Ezekwesili Reveals Only Major Achievement Of Tinubu’s Economic Reforms

Former Minister of Education, Oby Ezekwesili, has acknowledged that President Bola Tinubu’s administration has made some progress in stabilising Nigeria’s foreign exchange market.

However, she maintained that the country is still facing significant economic challenges, noting that many Nigerians have yet to experience meaningful improvements in their standard of living despite the government’s reforms.

Ezekwesili made the remarks during an interview with News Central Television, where she assessed the impact of the administration’s economic policies.

According to the former minister, the government deserves credit for making progress on macroeconomic stability, particularly by reducing volatility in the foreign exchange market through adherence to market-driven policies.

“The only thing that, as I said at the beginning, we can give to them is that they are getting a handle on macroeconomic stability. So, for example, the volatility we have with foreign exchange rate is quieter because they are abiding by market principles for foreign exchange policy,” she said.

She, however, expressed reservations about the government’s approach to inflation, arguing that although official inflation figures may have declined due to changes in methodology, the reality remains difficult for ordinary Nigerians.

“Then you look at inflation. Inflation, even though they use the methodology to crash it in terms of the numbers, but the real thing is that the cost of living for the average citizen is still pretty high,” Ezekwesili added.

The former minister criticised the way inflation has been managed, arguing that the administration should have implemented more effective measures to address the sharp increase in the prices of goods and services.

She further cautioned against assessing Nigeria’s economic performance solely through macroeconomic indicators, stressing that such figures must be considered alongside the structural problems affecting the country.

Ezekwesili also attributed Nigeria’s weak economic performance partly to low productivity, which she said continues to undermine economic growth, job creation and improvements in household incomes.