Former Minister of Education Oby Ezekwesili has given the Bola Tinubu administration credit for making progress on macroeconomic stability, particularly through what she described as adherence to market principles in the foreign exchange market.

Ezekwesili said the government was beginning to gain a better handle on the broader economy, identifying macroeconomic stability as the main area in which she could give the administration credit.

“The only thing we can give this administration is that they are getting a handle on macroeconomic stability,” she said in a recent video.

She specifically pointed to the administration’s approach to the foreign exchange market, saying it was abiding by market principles rather than attempting to impose an artificial exchange rate.

Ezekwesili, however, said economic stability should ultimately translate into better outcomes for Nigerians, arguing that macroeconomic indicators could not be separated from the wellbeing and survival of citizens.

“When people are not alive, you wouldn’t care about education, health or the economy. You need people to be alive,” she said.

She added that “what we have seen under this administration has been a degradation of that dignity of life quotient.”

Her comments amount to a qualified assessment of the administration’s economic performance, recognising its approach to macroeconomic management and foreign exchange while raising concerns about the broader conditions facing Nigerians.

The Tinubu administration has defended its economic reforms as necessary measures to correct longstanding distortions, improve fiscal stability and create the foundation for sustainable economic growth.

The reforms, however, have continued to generate debate over their immediate impact on households and businesses, particularly amid persistent concerns about the cost of living.

For Ezekwesili, the challenge is therefore not only whether the economy is becoming more stable, but whether that stability is ultimately reflected in the lives and dignity of Nigerians.