Edo State Governor Monday Okpebholo has thrown his support behind President Bola Tinubu's economic reforms, citing improvements in the foreign exchange market and commodity prices as evidence the policies are working. Speaking at a meeting with supporters, Okpebholo said the reforms introduced since Tinubu took office were beginning to yield results for the country.
The governor pointed to changes in the naira's performance against the dollar as a key indicator of success. He noted that the exchange rate had been relatively stable and that the naira had strengthened, contrasting this with previous economic conditions. Okpebholo urged business owners and members of the public to consider the broader economic changes since Tinubu assumed office, suggesting they look at price movements in supermarkets and the foreign exchange market to understand the shifts.
Okpebholo specifically defended the removal of the petrol subsidy, a cornerstone of the administration's reform programme. He argued that the policy had addressed a system in which a small number of individuals benefited disproportionately from the country's resources. The governor said that under the previous arrangement, "few individuals are serving the work of this country in their palm", but that this had now changed.
The governor also reflected on his personal reception among residents, saying that people now greet him warmly on the streets. During a walk along Sapele Road, he said residents had even changed his nickname from "Akpako Rescue" to "Okpe's baby", which he said gave him joy. He contrasted this with what he described as a more hostile environment previously, noting that residents now offer encouragement rather than rejection.
For savers and borrowers in Nigeria, a strengthening naira and moderating exchange rates could reduce the cost of imported goods and the expense of servicing foreign currency debt, though the impact depends on how long such improvements persist.