Oyo State Gov. Seyi Makinde challenged the use of Nigeria’s rising foreign reserves as a measure of economic recovery, saying daily living conditions should carry more weight in judging the government’s record.
Tribune, Vanguard and BusinessDay reported that Makinde delivered the remarks in a video message at a Makinde-Daura movement launch in Lagos on Saturday, Oct. 24. He said a reserve increase tells only part of the economic story if households still have difficulty paying everyday costs. The reports said he asked voters to judge the administration by whether people’s circumstances and prospects improve. The Independent National Electoral Commission (INEC) lists Makinde as the Allied Peoples Movement’s candidate in the 2027 presidential election.
The Central Bank of Nigeria (CBN) reported gross external reserves of $55.25 billion on Sept. 18, 2026, enough to cover 11.3 months of imports of goods and services. The CBN figure records the country’s reserve position on a specific date; Makinde’s reported remarks questioned whether reserve growth alone reflects how people experience the economy.
The CBN says reserves can help finance international payment imbalances and support monetary policy and exchange-rate management. Holdings are divided among the CBN, the Federal Government of Nigeria and the federation. The bank says it uses its share for monetary policy and to defend the naira. Its reserve-management framework aims to preserve capital, maintain liquidity for official payments and unexpected needs, and earn returns within risk limits.
Makinde has previously made economic hardship part of his campaign message. In prior EconoTimes coverage of his campaign’s criticism of Tinubu, the campaign group cited food and transport costs, rent, purchasing power, jobs and insecurity. At the launch, Makinde also called for stronger federalism and a multiparty political system, as well as changes to security and education policy, the three outlets reported. INEC’s calendar sets the presidential and National Assembly elections for Jan. 16, 2027.
