Former Minister of Education, Dr Oby Ezekwesili, has identified what she described as the major achievement of President Bola Tinubu’s administration so far.

Ezekwesili said the government had made some progress in achieving macroeconomic stability, particularly in the foreign exchange market.

However, she maintained that the improvement had not translated into better living conditions for most Nigerians.

The former minister made the remarks during an interview with  News Central TV at the weekend.

According to her, the relative calm in the foreign exchange market is one area where the Tinubu administration deserves credit.

She said the government had moved towards allowing market forces to play a greater role in determining the value of the naira.

She, however, warned that such progress should not be presented as proof that Nigeria’s economic problems had been solved.

“The only thing that, as I said at the beginning, we can give to them is that they are getting a handle on macroeconomic stability. So, for example, the volatility we have with foreign exchange rate is quieter because they are abiding by market principles for foreign exchange policy.

“Then you look at inflation. Inflation, even though they use the methodology to crash it in terms of the numbers, but the real thing is that the cost of living for the average citizen is still pretty high,” she said.

For Ezekwesili, the key issue is whether the reforms are improving the lives of ordinary Nigerians.

She argued that Nigeria could not yet be described as having overcome its economic difficulties because poverty remained widespread and the cost of living was still putting pressure on families.

The former minister also took aim at the government’s management of inflation.

She said the steep rise in prices experienced by Nigerians was not inevitable and blamed it on the way different economic policies were implemented.

“The inflation that spiked did not have to happen. It was a poor management of a combination of policies that led to that runaway kind of inflation that we had,” she said.

Her criticism extends beyond inflation and the exchange rate. Ezekwesili said Nigeria’s deeper economic problem was its inability to produce enough goods and services efficiently.

She pointed to low productivity as a major obstacle to competitiveness, job creation and higher incomes.

“What do you have? You have a complete lack of productivity in yours compared to the others. So without productivity, you can’t even be competitive globally,” she said.

According to her, improvements in economic figures would mean little if they were not supported by stronger production across different sectors of the economy.

She said Nigeria needed policies that could help businesses produce more, create jobs and compete effectively in both local and international markets.

Ezekwesili also questioned the Federal Government’s approach to budgeting.

She expressed concern about what she described as the continued operation of several budget cycles at the same time, saying it reflected weaknesses in fiscal management.

“The other thing is you look at the budget. You see that there is a problem. You have budgets within budgets,” she said.

The former minister compared Nigeria’s budgeting process with that of China, where, according to her, the government generally concentrates on executing an approved annual budget before moving into another fiscal cycle.

She said Nigeria’s situation was different because previous budgets could remain open while another budget was already being implemented.

“In our own case, I think there was a time they said 2024 is still open, 2025 is still open, 2026 is on,” she said, describing the situation as “recklessness in terms of fiscal choices and decisions.”

Ezekwesili further criticised the government for what she described as poor communication of its performance.

She said Nigerians should be able to access clear records showing what the administration had promised, what it had delivered and what remained outstanding.

“And also this is a government that does not give you performance record. It’s almost like the young ones keep screaming about publishing the performance record before something gets done,” she said.

Ezekwesili said citizens should not have to depend only on political claims to determine whether an administration was performing well. Instead, she said government records should provide enough information for Nigerians to make their own assessment.

The former minister’s comments also reflect her long-standing focus on economic governance, accountability and institutional reforms.

She has previously argued that macroeconomic stability must be accompanied by reforms capable of increasing productivity and reducing poverty.

While acknowledging the improvement in the foreign exchange market, Ezekwesili maintained that the government still had a long way to go.

She said Nigerians were primarily concerned about the realities they faced every day, including the prices of food and other essential goods, rather than economic indicators alone.