Tinubu: Diaspora APC chieftain tasks local banks on reforms

The Chairman of the All Progressives Congress (APC) in Scandinavia countries, Mr. Ayoola Lawal, on Thursday urged banks in Nigeria to actively help strengthen the impact of President Bola Tinubu’s ongoing economic reforms.

Lawal, who also served as the General Secretary of the APC Forum of Chairmen in the diaspora, simultaneously lauded President Tinubu for Nigeria’s successful exit from the International Monetary Fund (IMF) debtor’s list.

Lawal’s remarks came as a reaction to the President’s speech to Nigerians, marking his second year in office, where President Tinubu asserted that the nation’s economic reforms were indeed yielding positive results.

Lawal commended President Tinubu and his economic team for successfully removing Nigeria from the IMF debtors’ list, a move he described as both bold and historic. He stated that this achievement signifies a growing fiscal responsibility and a renewed commitment to Nigeria’s economic independence.

The diaspora chieftain further lauded the administration’s political will and technical direction, calling the exit a “strategic reclaiming of Nigeria’s financial sovereignty.

While acknowledging this commendable development, Lawal stressed that “its true value should translate into meaningful improvements for the average Nigerian,” adding that sustainable impact requires robust collaboration across all sectors, especially the financial industry.

Highlighting the critical role of the private sector, Lawal urged local banks and financial institutions to rise to the occasion by supporting inclusive growth through affordable credit access, SME financing, and innovation in service delivery.

“Our financial institutions must now do more than just report profits. They must become real partners in development, enabling the informal sector, empowering small businesses and financing productive ventures in agriculture, technology, and manufacturing,” he stated.

He also called on the Central Bank of Nigeria (CBN) to provide enabling regulations and incentives that would steer banks toward development goals, while ensuring responsible practices and strong oversight. “This is a time for synergy between government policy and financial sector innovation. Together, we can build an economy that works, not just for balance sheets but for the lives of ordinary Nigerians,” he added.

Lawal concluded that with continued commitment to reforms, collaboration, and institution-building, Nigeria could become a model of economic turnaround on the African continent, urging, “This is a step in the right direction, now, let’s keep the momentum, stay focused, and work toward a stronger, more prosperous Nigeria for all.”

In his commemorative speech, President Tinubu reiterated that his government is on course to building a greater, more economically stable nation.

He stated that under the “Renewed Hope Agenda,” his administration pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift Nigerians out of poverty

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Despite acknowledging the current high cost of living, the President asserted that the economy had made undeniable progress. He highlighted that inflation has begun to ease, with prices of staples like rice declining.

The oil and gas sector is recovering, with rig counts up by over 400 percent in 2025 compared with 2021, and over $8 billion in new investments committed.

According to the President, the country’s fiscal deficit has narrowed sharply from 5.4 percent of GDP in 2023 to 3.0 percent in 2024, achieved through improved revenue generation and greater transparency in government finances.

He revealed that over N6 trillion in revenue was recorded in the first quarter of this year.

President Tinubu also noted that the NNPC is no longer burdened by unsustainable fuel subsidies and is now a net contributor to the Federation Account, with fuel supply security being achieved through local refining.

He stated that while foreign exchange revaluation pushed Nigeria’s debt-to-GDP ratio to around 53 percent, the debt service-to-revenue ratio dropped significantly from nearly 100 percent in 2022 to under 40 percent by 2024.

He proudly announced that Nigeria paid off its IMF obligations and grew its net external reserves by almost 500 percent, from $4 billion in 2023 to over $23 billion by the end of 2024. “Thanks to our reforms, state revenue increased by over N6 trillion in 2024, ensuring that subnational governments can reduce their debt burden, met salaries and pension obligations on a timely basis, and invest more in critical infrastructure and human capital development,” the President concluded.