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The Nigerian Presidency has urged citizens not to be discouraged by negative global reports about the country’s economy and poverty levels, assuring that the economic reforms introduced by President Bola Tinubu’s administration are beginning to show tangible results.
Addressing growing concerns that Nigerians are worse off under Tinubu’s leadership, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, pushed back on the narrative, questioning the accuracy and context of the statistics being shared.
“We need to critically examine where these figures come from and the context in which they’re being used,” Onanuga said. “Yes, inflation has gone up, but that’s one of the short-term effects of the bold macroeconomic reforms needed to reposition the economy for long-term growth and stability. Encouragingly, prices of key food items like rice and beans are beginning to drop—an early sign that interventions in the agricultural sector are working.”
According to Onanuga, the government is not just implementing reforms but is also actively working to protect the most vulnerable Nigerians. “Millions of households are currently benefiting from the Conditional Cash Transfer programme, which offers direct financial support to those in need,” he added.
He explained that the administration’s strategy includes both immediate relief and long-term structural reforms. “Beyond direct aid, there has been a significant increase in agricultural investment aimed at boosting food production and reducing costs over time,” he said.
Highlighting positive economic trends, Onanuga cited several indicators showing that the reforms are beginning to bear fruit. “Inflation is slowing down, foreign reserves are rising, trade surpluses are being recorded, and government revenue has seen remarkable growth. Over N6 trillion was generated in Q1 alone,” he said. “States are receiving higher allocations, allowing them to pay salaries and settle debts. The stock market has more than doubled in value in just two years, moving from 50,000 to over 110,000 points. Even businesses that struggled initially are now rebounding.”
He also emphasized the shift in national spending priorities. “Funds once lost to fuel subsidies and forex manipulation are now being channeled into critical infrastructure projects like the Sokoto-Badagry and Lagos-Calabar highways—developments that will spur job creation and economic growth,” Onanuga said.
While acknowledging that economic challenges remain, Onanuga assured that the administration is tackling both short-term pain points and deeper structural issues. “We’re addressing them head-on, step by step,” he stated.
He also called for unity and collective effort in the fight against poverty and hunger. “This is not just the government’s job. As former President Buhari said, the private sector must step up too. And in line with our African values, those who are better off should support those in need.”
In closing, Onanuga encouraged Nigerians to keep perspective. “Let’s not allow negative global statistics to cloud our view. There’s real progress happening, and these reforms are necessary for building a more resilient, prosperous Nigeria. The results are beginning to show.”
