Tinubu’s Economic Reforms Paying Off Despite Hardship – Presidency

The presidency has said that President Bola Tinubu’s economic policies are yielding dividends despite widespread hardship.

The remark was made by the Special Adviser to the president on information and strategy, Bayo Onanuga in a post on social media on Tuesday.

The presidential aide said that Nigeria’s trade surplus increased by 6.5% to N65.945 trillion in the second quarter of 2024, up from N65.527 trillion in the first quarter.

He said, “In the first quarter of 2024, Nigeria recorded trade super plus of N65.527 trillion. But by the second quarter, that number rose to N65.945 trillion, a 6.5 percent increase.

“By half year 2024, we had exported enough to cover half of Nigeria’s N28.77 trillion budget.”

It can be recalled that President Tinubu ended petrol subsidy on May 29, 2023, citing unsustainable costs of N12 trillion over 10 years. This led to an increase in the pump price of petrol from N195 to about N1300 per litre.

Inflation also increased to 34.19% in June. Although inflation slowed to 32.7% in September, 129 million Nigerians have fallen into poverty, according to a report by the World Bank.