Governor Seyi Makinde has accused President Bola Tinubu of using Nigeria’s rising foreign reserves to create a false impression of economic recovery. The Oyo State governor and APM presidential candidate spoke on Saturday at the launch of the Makinde and Daura for Better Nigeria movement in Lagos. He said macroeconomic indicators must translate into better living conditions. He likened the reserves to a household head boasting of savings while the family goes hungry.
Nigeria’s foreign reserves have risen sharply. They stood at $55 billion in October 2026, up from $32 billion in April 2024. The CBN has cited the increase as evidence of reform success. Inflation has eased to 14.63% in September. The naira has stabilised. But food inflation remains at 19.59%. Poverty has deepened. The World Bank estimates 63% of Nigerians live below the poverty line. The government says the pain is temporary. The opposition says the numbers do not reach the table.
Makinde questioned the significance of reserves when citizens cannot afford basic necessities. “We have heard stories that Nigeria’s foreign reserves are going up,” he said. “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 called for a fundamental reset of the economy, security architecture, education system and socio-political environment. He urged a return to federalism and multiparty democracy. He said young Nigerians must be able to pursue their dreams in an economy that offers opportunities, not just survival.
The campaign organisation’s Director-General, Hassan Felix, questioned claims that the government’s policies were improving welfare. He cited unemployment, insecurity and the exit of companies from the country. He said persistent hardship undermined the narrative of recovery.
The event launched Makinde’s presidential campaign. It drew APM leaders and candidates. Makinde is positioning himself as an alternative to Tinubu. He is not the only opposition candidate. Atiku Abubakar, Peter Obi and others are also contesting. The opposition remains fragmented.
Winners: Makinde, who gains a platform. The APM, which gains visibility. Critics of the government’s economic narrative. Losers: Tinubu, whose reserves claim is challenged. The Federal Government, which must defend its record. Nigerians who see no improvement in daily life. The APC, which faces another line of attack. Voters, who face competing claims.
Bottom Line: Makinde says reserves are a gimmick. He is right that savings do not feed a hungry household. The government says the pain is temporary. The election will decide who voters believe.