Makinde Accuses Tinubu Government of Misleading Nigerians Over $55.16bn Foreign Reserves

Oyo State Governor and Allied Peoples Movement (APM) presidential candidate Seyi Makinde has criticised the administration of President Bola Tinubu over its presentation of Nigeria’s rising foreign reserves, arguing that the figures do not reflect the economic realities facing millions of citizens.

Makinde made the remarks on Saturday during the official launch of the Makinde and Daura for Better Nigeria (MAD) Resetter Movement in Lagos. He accused the Federal Government of using improved economic indicators to create an impression of recovery while many Nigerians continue to struggle with hunger, rising living costs and financial hardship.

Data released by the Central Bank of Nigeria (CBN) reportedly put the country’s foreign reserves at $55.16 billion as of October 22, 2026, amid rising global crude oil prices.

The development has been presented by officials of the Tinubu administration as evidence that its economic reforms are yielding results.

The President’s Special Adviser on Information and Strategy had earlier highlighted figures indicating that the country’s foreign reserves reached $55.25 billion as of September 18, 2026, their highest level in 18 years. The statement also noted that the reserves could cover 11.3 months of imports of goods and services, while the current account surplus increased by 67.92 per cent to $7.54 billion in the second quarter of 2026, up from $4.49 billion in the first quarter.

However, Makinde dismissed the emphasis on these figures as a political strategy, maintaining that improvements in national financial indicators should not be mistaken for meaningful progress if ordinary Nigerians are yet to experience better living conditions.

Addressing a large gathering virtually, the governor called for a comprehensive transformation of Nigeria’s economy, security system, education sector and political environment. He also advocated a return to the principles of federalism and multiparty democracy.

The event attracted APM leaders, party supporters, stakeholders and candidates preparing for the 2027 general elections in Lagos and other parts of the country.

Makinde Calls for Comprehensive National Reset

Expressing his support for the initiative, Makinde urged Nigerians to judge the government by the conditions they experience daily rather than relying exclusively on official economic statistics.

“I am with you 101 per cent towards the reset agenda for Nigeria. We need to reset our economy, our security architecture, our educational system and the socio-political environment,” he said.

He argued that the reported growth in foreign reserves offered little comfort to citizens who could barely afford basic necessities.

To illustrate his point, Makinde compared the country’s economic situation to a family whose head boasts about substantial bank savings while other members go hungry.

“We have heard stories that Nigeria’s foreign reserves are going up. I liken it to a household where the head is telling the people that we have a lot of money in our savings accounts, but everyone in that household is hungry,” he said.

According to the governor, genuine economic development should be reflected in people’s ability to build wealth, achieve financial independence and access opportunities that allow them to fulfil their ambitions.

He particularly emphasised the need to create an environment where young Nigerians can pursue their dreams and secure meaningful economic opportunities instead of struggling to survive despite official claims of progress.

Makinde also maintained that Nigeria’s political structure was founded on federalism and multiparty democracy, insisting that these principles must be strengthened to ensure that governance serves the interests of all citizens.

“Nigeria was negotiated on the basis of a federalism arrangement. Nigeria was negotiated on the basis of multiparty democracy. So, join myself and Alhaji Lawal Daura in the agenda to make Nigeria work for everybody,” he said.

He called on Nigerians dissatisfied with the country’s direction to join the movement, urging supporters to expand their mobilisation efforts beyond Lagos and the Southwest to other geopolitical zones.

The governor expressed hope that the initiative would contribute to building a better Nigeria and that the efforts of those involved would produce meaningful results.

MAD Campaign Director Highlights Economic Challenges

Speaking at the event, the Director-General of the Makinde-Daura Presidential Campaign Organisation, Hon. Hassan Felix, said Nigeria needed a fundamental change in direction, citing unemployment, insecurity and worsening economic conditions.

Felix questioned the government’s claims of economic progress, arguing that persistent hardship and the reported departure of businesses from the country raised concerns about the effectiveness of its policies.

He also compared Nigeria’s economic performance with that of Ghana, arguing that the country had failed to convert its abundant natural and human resources into widespread prosperity.

“We want to go back to a nation of prosperity. They are deceiving Nigerians, but the time of deceit is over. It is time for a reset, and that time is now,” he said.

The Director of Volunteers, Support and Special Interest Groups of the MAD Political Campaign Organisation, Dr Emmanuel Dennis, said the movement intended to shift political campaigning away from entertainment and rallies towards discussions focused on governance and the country’s most pressing challenges.

Dennis pointed to rising petrol prices, declining purchasing power and salaries that have failed to keep pace with living costs as factors making it increasingly difficult for households to meet their basic needs.

He also criticised the National Assembly, describing it as a rubber stamp, and expressed concern about the growing influence of court judgments in determining electoral outcomes rather than allowing voters’ choices to prevail.

“We know campaigns have started, but we don’t want to have a campaign where people dance and then go home. We want to make our campaign issue-based,” he said.

Questioning Nigeria’s continued reputation as the giant of Africa, Dennis argued that the country’s economic and political challenges required more than cosmetic changes.

“We are not coming to rescue and we are not trying to rescue, but we want to reset Nigeria. And if we must reset Nigeria, you have to follow the person that knows the road. Follow MAD to reset Nigeria,” he said.

He called on supporters to pursue political change in Lagos State as well as at the national level, noting that the movement had presented candidates in the state to advance its objectives.

The APM governorship candidate in Lagos State, Adelaja Adeoye, pledged to promote an inclusive administration that would serve residents regardless of gender or social background.

“We are gender-sensitive in APM. We are bringing a Lagos that will take care of everybody and not exclude anyone,” he said.

Adeoye expressed confidence in the party’s electoral prospects, attributing its chances to grassroots mobilisation and support.

He also urged voters to reject vote-buying, describing their permanent voter cards (PVCs) as important instruments of political influence.

“Your PVC is the instrument in your hands. That is your power. If truly you are tired of bad governance, don’t collect money from them. Don’t let them bribe you because what they would give you won’t last you a day,” he said.

The candidate further promised that an APM-led government would remain accountable to the electorate rather than serve the interests of political godfathers.

He accused the incumbent government of prioritising a select group of people and urged Lagos residents to support the party’s proposed programme of political and economic reform.

Meanwhile, APM local government chairmen in Lagos State endorsed the Makinde-Daura presidential ticket, Adeoye’s governorship candidacy and the party’s candidates contesting senatorial, House of Representatives and other elective positions.

Speaking on behalf of the chairmen, Hon. Isiaka Sodeinde reaffirmed their commitment to the movement’s national reset agenda and declared their support for the APM-PDP alliance.

He expressed confidence that the alliance’s candidates would secure victory in the forthcoming elections.

The launch of the MAD Resetter Movement comes as political actors begin positioning themselves ahead of the 2027 general elections, with economic management, security, democratic accountability and the rising cost of living expected to feature prominently in political debates.