Ignore negative statistics, Nigerians are not poorer under Tinubu – Presidency defends reforms

The Presidency has pushed back against growing public criticism and unfavorable global economic rankings, urging Nigerians not to be misled by negative statistics about poverty and hardship under President Bola Tinubu’s administration.

Responding to claims that Nigerians have become poorer in the two years since Tinubu took office, Bayo Onanuga, Special Adviser to the President on Information and Strategy, issued a strong defense of the government’s policies during a statement released on Friday, May 30.

“We must critically examine the sources of such statistics and the context in which they are presented,” Onanuga said.
“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.”

Onanuga argued that despite initial pain from reforms such as fuel subsidy removal and currency unification, early signs of economic recovery are visible, particularly in the agricultural and financial sectors.

Positive economic signals cited

He noted that prices of staple foods like rice and beans have started to decline, a development he attributed to the federal government’s agricultural interventions. He also emphasized that millions of vulnerable Nigerians are being supported through the Conditional Cash Transfer (CCT) program.

“Millions of households currently benefit from the CCT, which provides direct financial assistance to those most in need,” he stated.

He listed a range of indicators that point to progress:

• Easing inflation

• Increasing foreign reserves

• Trade surpluses

• Over N6 trillion in government revenue in Q1

• Rising state allocations, helping states meet salary and debt obligations

• Stock market growth—with the All Share Index (ASI) more than doubling from 50,000 to over 110,000 in two years

• Return of private-sector companies once disrupted by reform-induced shocks

“Companies that faced the headwinds of the reforms are back and stronger,” Onanuga added.

Infrastructure and long-term vision

Onanuga also highlighted how funds previously spent on fuel subsidies and foreign exchange arbitrage are now being invested in critical infrastructure, including the Sokoto–Badagry and Lagos–Calabar highways, which are expected to support job creation and economic development.

“The reforms underway are necessary for the country’s sustainable progress, and their benefits are beginning to materialise,” he said.

A call for shared responsibility

While acknowledging that challenges remain, Onanuga stressed that poverty reduction cannot be left to government alone. He echoed former President Muhammadu Buhari’s stance that the private sector and privileged individuals must contribute to lifting others out of poverty.

“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,” he concluded.