Makinde Criticises Tinubu Over $55bn Foreign Reserve Claim, Urges Economic Reset

Makinde’s critique of the Tinubu administration

Seyi Makinde, the Oyo State Governor and APM presidential nominee, delivered a video address during the Lagos unveiling of the Makinde and Daura for Better Nigeria (MAD) Resetter Movement on 24 October 2026. In the address, Makinde accused President Bola Tinubu’s government of misleading Nigerians by highlighting a reported increase of $55.16 billion in the country’s foreign reserves. He argued that the focus on this macro‑economic indicator was a political gimmick that obscures the reality of widespread hunger and economic hardship.

Makinde said the Central Bank of Nigeria (CBN) had reported the reserves had risen to $55.16 billion as of 22 October 2026, a figure that the Tinubu administration’s Special Adviser on Information and Strategy used to claim that the president’s economic reform agenda was working. The adviser highlighted that the reserves were the highest in 18 years and could finance 11.3 months of imports, while the current account surplus had risen by 67.The figure stands at 92 percent, equating to seven dollars.The amount reached 54 billion in the second quarter of 2026.

Background: the MAD Resetter Movement and APM

The MAD Resetter Movement was launched in Lagos as part of APM’s campaign strategy for the 2027 general elections. The event gathered APM leaders, party loyalists, stakeholders and other presidential hopefuls. Serving as the director-general of the Makinde-Daura Presidential Campaign Organisation, Makinde utilized the occasion to advocate for a total overhaul of Nigeria’s economic framework, security structures, educational institutions, and socio-political landscape. He stressed the necessity of reinstating the federalist and multiparty democratic ideals that formed the basis of the nation’s creation.

Why it matters

Makinde’s remarks highlight a growing divide between official economic statistics and the lived experience of many Nigerians. Although Central Bank of Nigeria data indicates an increase in foreign reserves, Makinde highlights that millions of citizens still find it difficult to purchase essential goods. He compared the scenario to a family where the patriarch brags about substantial savings while all members go without food, highlighting the gap between broad economic expansion and personal well-being.

The governor’s call for a reset is aimed at addressing key national challenges such as unemployment, insecurity and economic hardship. By urging citizens to look beyond propaganda and demand tangible improvements in living standards, Makinde seeks to galvanise support for a broader political and economic reform agenda that extends beyond Lagos and the Southwest to all geopolitical zones.

What happens next

The MAD Resetter Movement is positioned to influence the 2027 election discourse. Makinde has invited Nigerians dissatisfied with the current state of the country to join the movement, with the aim of expanding mobilisation across the nation. While the sources do not specify any formal policy proposals or timelines, the movement’s launch marks a clear statement of opposition to the Tinubu administration’s narrative on economic recovery.

The APM’s campaign will likely continue to build on this narrative, positioning itself as an alternative that prioritises citizen welfare over headline statistics. The effectiveness of this strategy will be observed as the election cycle progresses and as the government’s economic performance is scrutinised by the public and media.