Negative global statistics Nigeria: The Presidency has urged Nigerians not to be swayed solely by negative global statistics about the economy and rising poverty, emphasizing that reforms introduced by President Bola Tinubu’s administration are starting to show positive results.
In response to concerns that citizens have become poorer during Tinubu’s two-year tenure, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, questioned the accuracy of such claims and the data behind them.
Onanuga stated, “We must carefully examine the sources of these statistics and the context in which they are presented. While inflation has increased, this is a short-term effect of bold macroeconomic reforms designed to position the economy for long-term growth and stability. However, there are already signs of progress, such as declining prices of key food items like rice and beans, reflecting government efforts in the agricultural sector.”
He highlighted deliberate efforts to support vulnerable groups, noting that millions of households benefit from the Conditional Cash Transfer program providing direct financial aid to those in need.
Onanuga explained that these measures form part of a wider strategy to cushion the effects of reforms and promote inclusive development. He added, “Beyond direct support, the government has significantly boosted agricultural investment to increase food production and lower food costs.”
Pointing to economic improvements, he said, “We have seen easing inflation, growing foreign reserves, trade surpluses, and a remarkable rise in government revenue, which exceeded N6 trillion in the first quarter. States are receiving higher allocations to meet salary and debt obligations. The Stock Market has surged, with the ASI rising from 50,000 to over 110,000 in two years. Companies affected by the reforms have returned stronger.”
He also noted the redirection of funds previously used for fuel subsidies and forex arbitrage towards major infrastructure projects like the Sokoto-Badagry and Lagos-Calabar highways, aimed at supporting long-term growth and job creation.
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Acknowledging ongoing challenges, Onanuga said, “The government is consistently addressing both short-term and structural economic issues.”
He stressed the importance of collective responsibility in tackling poverty and hunger, quoting former President Buhari on the need for private sector involvement and urging the more privileged to support the less fortunate in line with African values of community and solidarity.
Onanuga concluded by urging Nigerians to look beyond negative international reports, stating, “Let us not be influenced solely by adverse global statistics but also recognize the concrete steps being taken daily to build a stronger, more resilient Nigeria. The reforms are essential for sustainable progress, and their benefits are starting to emerge.”
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