Abiru: Nigeria’s Economy Turning the Corner Under Tinubu

Sunday Ehigiator

The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, has expressed optimism that Nigeria’s economy has begun to turn the corner under the leadership of President Bola Ahmed Tinubu, citing encouraging indicators of recovery and stabilisation.

Abiru, who disclosed this in a Christmas message, said the administration’s bold economic reforms, including the removal of fuel subsidies, unification of the foreign exchange market, fiscal discipline and ongoing tax reforms, are beginning to yield positive outcomes.

He noted that Nigeria’s Gross Domestic Product (GDP) growth has strengthened to over 3.5 per cent, driven largely by improved performance in the non-oil sector, particularly services, agriculture and the technology-driven financial services industry.

The senator also pointed to improvements in the foreign exchange market, saying that enhanced liquidity and transparency have boosted investor confidence and attracted increased capital inflows into the economy.

“Foreign reserves have shown steady recovery, while recent data indicate a gradual easing of food inflation pressures, supported by improved harvests and targeted interventions in agriculture and allied sectors,” he stated.

Abiru further highlighted the resilience of the banking and financial services sector, attributing its stability to stronger regulatory oversight, improved capitalisation and increased credit flows to productive sectors of the economy.

He acknowledged that the ongoing reforms have come with short-term challenges but stressed that they were necessary to correct long-standing structural distortions and lay a solid foundation for inclusive and sustainable growth.

“The reforms are tough but necessary. They are designed to reposition our economy for long-term stability, job creation and shared prosperity. I am confident that the worst is behind us,” he said.

Calling for patience and national solidarity, the senator urged Nigerians to remain hopeful and supportive of government efforts, assuring that the benefits of the reforms would become increasingly evident in the months ahead.

“I celebrate with the good people of Lagos East, Lagos State, and all Nigerians on this joyous occasion of Christmas. I urge Christian faithful to embody Christ-like virtues of love, sacrifice, peaceful coexistence and nation-building.

“I am convinced that the worst is behind us. Key economic indicators now point to recovery, stability and renewed investor confidence. With collective effort, patience and unity, Nigeria will emerge stronger.”

Abiru reaffirmed his commitment to supporting policies and legislation that strengthen the economy, promote financial inclusion and protect the welfare of citizens, especially the most vulnerable. 

He extended warm Christmas greetings to Christians and Nigerians across the country, calling for unity, tolerance and peaceful coexistence as the nation celebrates the birth of Jesus Christ.

Abiru described Christmas as a season that reminds Nigerians of the enduring values of love, sacrifice, compassion and selflessness, stressing that these virtues are critical to strengthening national unity and harmony.

The lawmaker, who represents Lagos East Senatorial District, urged Nigerians to rise above ethnic, religious and political differences, noting that peaceful coexistence remains fundamental to nation-building and sustainable development.

“Christmas offers us another opportunity to reflect on our shared humanity and the values that bind us together as a people. It is a season that calls for love, tolerance, sacrifice and unity; values that are essential for the progress of our nation,” he said.