Former Secretary to the Government of the Federation (SGF) and traditional ruler, Oba Oluyemi Falae, has hailed President Bola Ahmed Tinubu’s decision to float the naira and unify multiple exchange rates as one of the most courageous and necessary economic reforms in Nigeria’s history.....KINDLY READ THE FULL STORY HERE▶

Speaking during a visit by the Arewa Think Tank delegation to the Akure residence of Afenifere leader, Pa Reuben Fasoranti, Oba Falae, the Olu of Ilu Abo in Akure North Local Government Area of Ondo State, said the reforms have repositioned the economy for future growth.

According to Nivo News, Falae, a respected economist and former Minister of Finance, noted that no nation operating multiple exchange rates can attract meaningful foreign investment or achieve sustainable development.

“No country with multiple exchange rates is ever going to succeed or attract investors because they want to know the rate when they invest and when they repatriate their profits,” he said.

The former banker, who served under the military administration of Gen. Ibrahim Babangida between 1985 and 1993, admitted that though the naira unification policy and fuel subsidy removal brought initial hardship, they were necessary to save the economy from collapse.

“No government had the courage to touch those exchange rates or remove fuel subsidies. But Tinubu took the bold step. It was painful—petrol went from N800 to N1,200 and prices of goods soared—but it was absolutely necessary,” he stated.

Oba Falae, however, observed that implementing palliative measures before the reforms could have softened their impact on citizens. He added that the economy is now witnessing gradual improvement, as seen in stabilizing food prices and increased agricultural output.

“The price of food is now coming down, and I am a farmer. A truckload of cassava that cost N450,000 last year now sells for N150,000. A congo of garri that was N1,500 is now N700, and rice has dropped from N3,500 to N1,500. Things are getting better under President Tinubu—this is not theory,” he affirmed.

He emphasized that essential food items, which form the core of household spending, are becoming more affordable, signaling gradual recovery in the economy.

Meanwhile, leaders from the North, under the Arewa Think Tank, expressed strong support for President Tinubu’s administration and pledged to back his re-election bid in 2027.

Led by Muhammad Alhaji Yakubu, Muhammad Ibrahim, Ahmed Tijani Hamisu, Wasila Abdul Hamid, and Adamu Sani, the delegation commended the President’s achievements in national unity, economic reform, and security. Yakubu, who represented former Kaduna State Governor Mukhtar Ramalan Yero, described Tinubu’s record in office as “impressive” and urged continued collaboration between the North and Southwest.

“We are here to renew our relationship with the Southwest and to reaffirm that the North will stand with President Tinubu,” Yakubu said. “We have seen what inter-regional cooperation can do, and we believe he will take Nigeria to the promised land.”

In a communiqué issued after the meeting, Afenifere’s National Organising Secretary, Otunba Kole Omololu, reaffirmed the group’s support for President Tinubu’s Renewed Hope Agenda and praised the Arewa delegation for its commitment to national unity.

Omololu said both groups resolved to create a joint framework to advance constitutional reforms, strengthen national security, and boost economic cooperation, building on the legacy of Nigeria’s founding fathers.