Abuja — A founding member and chieftain of the ruling All Progressives Congress (APC), Osita Okechukwu, has declared that President Bola Tinubu’s economic reforms have failed to improve the living conditions of ordinary Nigerians, despite recording some gains at the macroeconomic level.
Okechukwu, a former Director-General of the Voice of Nigeria, made the remarks during an interview on Arise Television’s Prime Time programme on Tuesday.
He acknowledged that the reforms had performed relatively well in broader economic indicators but insisted that the microeconomic picture remained bleak for citizens and businesses.
“The economic reforms have done well at the macroeconomic level, but microeconomic indicators are very poor,” Okechukwu said.
“When we talk about the purchasing power of the citizenry, the high cost of living and joblessness, the president’s economic reform programme has not helped.”
The APC stalwart pointed to persistent high living costs, declining purchasing power and widespread unemployment — challenges that continue to affect Nigerians despite the country’s large youth population.
He attributed part of the failure to the assumptions of the neoliberal economic model underpinning the reforms, which expected the private sector to drive growth. Instead, small and medium-scale enterprises (SMEs) have struggled.
“It didn’t help because the assumption in the neoliberal doctrine is that it will propel the private sector. However, there are indicators inhibiting that growth. Small-scale and medium-scale industries are performing poorly,” he said.
Okechukwu specifically cited the floating of the naira, which has made it harder for businesses to import machinery, and rising energy costs that have further stifled industrial activity.
“When you float the naira, it becomes difficult for them to import machinery, and rising energy costs make it even more difficult. These are tangential to the reform programme,” he added.
Okechukwu’s comments come amid ongoing public debate over the impact of Tinubu’s signature policies, including the removal of fuel subsidy and unification of the foreign exchange market, which the administration has defended as necessary for long-term economic stability.
As a founding father of the APC, Okechukwu’s assessment carries weight within ruling party circles and is likely to fuel further discussion about the human cost of the reforms ahead of the 2027 general elections.
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