The Alliance for Economic Research and Ethics has joined thousands of institutions in Nigeria to celebrate the country’s 65th independence anniversary, highlighting gains such as rising external reserves, stable exchange rates, easing inflationary pressures, among others. However, it warned the Nigerian government of the rising debt costs and poverty risks.
Alliance for Economic Research and Ethics chairman, Dele Kelvin Oye, acknowledged that the economy remains the dominant theme of public discourse, but stressed that sustainable growth and inclusive prosperity will depend on measurable investments in education, healthcare, and human capacity building, describing the gains thus far as a mixed bag.
Oye congratulated the federal government on its reform momentum but underscored the need for a national compact anchored on predictable policy, accelerated and transparent infrastructure delivery, targeted social protection to reverse poverty growth, and enforceable sectoral and subnational borrowing caps to safeguard fiscal stability.
“On the positive side, external reserves have risen to approximately $42 billion, a development that has underpinned exchange rate stability and contributed to moderating inflationary pressures,” Oye said.
He expressed reservations about the prevailing high-interest-rate regime, cautioning that debt servicing obligations continue to absorb the largest share of federal and state government revenue and that without fiscal prudence, rising debt repayments could erode the gains of macroeconomic reforms which the current administration introduced on assumption of office in 2023.
“As we enter another year of independence, we remind the government that the recovery is still fragile. The warnings by the World Bank, WTO, and other development partners on rising poverty and vulnerability risks remain paramount,” Oye said.
While calling on stakeholders, including government, legislature, organized labour, private sector, and development partners, to engage in constructive, time-bound dialogue to translate reforms into inclusive and durable prosperity, he expressed hope that the 2026 independence anniversary will bring better news and inclusive growth and prosperity for Nigerians.
