The APM presidential candidate says the removal of fuel subsidy and naira float worsened hardship as the party unveiled candidates in Ogun State

Oyo State Governor and Allied Peoples Movement presidential candidate, Seyi Makinde, criticised the economic reforms introduced by President Bola Tinubu’s administration on Monday, describing the simultaneous removal of fuel subsidy and the floating of the naira as a “double blow” that has worsened the living conditions of millions of Nigerians.

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Makinde, represented by APM national leader Babatunde Tijani, made the remarks in Abeokuta, Ogun State, during the unveiling of the party’s deputy governorship candidate, Deborah Abosede Akinlade, as well as its House of Assembly and National Assembly candidates ahead of the 2027 general elections.

The event marked another step in the APM’s preparations for the elections, with party leaders using the occasion to present their vision while sharply criticising the policies of the ruling All Progressives Congress.

Addressing supporters, Makinde argued that implementing both major economic reforms simultaneously without adequate relief measures had placed extraordinary pressure on households and businesses.

“How can a person just decide one day that he will remove the fuel subsidy without any cushioning effect or any palliative to fill the gap? At the same time, they still went ahead and floated the naira,” Makinde said through Tijani.

“These two policies have further made life difficult for Nigerians. It is an economic policy that no nation, even advanced countries, can take at the same time.”

The comments add to the growing political debate over the Tinubu administration’s economic reforms, which the Federal Government says were necessary to address long-standing structural distortions in the economy.

Since assuming office in May 2023, Tinubu ended Nigeria’s long-standing petrol subsidy regime and later allowed the naira to trade more freely in the foreign exchange market. The administration maintains that the reforms are beginning to stabilise public finances, improve government revenues and lay the foundation for long-term economic growth.

Critics, however, argue that the reforms have contributed to higher inflation, increased transport costs and a significant rise in the cost of living.

Questioning the government’s assessment of the economy, Makinde pointed to the rising prices of essential goods, fluctuating exchange rates and declining purchasing power.

“Now, how many people can take three square meals a day? How much were we buying fuel for before? How much is it now? They said they have stabilised the exchange rate from how much to how much? And it will go up to ₦1,500, coming back to ₦1,300, and they will be clapping and praising themselves. Who does that?” he asked.

Makinde also expressed concern over the country’s security situation, saying many Nigerians no longer felt safe.

“Before now, you could sleep with your two eyes closed, but things have changed,” he said, while calling for reforms to improve both economic conditions and national security.

The Oyo governor said the APM intended to build nationwide support ahead of the 2027 elections and urged party members in Ogun State to intensify grassroots mobilisation.

“The purpose of today’s gathering is for the people to now come together, to now see for themselves that truly APM is grounded in Ogun State,” he said.

“We have told our people on the ground to begin massive mobilisations across local governments and the wards, just to tell the people that they are in a new party to rescue Nigerians from unnecessary sufferings and hardship.”

Makinde also pointed to infrastructure and development projects delivered during his administration in Oyo State, arguing that the party had the experience required to offer Nigerians an alternative model of governance.

Other APM leaders echoed the criticism of the Federal Government.

The Ogun State Chairman of the APM and Chairman of the Inter-Party Advisory Council, Abayomi Sanyaolu, gave the APC-led administration a performance rating of 35 per cent and urged voters to reject vote-buying ahead of the elections.

“The present administration is totally poor. If I want to give them an assessment out of 100 per cent, I can only give them 35 per cent,” Sanyaolu said.

“We should stop the issue of exchanging our birthright for ₦10,000 or ₦20,000. People should say no to all these exchanges of our lives because if you collect ₦20,000 for your vote, they will use four or eight years on the throne.”

Sanyaolu expressed confidence that the party, symbolised by its cassava tuber logo, could regain political relevance in Ogun State and contribute to Nigeria’s economic recovery.

The party’s governorship candidate in Ogun State, Rotimi Babajide, also appealed to residents to reject vote-buying and support the APM.

Babajide pledged that an APM administration in the state would prioritise food production, job creation, quality education, healthcare and road infrastructure to improve the welfare of residents.

The remarks come as political parties continue to position themselves ahead of the 2027 general elections, with the economy, inflation, exchange rate stability and insecurity expected to dominate campaigns.

While opposition parties have intensified criticism of the Federal Government’s reform agenda, the Presidency has consistently defended the policies, arguing that the short-term hardship is necessary to achieve sustainable economic growth, strengthen public finances and create broader opportunities for Nigerians.

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The contrasting positions underscore the central policy debate likely to shape the 2027 election campaign: whether the current economic reforms require more time to deliver lasting benefits or whether an alternative approach is needed to ease the burden on citizens.