The presidency has defended President Bola Tinubu’s economic reforms, insisting that they are beginning to show positive results despite the ongoing challenges facing the country. In a statement on X (formerly Twitter), Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, acknowledged that the nation is going through tough times but assured that there is hope on the horizon.
“The economic reforms of the PBAT administration are yielding dividends,” Onanuga wrote. “The road is rough, the times are tough, let us persevere for a brighter future. Surely, there is a beam of light at the end of the tunnel.”
Onanuga went on to share some encouraging economic statistics to back his claims. He revealed that in the first quarter of 2024, Nigeria’s trade recorded a surplus of N65.527 trillion. By the second quarter, this figure had risen to N65.945 trillion, marking a 6.5 percent increase. This growth, according to Onanuga, signals positive momentum for the country’s economy, with exports playing a significant role in bridging budget gaps.
The Special Adviser also pointed out that by mid-2024, Nigeria had exported enough to cover half of its N28.77 trillion national budget, indicating strong trade performance. “By half year 2024, we had exported enough to cover half of Nigeria’s N28.77 trillion budget,” he stated, reinforcing the idea that the country is moving toward a more stable economic position.
Despite these positive signs, Onanuga reiterated the need for patience and persistence as the reforms continue to take shape. He urged Nigerians to remain hopeful, emphasizing that while the current period is difficult, the nation’s economic trajectory is gradually improving.