2 YEARS: YPP Guber Candidate Hails Tinubu’s Reforms Amidst Nigeria’s Trials

By Mary Obi

The Young Progressives Party (YPP) governorship candidate in Anambra State for the 2025 election, Sir Paul Chukwuma, has praised President Bola Ahmed Tinubu for what he described as ‘two years of resolute reforms in a tenuous republic.’

In a statement released to the press on the President’s two years in office, Chukwuma reflected on Nigeria’s challenging economic and political landscape in 2023, describing Tinubu’s decision to pursue structural reforms as “audacious” and potentially transformative for the country.

“A close confidant once remarked, during the crescendo of the 2023 general elections, that it would take a ‘mad man’ to aspire to lead Nigeria at such a perilous juncture,” Chukwuma wrote. “To him, the presidency was a poisoned chalice—any occupant fated for disillusionment and the slow erosion of political capital.”

Indeed, Chukwuma recounted the nation’s dire circumstances at the time: inflation at 22.4%, debt service consuming 96% of government revenue, a crippling fuel subsidy regime, and a foreign exchange market rife with distortions.

“It was into this inferno that President Tinubu stepped on May 29, 2023,” he said, citing the president’s impromptu announcement removing fuel subsidy as a bold departure from political orthodoxy.

Economic Recalibration

Chukwuma noted that Tinubu’s administration took immediate steps to unify the foreign exchange windows, float the naira, and curtail arbitrage. These moves, while painful, began to dismantle entrenched inefficiencies in the economy.

He also highlighted the Central Bank’s return to more orthodox monetary policy, including a sharp hike in the Monetary Policy Rate to 24.75% and efforts to clear the $7 billion FX backlog. These actions, he said, helped stabilize the currency—from a low of ₦1,900/$ in early 2024 to ₦1,200/$ as of May 2025.

The impact, according to Chukwuma, is increasingly visible: the Nigerian Stock Exchange’s All-Share Index hit a record 110,000 points in 2025, corporate earnings are improving, and GDP grew by 3.5% in Q1 2025, with the World Bank projecting 3.7% for the full year.

Challenges Persist

Still, Chukwuma acknowledged the persistent headwinds. April 2025 inflation stood at 23.71%, though food inflation has begun to ease. He credited government interventions such as temporary import waivers and fertilizer subsidies for moderating the price surge.

He also pointed to record-breaking tax revenue of ₦12.3 trillion in 2024, citing digitization and reform at the Federal Inland Revenue Service (FIRS). The anticipated signing of the Fiscal Reform and Tax Policy Act is expected to further deepen revenue generation.

Unity and the National Soul

Chukwuma emphasized that economic recovery alone is insufficient. He urged the Tinubu administration to invest in national cohesion, warning that ethnic mistrust, regional grievances, and religious polarization remain existential threats.

“No economic rebound is sustainable without national unity,” he asserted, calling for inclusive governance and a sense of shared ownership in the Nigerian project.

A New Path or a Lost Opportunity?

In his concluding remarks, Chukwuma stated that President Tinubu’s legacy will depend on the consistency and inclusivity of his reforms.

“If sustained, these early reforms may well be remembered as the foundation of a new Nigeria—competitive, coherent, and confident on the global stage. But if truncated or mismanaged, they may be mourned as yet another ‘what could have been.’”

“Mr. President, history is watching. And, so far, you have chosen the hard path of reform over the easy applause of populism. For that, posterity may yet applaud. Congratulations on two years of purposeful leadership. May your courage yield enduring fruit for this nation.”
End.