The Central Bank of Nigeria (CBN) had in its foreign reserves data said the Nigerian foreign reserves jumped to $55.16billion as of October 22, 2026 amid a hike in global crude oil prices.

The Special Adviser to President Bola Tinubu on Information and Strategy, gave credence to the data signaling economic growth when he said, ‘’ New figures announced by the CBN showed that the Tinubu administration’s economic reform agenda is working and bolstering the Nigerian economy:

‘’ Nigeria’s foreign reserves climbed to $55.25 billion as of September 18, 2026, the highest in 18 years. The reserves are sufficient to finance 11.3 months of imports of goods and services. Current account surplus rose by 67.92 per cent to $7.54 billion in the second quarter of 2026, as against $4.49 billion in the first quarter.’’

But Makinde, who addressed the mammoth crowd virtually during the campaign described the emphasis on rising foreign reserves as a political gimmick, arguing that improvements in the country’s financial indicators mean little if they do not translate into better living conditions for citizens.

Makinde at the event which attracted APM leaders, party loyalists, stakeholders and candidates preparing for the 2027 general elections in Lagos State and other parts of the country, called for a comprehensive reset of Nigeria’s economy, security architecture, education system and socio-political environment, insisting that the country must return to the principles of federalism and multiparty democracy.

Expressing support for the movement’s agenda, he said Nigerians must look beyond official economic statistics and assess the government’s performance by the realities of their daily lives.

“I am with you 101 per cent towards the reset agenda for Nigeria. We need to reset our economy, our security architecture, our educational system and the socio-political environment,” he said.

Makinde argued that the reported increase in Nigeria’s foreign reserves should not be celebrated in isolation when ordinary citizens are unable to afford basic necessities.

He likened the situation to a household whose head boasts of having substantial savings in the bank while members of the family go hungry.

“We have heard stories that Nigeria’s foreign reserves are going up. I liken it to a household where the head is telling the people that we have a lot of money in our savings accounts, but everyone in that household is hungry,” he said.

According to him, economic progress should be measured by the extent to which citizens can achieve prosperity, become financially independent and access opportunities to fulfil their aspirations.

He said the country’s young people must be able to pursue their dreams in an environment that offers economic opportunities rather than leaving them struggling to survive despite claims of improved economic performance.

The governor also stressed that Nigeria’s political and constitutional foundations were built on federalism and multiparty democracy, principles he said must be strengthened to make the country work for all citizens.

“Nigeria was negotiated on the basis of a federalism arrangement. Nigeria was negotiated on the basis of multiparty democracy. So, join myself and Alhaji Lawal Daura in the agenda to make Nigeria work for everybody,” he said.

Makinde urged Nigerians who felt that the country was not working for them to join the movement for a national reset, encouraging its members to extend their mobilisation beyond Lagos and the Southwest to other geopolitical zones.

He expressed optimism about the initiative and prayed that the efforts of those working towards a better Nigeria would not be in vain.

In his address at the event, the Director-General of the Makinde-Daura Presidential Campaign Organisation, Hon. Hassan Felix, said Nigeria needed a change of direction, citing unemployment, insecurity and economic hardship.

Felix questioned claims that the government’s economic policies were improving Nigerians’ living conditions, arguing that persistent hardship and the departure of companies from the country contradicted such claims.

He also compared Nigeria’s economic fortunes with those of Ghana, saying the country had failed to translate its abundant resources into prosperity.

“We want to go back to a nation of prosperity. They are deceiving Nigerians, but the time of deceit is over. It is time for a reset, and that time is now,” he said.

The Director of Volunteers, Support and Special Interest Groups of the MAD Political Campaign Organisation, Dr Emmanuel Dennis, said the movement intended to move electioneering beyond rallies and entertainment to substantive discussions on the country’s economic and governance challenges.

Dennis said rising petrol prices, worsening hardship and stagnant salaries had made it increasingly difficult for Nigerians to provide for their families.

He also criticised the National Assembly, describing it as a rubber stamp, and expressed concern that court decisions had increasingly determined electoral outcomes instead of voters’ choices.

“We know campaigns have started, but we don’t want to have a campaign where people dance and then go home. We want to make our campaign issue-based,” he said.

Questioning Nigeria’s continued description as the giant of Africa, Dennis argued that the country’s economic and political conditions demanded fundamental change.

“We are not coming to rescue and we are not trying to rescue, but we want to reset Nigeria. And if we must reset Nigeria, you have to follow the person that knows the road. Follow MAD to reset Nigeria,” he said.

He urged supporters to work towards a political reset in Lagos as well as at the national level, saying the movement had fielded candidates in the state to pursue that objective.

The APM governorship candidate in Lagos State, Adelaja Adeoye, in his remarks, promised an inclusive government that would cater for all residents, irrespective of gender or social background.

“We are gender-sensitive in APM. We are bringing a Lagos that will take care of everybody and not exclude anyone,” he said.

The governorship candidate expressed confidence that the party would win the election, attributing its prospects to grassroots mobilisation.

He urged voters to resist vote-buying, describing their permanent voter cards (PVCs) as instruments of political power.

“Your PVC is the instrument in your hands. That is your power. If truly you are tired of bad governance, don’t collect money from them. Don’t let them bribe you because what they would give you won’t last you a day,” Adeoye said.

He also pledged that an APM-led government would be accountable to the electorate rather than political godfathers.

Adeoye described the incumbent government as one serving a select few and called on voters to support the party’s proposed reset agenda.

Meanwhile, local government chairmen of the party in the state endorsed the Makinde-Daura presidential ticket, Adeoye’s governorship candidacy and the party’s senatorial, House of Representatives and other candidates.

Speaking on behalf of the chairmen, Hon. Isiaka Sodeinde reaffirmed their commitment to the reset agenda and declared support for the APM-PDP alliance.

He expressed confidence that the alliance’s candidates would emerge victorious in the elections.

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