The Director-General of the Budget Office, Dr. Tanimu Yakubu, has outlined President Bola Tinubu’s economic strategy, highlighting foreign exchange reforms, infrastructure development, and energy investment as its core pillars.
In his essay, From Fragility to Foundations: Inside PBAT’s Political Economy, Yakubu explained that liberalising the naira and clearing outstanding foreign exchange liabilities have started to restore investor confidence. He added that new transport and energy projects are being designed to lower the cost of doing business and better connect communities across Nigeria.
Yakubu recalled that in early 2024 the naira slumped to ₦1,800 per dollar, a shock that affected households, students, and businesses alike. By August 2025, however, the currency had strengthened to about ₦1,525. For President Tinubu, Yakubu noted, this was not just a rebound but evidence of a broader economic vision anchored on three foundations: a credible currency, strong infrastructure, and reliable power supply.
Currency Reforms
According to Yakubu, currency reform was the administration’s first decisive step. Floating the naira, settling a $4 billion forex backlog, and directing remittances through official channels helped rebuild trust. These measures created more stability for traders, reduced disruptions for students abroad, and reassured investors of government’s commitment.
Infrastructure Investments
Yakubu also emphasized the scale of infrastructure spending, noting that more than ₦5.9 trillion has been invested in projects across the North-West with benefits for the entire country. He highlighted key corridors such as the Kaduna–Kano Expressway, Kano–Maiduguri Highway, and Sokoto Illela Corridor, which are reducing travel times and boosting trade.
He further described Lagos as emerging into a logistics hub that links farms in the North with ports in the South, while also connecting manufacturers across regions.
Energy and Power
On energy, Yakubu stressed that roads and bridges must be matched by reliable electricity. He pointed to the revival of the 255MW Kaduna Power Plant as a step forward. Reliable power, he noted, means factories can run more shifts and create jobs; hospitals can safely store vaccines; and children can study under electric light instead of kerosene lamps.
He also underlined the growing role of renewable energy, such as solar irrigation in Zamfara, which is transforming both rural farming and small-scale industry.
Building on Buhari’s Foundations
Yakubu explained that President Tinubu is building on the groundwork laid by his predecessor, Muhammadu Buhari. Projects such as the Calabar Maiduguri Sokoto arc, the Badagry Lagos Expressway, the Illela Sokoto Corridor, and the Lagos Calabar Coastal Highway are extending Buhari’s legacy.
“Buhari poured concrete into bridges, railways, and the Second Niger Bridge. Tinubu is closing the frame, extending lines into loops and connections into networks,” he wrote.
Challenges Ahead
Despite these gains, Yakubu acknowledged persistent risks. Inflation continues to strain households, security challenges threaten infrastructure progress, and without deeper financial markets, exchange rate stability may remain fragile.
A Calculated Bet
Even so, he described Tinubu’s vision as a calculated bet:
A credible currency strengthens competitiveness.
Infrastructure weaves the federation into one connected market.
Power drives productivity and restores dignity to people’s daily lives.
From fragility to foundations, Yakubu argued, Tinubu is extending Buhari’s legacy while charting a path that fuses Nigeria’s economic geography with its political coalition.
The Punch.
