Economic reforms:TMSG lauds Tinubu’s resilience, urges him to stay on

By Correspondent in Abuja.
The Tinubu Media Support Group (TMSG) has described President Bola Tinubu’s decision to advance with ongoing economic reforms as commendable.

This, according to the group, aligns with the collective desire of local and global financial institutions that the Tinubu administration stays in the rigorous course of its reform agenda.

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG argued that staying the course is the only way the results of the reforms would be better felt by the citizenry in the long run.

The statement read in part: “At a time opposition elements are weaponising the cost of living crisis as a campaign tool even when elections are not due, it was refreshing to hear President Tinubu affirming that his economic policies were here to stay.

“This, for us, is the hallmark of a true statesman whose gaze is firmly on the next generation, not the next election.

“We acknowledge that Nigerians have had to weather the storm that accompanied the painful but necessary reforms to put the country on the path of economic stability.

“And like the President noted in his recent Democracy Day address to a joint session of the National Assembly, we are beginning to see results. Indeed, the nation’s Gross Domestic Product (GDP) grew by 3.4 per cent in 2024, with the last quarter of that year recording the highest quarterly growth in ten years.

“We are elated that President Tinubu has set a medium-term growth target of 7 per cent, and we look forward to steps the administration will be taking to meet the goal.

“We are also aware that the exchange rate has stabilised after the initial chaos in the wake of the harmonization of multiple exchange rates. This has invariably put the country in a better place with net foreign reserves moving up from about $4bn to $23.11bn in one year, an increase of nearly 500%.

“Inflation has shrunk for the second consecutive month on the back of a slump in food inflation. The April 2025 figure was 23.71%, but the latest figure, which is for May, is 22.93%. This is outstanding.

“This is in the aftermath of a slew of agro-policies which, in the words of the President, were initiated to ‘make agriculture more sexy’.

“Also, no one will doubt that the subnationals are getting more money from the federation account, and like the President noted, states no longer have to borrow to pay salaries.

“While we agree that the improvement has not been heavily reflected on the streets, it would be dishonest for anyone to claim that the economy is not on an upward trajectory.

“This is why we align with the position of a think tank group, the Independent Media and Policy Initiative (IMPI) which recently joined the respected British newspaper, the Financial Times, in urging the Tinubu administration not to backtrack on its reforms even as the 2027 election approaches.

“We believe that by the time the tax reforms bills which have now been passed into law become operational after the President’s assent, many small business owners would have more disposable income as a result of the waivers and exemptions built into the new tax regime.

“We are also convinced that other policies and initiatives which are barely one year old, including the students loans scheme, consumer credit scheme, the CNG initiative and even the conditional cash transfer (CCT), would grow in leaps and bounds and will reach millions of Nigerians.”

The group urged Nigerians to keep their faith alive and continue to support the federal government in its bid to build a more resilient economy.