The Presidency has urged citizens to look beyond negative international statistics when assessing Nigeria’s current economic state, stating that the economic reforms under President Bola Tinubu are beginning to show progress.
Responding to public complaints that Nigerians are poorer than they were two years ago, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, questioned the basis of such claims. He emphasized the importance of critically reviewing the sources and context of these statistics.
Onanuga acknowledged the impact of inflation but attributed it to the short-term effects of bold economic decisions. He highlighted early signs of recovery, pointing out that prices of staple foods like rice and beans are dropping. He said this improvement shows that the government’s agricultural interventions are effective.
He also noted that millions of vulnerable families are receiving support through the Conditional Cash Transfer programme. According to him, this initiative is part of broader efforts to reduce the pressure caused by reforms.
Onanuga added that the government has increased investments in agriculture to further drive down food costs. He reported improvements in key economic indicators, including easing inflation, a rise in foreign reserves, growing trade surpluses, and a significant boost in government revenue. He revealed that over ₦6 trillion was generated in the first quarter alone.
Higher state allocations have helped meet salary and debt obligations, and the Nigerian Stock Market has surged from 50,000 to over 110,000 in just two years. Onanuga also mentioned that companies previously struggling are now recovering. Money saved from fuel subsidy removal and the collapse of multiple forex rates is being redirected to major infrastructure projects like the Lagos-Calabar and Sokoto-Badagry highways, which are expected to create jobs and support long-term growth.
He admitted that challenges still exist but said the government is actively working to address both immediate and long-standing economic issues. He echoed former President Buhari’s call for the private sector and wealthier individuals to help reduce poverty, stressing the need for shared responsibility rooted in community values.
The Presidency urged Nigerians not to rely only on gloomy global reports but to also recognise the deliberate steps being taken to build a more stable and resilient economy.
