The delegation from The Buhari Organisation (TBO), led by former Nasarawa State Governor Tanko Al-Makura and House of Representatives Speaker Abbas Tajudeen, pledged their "unconditional support" for Tinubu’s administration and his 2027 re-election bid. President Tinubu expressed gratitude for their loyalty and once again reiterated his promise to immortalise former President Muhammadu Buhari by building a “Buhari House.”

But most importantly, he also asserted that the Nigerian Naira has significantly strengthened against the United States Dollar under his administration, moving from an alleged N1,900/$ when he assumed office in May 2023 to N1,450/$ at present.

Speaking on September 2nd 2025, to members of The Buhari Organisation (TBO) at the Presidential Villa in Abuja; President Tinubu claimed this reflected a stabilised economy, with the government reportedly meeting its 2024 revenue target ahead of schedule without recourse to borrowing.

He stated, “The economy has stabilised, nobody is trading a piece of paper for an exchange rate anymore,” adding, “You don’t have to know Cardoso before you get your foreign exchange.”

Additional Claims

Image Credit: Wathi

Beyond the currency claims, President Tinubu outlined his administration's commitment to economic revitalisation, job creation, and ensuring food sovereignty through modernised agriculture. He announced a substantial mechanisation programme, which includes the establishment of agricultural centres, comprehensive training schemes, and nationwide employment opportunities. Furthermore, he dismissed concerns about potential impacts from former US President Donald Trump’s trade tariffs, maintaining that his government is diligently building a stronger, diversified economy, underpinned by growing non-oil revenue.

Critics Grab The Bone of Contention

However, an independent verification of these claims presents a differing perspective on the Naira's exchange rate trajectory. President Tinubu's assertion that the Naira was trading at N1,900 to $1 when he took office on May 29, 2023, has been deemed false. At his inauguration, Nigeria operated a multiple exchange rate system, with the parallel market, which serviced a significant portion of the informal economy, seeing the Naira trade at approximately N750 to $1. The N1,900 to $1 mark was not the starting point but rather a consequence of his administration's economic reforms.

Following key policies such as the removal of the fuel subsidy on May 29, 2023, and the unification of exchange rate windows by the Central Bank of Nigeria (CBN) on June 14, 2023, the Naira experienced a sharp devaluation. The currency's value continued to weaken, reaching its all-time low of approximately N1,800–N1,900 to $1 in the parallel market only in February and March 2024, nearly a year into his term.

Regarding the Naira's current value, while it is true that the currency has appreciated from its lowest point in March 2024, President Tinubu’s quoted figure of N1,450 to $1 for August 2025 is also considered inaccurate. Reports for August 2025 indicate the Naira had strengthened to approximately N1,525 to $1, with the CBN reporting a rate of N1,531.45 to $1 on August 29, 2025. This figure, despite representing a significant recovery, deviates from the value claimed by the President.