Makinde criticizes Tinubu's economic reforms, backs APM for 2027

Oyo State Governor Seyi Makinde has publicly criticized President Bola Tinubu's economic reforms, specifically the removal of the fuel subsidy and the floating of the naira, which have contributed to rising inflation and cost-of-living pressures in Nigeria. Makinde made these remarks while rallying support for the Allied Peoples Movement (APM) ahead of the 2027 general elections, signaling a potential political realignment. The governor's comments reflect growing discontent among state leaders and opposition figures over the federal government's austerity measures. Makinde, a member of the Peoples Democratic Party (PDP), has not formally defected but is positioning himself as a critic of the ruling All Progressives Congress (APC) policies. The APM is a smaller political party, and Makinde's endorsement could boost its visibility and credibility in the run-up to the next election cycle. The economic reforms, introduced in 2023, have been a central point of political debate, with supporters arguing they are necessary for long-term stability and critics highlighting immediate hardships.

Global Impact

Politically, this development underscores the fragility of Nigeria's reform consensus, which could have regional implications for West African economic stability. Economically, sustained opposition to the naira float and subsidy removal may deter foreign investment and slow the country's fiscal consolidation efforts, impacting global commodity markets and emerging market sentiment.