Olu Falae hails Tinubu’s economic reforms as bold, transformative

Former Secretary to the Government of the Federation (SGF) and traditional ruler, Oba Oluyemi Falae, has described President Bola Ahmed Tinubu’s decision to float the naira and end multiple exchange rates as one of the boldest and most necessary economic steps ever taken by any Nigerian government.

Oba Falae, the Olu of Ilu Abo in Akure North Local Government Area of Ondo State, said the reforms have repositioned the nation’s economy for long-term growth and global competitiveness. He made the remarks on Monday when a delegation from the Arewa Think Tank paid a visit to the Akure residence of Afenifere leader, Pa Reuben Fasoranti.

According to Falae, who is also a former Finance Minister and banker, no economy can attract sustainable foreign investment or achieve meaningful progress with multiple exchange rates. “Investors want to be certain what the exchange rate will be—both when they are investing and when they are repatriating. No country with multiple exchange rates can succeed,” he said.

The economist acknowledged that the initial impact of Tinubu’s reforms was painful but insisted that they were essential. “No government had the courage to remove fuel subsidies and unify exchange rates. Tinubu came on board and did both. Yes, it caused hardship initially, but it was a necessary step,” he said.

Falae added that the economy is now showing signs of recovery, citing a steady drop in food prices as evidence of improvement. “I am a farmer, and I can tell you things are getting better. A truckload of cassava that sold for N450,000 last year now goes for N150,000. A congo of garri that was N1,500 is now N700, and rice has dropped from N3,500 to N1,500,” he noted.

He emphasized that basic food items, which form the core of household expenditure, are becoming more affordable, a sign that the economy is stabilizing under the current administration.

During the visit, the northern delegation reaffirmed its support for President Tinubu ahead of the 2027 general election, pledging to stand by him in his efforts to promote national unity, economic recovery, and security reforms.

The delegation, led by Muhammad Alhaji Yakubu, said the group’s decision was based on the president’s performance over the past two years and the need to sustain collaboration between the North and the Southwest. Both Afenifere and the Arewa Think Tank pledged to deepen cooperation on constitutional reform, national security, and economic development.