The All Progressives Congress (APC) USA Chapter says President Bola Ahmed Tinubu deserves praise for saving Nigeria a whopping sum of N4 trillion that would have been stolen due to corrupt practices, due to the implementation of the fuel subsidy regime.

The Chairman of the APC USA chapter, Prof. Tai Balofin, in a statement Wednesday in Abuja, gave the President Tinubu-led administration a high rating of 85% in a performance scorecard.

According to Balofin, 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 praised Tinubu’s bold economic policies, describing them as transformative despite short-term challenges.

He highlighted the removal of fuel subsidies, which saved ₦4 trillion, and the unification of exchange rates, which 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.

However, Balofin 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.

He urged Nigerians to remain patient, emphasizing that the benefits of Tinubu’s reforms are beginning to take hold.

Balofin compared Tinubu’s performance favorably to his predecessor, Muhammadu Buhari, whose administration grappled with a crippling 2016 recession.

He stated that Tinubu’s decisive actions have outperformed Buhari’s era in key metrics like stock market growth and reserve accumulation.

THE GUARDIAN