₦airaland Forum

Mr Sunday Dare is the Special Adviser to President Bola Tinubu on Media and Public Communications. He served as Nigerian Minister of Youths and Sports from 2019 to 2023 under the Buhari regime. He previously served as Executive Commissioner, Stakeholder Management at the Nigerian Communications Commission.
An experienced journalist, he once served as the Chief of the Hausa Service, African Division of the Voice of America and had managed many portfolios in government.

In this interview, he speaks on what the Tinubu administration is doing to tackle issues confronting the country and what several government policies intend to achieve in the long run. Excerpts:

There is so much hardship, suffering and poverty in this present dispensation. Nigerians have never had it this bad. What is government doing to ameliorate these?

The Federal Government is doing a lot to combat poverty, hardship and suffering amongst the people. I think what’s important is that we speak about what the government is doing, the programmes and policies of government on one hand, which are quite many.

I will state them, but also, we speak to the fact that our people should apply themselves to these opportunities. Are they lining up? Are they applying? Are they showing up? Are they going through the processes?

In America and in Europe, they have some parts of welfare system for unemployed people, they call it unemployed benefits. Before you can benefit from such things, there are forms that you must fill, there are requirements that you must fulfill.

These governments don’t go on people’s doors to offer them. And I’m saying that with the benefit of my own experience, that very often when government has policies and initiatives to augment or to serve as palliatives people are reluctant to apply themselves to the process of application and to benefit. Like they say in sports, if you don’t start a race, you don’t expect to win at all or even to lose if you are not part of that race.

Reforms are progressive. Policies also impact at a progressive level. It doesn’t happen in a single quantum. So, we’re just two years down the road. So, the question we should ask is what have been the impacts and the benefits?

Now, wherever you have changes and reforms, there will be adjustments that will be made. There will be sacrifices. There will be pains and difficulties. Nobody is hiding away from that. President Bola Tinubu repeatedly, even in his statement on May 29th, appealed to Nigerians to say, I know that you’ve been persevering. He thanked them for their perseverance. He thanked them for their understanding. And he said things are beginning to turn around.

What are the things turning around because it’s not impacting the people?
Some of these policies. Take for instance, the NEFLUND. Over 600,000 young people are benefiting from NELFUND soft loans for education. 600,000 young people are collecting N20,000 to augment their feeding and allowances in the universities.

Do you remember the last time we had bursary? The idea of bursary died since. It was state-paid bursary. The state stopped paying bursary. The last time we had anything close to a subsidy for education was under Awolowo when education was free. So, if subsidy on oil was taken away, you see subsidy on education. The subsidy on education, going to our young people, is helping parents who cannot afford to send their children to school. The subsidy on oil was going to some very few, very few Nigerians who are extra wealthy and were appropriating the Commonwealth to themselves. So, you see a people-oriented policy there.

And across the length and breadth of this country, over 300 institutions and more are benefiting. Put that aside. You look at CNG. Yes, subsidy was removed. Price of PMS went up. But President Bola Tinubu embraced CNG from the start, which is a lower cost of powering our cars, which seems gradually, Nigeria is beginning to embrace it.


You look at the social register. The president said it should be expanded to 15 million. It was not up to that before. As we speak, at least 5.7 million households have benefited, and it’s 25,000 three times, N75,000. We have testimonials. The data is there. So, what do you say?

Every government says they have done this, they have done that, but when you look around you, you don’t see anything. You ask around who have benefited from this, you don’t see anybody…
This is a huge country of 230 million. And when you look at that population globally, Nigerian numbers are amongst one of the first 15 countries with the highest. And then you stretch it further, you look at the projection by the United Nations. By 2050, this country will be the fourth or the third largest. We would have the 5th largest or 6th largest population in the world. So, how do you deal with that size of population? No matter what you do, people will still say they don’t feel the impact. But again, it’s progressive.

Maybe the number of people that have benefited is not up to that massive number. Is there any household, hardly any household that has a young person now that will say that their son or daughter is not benefiting from the education subsidy?

It’s also going to take time before this thing seeps down to everybody. But not everybody will get the benefit at once. We’re dealing with limited resources and a massive population. So, it’s a case of seeing the cup half empty or the cup half full. But to ask: is the government doing something?, absolutely. Do we need to scale it up as resources are available? Yes, more Nigerians need to benefit from the cesarean operation. More students need to benefit from the NELfund. More Nigerians need some subsidy on the CNG. Absolutely and as far as they are available. But these options are there, and people are benefiting. And I think it’s critical to understand that.

We say government is a continuum. But each time, an administration will blame the government before it for its shortcomings and ask for time. Before now, Nigerians were complaining they were seeing ‘shege’. But now, it’s like we are in a ‘shege promax’.

There’s no ‘shege promax’. Every country must make a choice. Don’t forget that the person who is president now, President Bola Tinubu, was not president for those first eight years. So, you cannot really blame him.

It’s either you are the president, you are in charge, and you can be held responsible. Like I love to say, every president will fall on his sword. That is, every president will fall on his performance or non-performance. You can only judge this president from the moment he took the oath of office and said, I will lead this country two years ago.

The vehicle is the same, the APC. But he didn’t have the power. He was not directing the resources. He was not building the cabinet. And when he came on, every president or leader inherits the assets and liabilities of the previous government. Whether it’s an APC government or a PDP government, because Nigeria is a continuous project.

Every president also will have to review after building his team to say, these are the problems we have. How are we going to get solutions that will fit this problem and solve them? The president will have to sit down and say, these are the problems we have. What do we prioritise? What resources do I have? What engagements can I make? And then proceed in life function to prioritise these things and deal with them.

We have seen under this president, what has he prioritised in the last two years?

He has prioritised the welfare of our young people when it comes to education. He has prioritised human capital development when it comes to health. He has prioritised infrastructure, which is the backbone of development. In terms of beyond the legacy roads, we see a lot of infrastructure.

So, he’s dealing with those strong pillars that you need to push this economy forward. But most importantly, look at our economy- microeconomic indicators. The data is there beyond paying off debts. Look at them. The strongest growth in 10 years ever. Our GDP has gone up from 2 points to 3.6. The projection by the World Bank is 4.6 towards the end of this year. Look at Nestle. Look at Guinness. Look at MTN. One year ago, they declared losses. They wanted to shut down and pack up. Their first quarter 2025, five of them are declaring profits in billions under the same economy. That means these policies are working. If you adjust yourself, every government will deal with policies because they have goals and objectives they want to meet.

These are the reforms that are necessary that other leaders have scattered around, did not want to take those tough decisions. This president has bitten the bullet and we’re beginning to see the positive impacts. Maybe they are not coming as fast but the fact that we’re seeing impacts shows that we’re on the right path. And in another year or two, we’ll see that more Nigerians will benefit.


Why then is the Tinubu administration not seen to be enjoying the support of Nigerians?
Which data supports that? Who did that survey? Where is the data that says the administration is not enjoying the support of Nigerians?

The ordinary people, those are the people who go to stand on queues to vote on election days. These are the people not affording to put food on their table, pay their rent and tackle other family issues
But it must also look at the database. You see, you’re dealing with 200 million people. You can’t just assume that the people are not supporting the administration.


Why am I saying data? The Financial Times did a piece on May 29th, and they went through the policies of the government, and they said, Mr President, you must stay on the path of reforms that you have instituted because the country is on the right path. That’s one.

Our rating by the Fitch is now moved up to the B rating, which is critical. They look at data, the microeconomic data and all of that. Again, Moody, three days ago moved our rating up again. So, where is the data? I’m not saying that people are not feeling the effect, but to generalise that everybody is crying, that 200 million people are crying. No.

What is your honest assessment of the security situation in the country because terrorists are everywhere
Let me take you back to data again, very briefly.

Yes, the security problem that we have has been on right from the time of President Goodluck Jonathan. And it’s been ongoing. And every president has come to try as much as possible. President Jonathan did his best. Former President Muhammadu Buhari did his best. We know that under him, we reclaimed about 11 local governments that were taken away from Nigeria. We’re able to regain those territories.

President Tinubu also inherited a few security challenges in certain parts of the country. And these are being addressed. When you look at the number, the figures two years ago and the figures now in terms of terrorists and leaders of gangs that have been either arrested or annihilated, you see a progressive effort being made.

Two years ago, most farmers were driven off their farms, Birnin-Gwari, which is the biggest grains belt in the north, in Kaduna State and even in the farms, even the cocoa farms in the southwest and the rest. But what have we seen in the last one year? We have seen that the Birnin-Gwari corridor, where the grains come from, we’ve seen videos and testimonies saying, look, these guys are back on their farms. Almost 95% of the farmers are now millionaire farmers, millionaire farmers from there because they can go to their farms. Suddenly, cocoa has gone up because in the Osun or the southwest belt where cocoa comes, the farmers are back on their farms.

President Bola Tinubu on Friday announced that the Federal Government has resolved to complete the 284-kilometre Kano–Jigawa–Katsina–Maradi railway project by 2026.

The president disclosed this in Katsina State when he inaugurated the Katsina State Agricultural Mechanisation Centre and a 24-kilometre Eastern Bypass located at Tashar Bala Area of the State.

The railway line project, which connects Kano State in Nigeria’s Northwest Region to Maradi in neighbouring Niger Republic, will according to the president ease transportation of persons and goods in the region, thereby reducing the pressure on Nigerian roads if completed.

The president further announced that the Federal Government has awarded contracts for the total rehabilitation of Martabar Kankara -Dutsinma -Katsina Road and Zaria -Hunkuyi -Dabai, as well as Kafur -Malumfashi -Dayi -Gidan Mutum Daya Roads.

He added that the second phase of the Katsina-Kano Road is firmly on course, stating that the Federal Government has resolved the previous technical and bureaucratic challenges, and work is ongoing on the road.

“The second phase of the Katsina-Kano Road is firmly on course. We have resolved the previous technical and bureaucratic challenges, and work is ongoing on that road.

“We have awarded the contract for the total rehabilitation of Martabar Kankara -Dutsinma -Katsina Road and Zaria -Hunkuyi -Dabai, as well as Kafur -Malumfashi -Dayi -Gidan Mutum Daya Roads. We are determined to deliver the roads on schedule.

“Similarly, the Federal Government plans to complete the 284-kilometre Kano- Jigawa-Katsina – Maradi rail project in 2026. When finished, the project will ease the transportation of persons and goods, reducing the pressure on our roads.

“To the people of Katsina State, I want to assure you that the Federal Government has enough projects and programs on the pipelines to benefit the people who are committed. Thanks for your prayers”, he noted.

The Kano–Maradi railway project was initiated during the administration of former President Muhammadu Buhari, who secured Federal Executive Council approval for $1.96 billion to fund the 284-kilometre standard gauge railway line in September 2020.

Two years into President Bola Ahmed Tinubu’s administration, Nigeria is undergoing a bold recalibration. A country once caught in the inertia of subsidy politics and policy hesitancy is now charting a new course, marked by structural reforms, fiscal reengineering, and renewed international engagement.

From the outset, President Tinubu signalled an intent to stabilize Nigeria’s economy and fundamentally reset it. As Nigeria arrives at the halfway mark of this administration’s tenure, early evidence suggests that this pivot is not only well underway – it is beginning to deliver.

The conversation is shifting: from managing crisis to managing opportunities; from firefighting to future-proofing; from legacy burdens to long-term strategy.


With a deliberate macroeconomic overhaul unfolding, Nigeria is positioning itself— not only as one of Africa’s largest economies by GDP—but also as one of its most reform-minded jurisdictions, willing to tackle its most entrenched distortions head-on.

Macroeconomic Reset: A Realignment with Market Reality

When the Tinubu administration took office in 2023, it inherited an economy under siege—one heavily reliant on fuel subsidies, riddled with dual exchange rate inefficiencies, weighed down by debt service pressures, and struggling with dwindling investor confidence.

In response, two politically risky but economically necessary reforms were immediately enacted: the removal of fuel subsidy, which had consumed up to $10 billion annually, and the liberalization of the naira, ending a system that long distorted trade flows and incentivized arbitrage.


The results are starting to crystalize:
* GDP growth currently stands at 3.46% year-on-year, a significant rebound from contractionary trends and a sign that reform headwinds are giving way to recovery momentum.

* Net foreign reserves have increased to $40.1 billion, bolstering Nigeria’s external buffers and increasing its ability to defend currency stability in the near term.

* The debt service-to-revenue ratio has fallen sharply, from 97% in 2023 to 65%, easing fiscal pressure and allowing for more capital investment in growth sectors.

* As of December 31, 2023, the total public debt was $108.23 billion. However, as of December 31, 2024, the total public debt was reported as $94.23 billion. This indicates a decrease of approximately $14 billion over the one year—a signal that prudent debt management amidst a strong dollar environment is now in place.

* Domestic debt of Nigeria’s 36 states decreased by 32%, while their external debt grew by only 4%, reflecting improved subnational fiscal discipline and better debt structuring.


Currency markets are beginning to respond positively. After months of volatility, the naira has shown signs of stabilization, aided by robust monetary interventions from the Central Bank of Nigeria (CBN). The apex bank has adopted tighter monetary policies, improved liquidity controls, and recalibrated its intervention posture—moves that have enhanced credibility in the eyes of market participants.


Investor Confidence: Measurable Signals, Not Rhetoric

What distinguishes this phase of Nigeria’s economic reform is the data-backed credibility it brings. For years, international investors and multilaterals were told reform was coming.

Under Tinubu, it has arrived – and it is quantifiable.

* The Nigerian Stock Exchange has posted strong returns over the last year, with market capitalization expanding and foreign participation gradually recovering.

* Foreign Direct Investment (FDI), long stymied by policy inconsistencies, is showing encouraging signs of a turnaround. Nigeria is streamlining business registration, simplifying tax codes, and reducing bureaucratic friction – factors that directly influence capital allocation.

* Oil production has risen to 1.7 million barrels per day, with operational improvements in the Niger Delta, and upstream investments resuming in marginal fields.

* Non-oil exports are growing through enhanced trade facilitation, duty incentives, and export financing schemes, driven in part by the African Continental Free Trade Area (AfCFTA) opportunity.

Nigeria posted a $6.83 billion Balance of Payments Surplus in 2024, signalling economic Resurgence. According to the CBN, a Balance of Payments surplus of $6.83bn is expected for 2024, marking a sharp turnaround from deficits in 2023 and 2022.
Corporate profits and revenues for giant companies operating in Nigeria are on the increase. Examples: MTN Nigeria’s Revenue hits N1 Trillion, Nestle posts N295 billion in Record Revenues, Zenith Bank’s quarterly income of N837.6 billion. Seplat’s threefold surge in pre-tax profit by 203.97 per cent (314.646 billion). There are many more similar stories of profitability.

Inflation remains high at 24.43% as of February 2025, yet forward indicators suggest a decline as food supply chains improve and monetary tools take effect. Investors are monitoring not only the headline inflation figure but also the central bank’s policy coherence and ability to guide disinflation.

New institutions like CreditCorp and NELFUND are laying the groundwork for expanded access to finance – particularly for micro, small, and medium enterprises (MSMEs) and students. These are long-term bets on inclusive growth, digital literacy, and workforce productivity—essentials for a modern, innovation-ready economy.

Security, Stability, and Institutional Credibility
Security reform—often underestimated in economic forecasts—has also gained traction. According to official data, Nigeria has recorded a 30% reduction in violent crimes nationwide over the past year, thanks to improved intelligence coordination, better equipment for security agencies, and community-based peacebuilding initiatives.

Infrastructure upgrades are reinforcing this progress: road and rail networks are being expanded, energy access is improving, and digital infrastructure is enabling fintech and e-commerce growth, particularly in underserved regions.

Regulatory reform is also part of the story. The Tinubu administration has prioritized commercial court efficiency, contract enforcement, and investor protections. Nigeria’s arbitration environment is being strengthened in line with international best practices, enhancing the country’s attractiveness to institutional and sovereign capital.

Nigeria remains a market of extraordinary scale—over 200 million people, a median age of 18, and one of the most vibrant tech and fintech ecosystems on the continent. But scale alone is not strategy.

What’s new and globally relevant is execution.
President Tinubu’s administration demonstrates that difficult reforms can be implemented with discipline and followed up with measurable outcomes. This is not reform as a slogan; this is reform as operational clarity. There is a clear direction of travel – toward market openness, fiscal consolidation, and private-sector partnership.

To global investors, sovereign wealth funds, multilateral lenders, and institutional capital allocators: this is a market where the risks are better understood—and the rewards are increasingly aligned with reform outcomes.

Nigeria is not asking the world to take a chance. It is showing that it has taken one on itself, and it is beginning to pay off.

Dare is SA. Media and Public Comms to President Tinubu