Tinubu’s Economic Reforms Yield Impressive Results As Balofin Scores 85% in Performance Review

The Chairman of the All Progressives Congress (APC) USA Chapter, Professor Tai Balofin, has given President Bola Ahmed Tinubu’s 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.

Speaking while featuring on LN247 Television Network flagship programme This Morning Live, Prof 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 APC USA Chairman’s remarks come amid mixed reactions to President Tinubu’s mid-term performance, with opposition groups citing persistent inflation and insecurity as major concerns. Nevertheless, Balofin’s scorecard underscores the administration’s focus on economic restructuring, even as it navigates the challenges of public discontent.