The Presidency has urged Nigerians not to be influenced solely by negative global statistics regarding the economy and claims of worsening poverty, insisting that the reforms implemented by President Bola Tinubu’s administration are beginning to yield positive results.
Responding to concerns raised by some Nigerians that citizens have become poorer under President Tinubu’s two-year administration, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, challenged the validity of such claims and the data used to support them.
According to Onanuga, “We must critically examine the sources of such statistics and the context in which they are presented. Yes, we acknowledge that inflation has increased—this is one of the short-term effects of the bold macroeconomic reforms implemented to reposition our economy for long-term growth and stability. However, there are already positive signs that these efforts are yielding results. For example, the prices of key food items such as rice and beans have begun to decline, signalling that government interventions in the agricultural sector are having an impact.”
He noted that the administration is taking deliberate steps to support the most vulnerable members of society. “Millions of households currently benefit from the Conditional Cash Transfer programme, which provides direct financial assistance to those most in need,” he said.
Onanuga explained that these measures are part of a broader strategy to cushion the impact of economic reforms and ensure inclusive development. He added, “Beyond direct support, the government has significantly increased investment in agriculture to boost food production, which will reduce the cost of food prices.”
Highlighting economic indicators, he said, “We have recorded improvements in key economic indicators: inflation is easing, foreign reserves are increasing, trade surpluses are being recorded, and government revenue has witnessed a phenomenal rise. In the first quarter, over N6 trillion was realised. States receive higher allocations, enabling them to meet salary and debt obligations. The Stock Market is on the rise, with the ASI jumping from 50,000 to over 110,000 in just two years. Companies that faced the headwinds of the reforms are back and stronger.”
Onanuga also pointed to the reallocation of funds previously used for fuel subsidies and foreign exchange arbitrage, saying, “Funds previously spent on fuel subsidies or the arbitrage occasioned by multiple forex windows are now being redirected toward critical infrastructure projects across the country, such as the Sokoto-Badagry and Lagos-Calabar highways—which will support economic growth and job creation in the long term.”
Acknowledging the ongoing difficulties, he said, “While we recognise that challenges remain, the government consistently addresses the short-term and structural issues affecting the economy.”
He emphasized the need for collective responsibility in combating poverty and hunger, stating, “Tackling poverty and hunger is a shared responsibility. As former President Buhari rightly said, the private sector must join the government in reducing poverty. In consonance with our African tradition of community and solidarity, those who are more privileged should also support the less fortunate.”
Onanuga concluded by urging Nigerians to look beyond bleak international assessments. “Let us not be swayed solely by negative global statistics but also recognise the concrete steps being taken every day to build a stronger, more resilient Nigeria. The reforms underway are necessary for the country’s sustainable progress, and their benefits are beginning to materialise.”
