Alake: Tinubu Risked Re-election Bid to Restructure Nigeria’s Damaged Economy

Minister of Solid Minerals Development, Dele Alake, has revealed that President Bola Tinubu risked his re-election campaign to implement economic reforms aimed at restructuring Nigeria's struggling economy. The minister, who also serves as the spokesman for the APC Presidential Campaign Council for 2027, made these remarks during an interview with journalists in Abuja.

Alake emphasized that previous governments were aware of the necessary reforms to address the country's economic issues but were often hesitant to implement them due to potential political repercussions. He stated that when Tinubu took office, there was no shortcut to restructuring an economy severely damaged by years of inconsistent policies and the reluctance of successive administrations to make tough decisions.

Alake acknowledged that the reforms have caused short-term difficulties, but he argued that they were essential to prevent the economy from descending further into crisis. He highlighted that successive administrations had recognized the need to end the subsidy regime but delayed the decision due to fears of public backlash that could impact their electoral prospects.

The minister defended the removal of petrol subsidies, asserting that the primary beneficiaries were fuel cartels and wealthy individuals who consumed a significant amount of petroleum products. He noted that the opposition to the subsidy removal was expected, as some beneficiaries of the subsidy system had built businesses around the system. When the subsidy was removed, Alake predicted that these beneficiaries would fight back.

Alake rejected calls for the government to reverse the reforms, stating that Nigeria needed consistency rather than another economic reset. He emphasized that difficult reforms, when consistently implemented, could yield significant long-term results. Alake cited the experience of Lagos State under Tinubu's tenure as governor, noting that similar reforms had helped transform the state's finances and increased internally generated revenue from N600 million monthly to a situation where the state's civil service wage bill was reduced from over N1 billion.

Addressing criticisms that the benefits of the reforms have not reached ordinary Nigerians, Alake argued that some interventions were already producing direct and indirect benefits across different sectors. He cited the student loan scheme as an example, emphasizing that it could help reduce financial pressure on students and their families.

Alake also dismissed concerns about the composition of the ruling party's campaign council, describing it as an internal mechanism rather than an issue directly concerning Nigerians. He urged the media to focus more on the party's manifesto, policy proposals, and campaign messaging than on the internal structure of its campaign council.