Economic Gains Must Translate to Lower Food Prices, Jobs, Better Living Standards — Oye Tells Tinubu

The Chairman of the Alliance for Economic Research and Ethics Ltd/Gte, Dele Oye, has commended President Bola Tinubu’s administration for reforms he said have strengthened Nigeria’s macroeconomic stability, but urged the government to ensure the gains are felt by ordinary Nigerians.

Oye said measures introduced over the past three years, including the removal of petrol subsidy, foreign exchange reforms, tighter monetary policy and the rebuilding of external reserves, had addressed some of the structural distortions affecting the economy.

In a statement titled “The Economy Is Stabilising. Now Let the People Feel It,” Oye said the administration deserved recognition for taking politically difficult decisions that previous governments had postponed.

He cited Nigeria’s foreign exchange reserves, which he said reached a 17-year high of $53.11 billion as of August 24, 2026, as evidence of stronger external buffers. He also referenced National Bureau of Statistics data showing that Nigeria’s economy grew by 4.43 per cent year-on-year in the second quarter of 2026, compared with 3.89 per cent in the previous quarter.

According to Oye, growth was recorded across both the oil and non-oil sectors, suggesting that the economy was moving beyond mere stability towards stronger momentum. However, he cautioned that improved economic indicators would not automatically result in better living conditions.

Oye pointed to an International Monetary Fund assessment estimating poverty at 63 per cent at the national poverty line and saying 27 million Nigerians faced food insecurity in autumn 2025. He argued that such figures demonstrated the gap between macroeconomic performance and the daily realities of households.

“Nigerians should be honest enough to acknowledge progress when progress has been made and courageous enough to say when progress has not yet become prosperity,” Oye said, while noting that reforms had imposed significant hardship on citizens.

He urged the Tinubu administration to move from economic stabilisation to what he described as “lived security”, with greater attention to food affordability, productive employment, business conditions and public services.

Oye said the ultimate test of the government’s economic programme should not be limited to reserves, growth rates or other macroeconomic indicators, but whether families can afford food and healthcare, young Nigerians can find productive work, businesses can operate without corruption and public revenue translates into tangible benefits.

“Nigeria has begun to stabilise. Now it must begin to heal. That is the passage from policy to people and from insight to impact,” he said.