Presidency defends Tinubu’s economic reforms

By Philippine Duru

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The Presidency has defended the economic reforms of President Bola Ahmed Tinubu, insisting that the administration has successfully revived Nigeria’s economy and placed it on a path of sustainable growth, while dismissing recent criticisms by former Vice President Atiku Abubakar as being based on outdated economic figures.

In a statement issued on Monday, the Presidency said Atiku’s assessment of the nation’s economy failed to reflect the latest macroeconomic indicators, arguing that significant improvements recorded over the past year demonstrate that the government’s reform agenda is beginning to yield positive results.

According to the Presidency, President Tinubu inherited an economy burdened by unsustainable fuel subsidies, multiple foreign exchange rates, declining public revenues, rising debt obligations, and weak investor confidence. It maintained that although the reforms introduced by the administration were initially difficult, they were necessary to stabilize the economy and lay the foundation for long-term prosperity.

The statement noted that key economic indicators have improved under the current administration, citing stronger foreign exchange reserves, increased government revenues, a more stable exchange rate, easing inflationary pressures, improved oil production, renewed investor confidence, and sustained growth in the Nigerian capital market.

The Presidency argued that reforms such as the removal of petrol subsidies, liberalisation of the foreign exchange market, tax reforms, enhanced revenue mobilisation, and renewed efforts to attract both domestic and foreign investments have begun to restore confidence in Africa’s largest economy.

It further stated that Nigeria’s Gross Domestic Product (GDP) has continued to expand despite global economic uncertainties, while reforms in the banking, energy, agriculture, and digital economy sectors are creating new opportunities for businesses and investors.

Responding specifically to Atiku’s criticism, the Presidency said the former vice president relied on economic statistics that no longer reflect the country’s current realities.

According to the statement, recent data released by government agencies and international financial institutions point to improving economic fundamentals, contrary to the gloomy picture painted by the opposition.

The Presidency also highlighted improvements in Nigeria’s external reserves, stronger fiscal revenues, increased non-oil exports, and greater transparency in public finance management as evidence that the administration’s policies are delivering measurable outcomes.

It acknowledged that many Nigerians continue to face high living costs and economic hardship but stressed that the government has introduced several intervention programmes aimed at cushioning the impact of the reforms. These include targeted social investments, support for small and medium-sized enterprises, agricultural financing, student loans, infrastructure development, and programmes designed to improve food security.

The statement maintained that structural reforms often require time before their full benefits become evident, adding that the administration remains committed to implementing policies that will stimulate economic growth, create jobs, reduce poverty, and strengthen the country’s fiscal position.

The Presidency urged Nigerians to assess the administration’s performance using current economic data rather than outdated statistics, insisting that the economy is gradually recovering from years of structural imbalances.

It reaffirmed President Tinubu’s commitment to sustaining the reform agenda, saying the government remains focused on building a resilient, competitive, and inclusive economy capable of delivering long-term prosperity for all Nigerians.

The latest exchange reflects the continuing political debate over the state of Nigeria’s economy, with the Presidency insisting that ongoing reforms are producing positive results, while opposition figures continue to question the pace at which ordinary Nigerians are experiencing the benefits.