Nigeria’s Economic Progress Under President Bola Tinubu

The Nigerian Presidency stated that the economy is progressing well under President Bola Tinubu, highlighting improvements in security and youth employment programs. The administration acknowledges ongoing challenges but emphasizes significant achievements and positive international recognition.

On Monday, the Presidency asserted that Nigeria’s economy is progressing positively under President Bola Tinubu. Bayo Onanuga, the Special Adviser to the President for Information and Strategy, made this statement in response to comments made by the Catholic Bishops’ Conference during its recent plenary meeting in Abuja. The conference had characterized the economic situation as dire, prompting Onanuga to describe their assessment as reminiscent of outdated narratives.

Archbishop Lucius Iwejuru, President of the Catholic Bishops’ Conference of Nigeria (CBCN), identified youth unemployment, insecurity, poverty, corruption, and electoral fraud among the major challenges confronting the nation. He urged leaders to take immediate action to address these pressing issues. In reaction, Mr. Onanuga conveyed President Tinubu’s appreciation for the Bishops’ engagement in governance matters, acknowledging their commitment to national unity and stability.

While recognizing ongoing governance challenges, Onanuga emphasized significant achievements made during Tinubu’s administration over the past 22 months. He highlighted improvements in security, mentioning the elimination of over 8,000 criminals and the rescue of more than 10,000 Nigerians from abductions, which have facilitated a resurgence in agricultural production.

Improved security in regions like the North-West and North-East has encouraged farmers to return to their fields, resulting in increased food production and falling commodity prices. Farmers in states such as Kaduna, Kebbi, and Jigawa have reported enhanced prosperity, marking a shift towards agricultural revitalization.

Onanuga further noted the Tinubu administration’s success in stabilizing the economy by improving trade balances, enhancing foreign reserves, moderating inflation, and strengthening the currency. The local refining capacity has also seen marked increases, largely attributed to the operations of the Dangote Refinery and NNPCL Refineries in Port Harcourt and Warri.

To harness the potential of youth, the administration has initiated several programs designed to foster employment, boost capabilities, and leverage creativity. These initiatives aim to generate over 10 million jobs for youth, showcasing a commitment to national development.

The government has also focused on enhancing revenue collection to support critical infrastructure projects in areas such as transportation, power, healthcare, education, and security. The ambitious N54.9 trillion 2025 budget is aimed at revitalizing the economy and charting a new growth trajectory.

The Tinubu administration’s efforts have garnered praise from local and international institutions, with Chatham House commending Nigeria’s economic competitiveness under Tinubu’s leadership. This acknowledgment underscores the administration’s commitment to effect positive changes, despite ongoing challenges faced by many Nigerians.

Onanuga concluded by expressing optimism about the administration’s future initiatives, reinforcing President Tinubu’s determination to deliver on promises of national progress and prosperity.

In summary, the Presidency has expressed confidence in the progress of Nigeria’s economy under President Bola Tinubu, citing improvements in security, youth employment programs, and positive international assessments. Despite the challenges mentioned by the Catholic Bishops’ Conference, significant advancements in security and economic stability have been achieved. The administration is committed to fostering a prosperous future for Nigeria and its citizens.

Original Source: www.premiumtimesng.com