Makinde accuses Tinubu of using foreign reserves to hoodwink Nigerians
Oyo State Governor and presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has accused President Bola Tinubu of using the reported growth in Nigeria’s foreign reserves to create a misleading…
Nigeria's foreign exchange reserves, held by the Central Bank of Nigeria, are closely watched as a gauge of the country's ability to defray import bills, service external debt and defend the naira. Governments often cite reserve growth as evidence of improving economic fundamentals, though critics argue that headline reserve figures can mask underlying problems such as low non-oil export earnings, heavy reliance on borrowed or swapped funds, and limited impact on ordinary Nigerians' cost of living.
The dispute here centres on Governor Seyi Makinde's claim that the Tinubu administration is overstating the significance of rising reserves to project an image of economic success that does not match realities on the ground. Coverage from Tribune Online and BusinessDay agree on the core accusation, with BusinessDay adding that Makinde made the remarks while launching his presidential campaign in Lagos under the Allied Peoples Movement banner. Neither report provides the specific reserve figures Makinde referenced or a detailed rebuttal from the presidency, leaving the precise data dispute and the government's response yet to be reported.