The Special Adviser to President Bola Ahmed Tinubu on Economic Affairs, Dr Tope Fasua, has said that the economic reforms of the present administration are beginning to yield significant results despite initial discomfort and public scepticism.
Dr Fasua made this known during his appearance as the guest speaker at the Renewed Hope Global Virtual Town Hall Conference, where he gave a comprehensive overview of Nigeria’s economic direction and fiscal recovery efforts under President Tinubu.
He highlighted that Nigeria has recorded trade surpluses for five consecutive quarters, amounting to over N16 trillion, adding that this was a result of deliberate and strategic reforms in key sectors. According to figures from the Central Bank of Nigeria, the country also recorded a balance of payment surplus of $6 billion within a year, which was its highest in eight years.
In his analysis, Fasua noted that Nigeria’s gross reserves have climbed to $40.19 billion, while net reserves stand at $23 billion, up from $3 billion in 2023. He explained that the controversial removal of the fuel subsidy has led to improved liquidity at the grassroots level through increased FAAC allocations to states and local governments, while some states have now begun exporting goods to other African countries.
He attributed the drop in state-level debt by 32% in 2024 to these increased revenues, noting that the economic restructuring is beginning to ease fiscal pressure nationwide. He said inflation has dropped to 23.18%, while GDP growth has risen to 3.4% in 2024, signalling a gradual economic rebound.
Fasua further disclosed that the reforms in the forex market addressed long-standing arbitrage opportunities that favoured a small group of dollar traders to the detriment of ordinary Nigerians. According to him, the unification of the Naira allows the currency to find its true value in the market.
He encouraged citizens to remain positive and support the government’s long-term plans. He described the Renewed Hope agenda as a strategy built not on short-term political gains but genuine national development.
The Town Hall Conference, which has become a major platform for policy engagement, continues to receive strong support from high-level government stakeholders. It was gathered that senior officials at the Presidential Villa now follow the weekly sessions as part of their civic engagement strategy.
Participants at this week’s edition took to the chat room and social media to commend both the guest and the organisers.
Luqman Haruna described the presentation as excellent, while Mustapha Oyebisi applauded the session as a wonderful conversation. The Executive Director of OGP-Africa lauded the platform as enriching and informative, while Engr. Patrick Obidoyin from Manchester described the experience as another great conference.
Chairman and Chief Host of the Renewed Hope Global Virtual Town Hall Conference, Ambassador Joseph Kolawole Adebola, thanked Dr. Fasua for his insightful presentation and reassured attendees of the platform’s commitment to national dialogue, civic education, and strategic communication.
The Renewed Hope Global platform continues to serve as a weekly bridge between the Nigerian government and its citizens at home and abroad, championing values of patriotism, civic responsibility, and national development.
