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ABUJA, Nigeria - The Presidency announced on Monday that Nigeria's economy is progressing positively under President Bola Tinubu's administration.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this statement in response to comments from the Catholic Bishops' Conference during their inaugural plenary meeting of 2025 held in Abuja over the weekend.
Onanuga described the conference's remarks as giving a "concerning prognosis" of the economy and politics, which he compared to outdated literature.
In his opening remarks, President of CBCN, Archbishop Lucius Iwejuru, identified issues such as youth unemployment, insecurity, poverty, corruption, and electoral fraud as significant problems afflicting the nation. He urged leaders across the country to take swift action to prevent further decline.
Onanuga stated in a release that President Tinubu values the consistent involvement of the Catholic Bishops in governance matters.
He highlighted the bishops' patriotism and their commitment to national unity, peace, and stability, emphasizing the government's respect for their efforts.
He acknowledged that while some governance challenges remain, it is crucial to note that Nigeria has made significant strides since Tinubu took office 22 months ago.
On security matters, he pointed out that Nigeria is more secure today compared to 2023, crediting the military, security agencies, and President Tinubu's leadership as Commander-in-Chief.
He reported that over the last two years, more than 8,000 criminals, including bandits, armed robbers, Boko Haram terrorists, and kidnappers, have been eliminated, with over 10,000 Nigerians, mainly women and children, rescued from abduction.
Due to improved security in various regions, particularly the North-West and North-East, farmers have returned to their fields, resulting in increased food production and lower prices for essential goods. Farmers in Kaduna, Kebbi, and Jigawa illustrate the benefits of this enhanced security.
Regarding the economy, Onanuga noted that Tinubu's administration has stabilized the economy from the difficult conditions it faced initially.
He reported improvements in the balance of trade, a robust position for foreign reserves, moderated inflation, and a strengthening currency against major currencies. The local refining capacity has significantly increased, supported by the Dangote Refinery and NNPCL Refineries in Port Harcourt and Warri.
Recognizing the vital role of youth in national development and economic growth, President Tinubu's administration has initiated programs aimed at creating youth employment, enhancing their capabilities, and leveraging their talents for better productivity. These programs, including 3MTT, NATEP, LEEP, IDiCE, NiYA, and the Nigerian Youth Investment Fund, are expected to generate over 10 million new jobs for young people.
Onanuga emphasized that the country is increasingly collecting revenue and mobilizing local funds to support crucial development goals. Under President Tinubu, greater investments are being made in economic and social infrastructure, including roads, power, healthcare, education, and security. The ambitious N54.9 trillion budget for 2025 is designed to boost the economy and set it on a path of growth.
International and local organizations continue to commend the Tinubu administration for implementing essential reforms. For instance, Chatham House, a UK-based international affairs think tank, recently praised the economic management of President Tinubu's team, stating that Nigeria's economy has become more competitive than it has been in the last 25 years due to these reforms.
Despite acknowledging that many Nigerians continue to encounter challenges, Onanuga expressed confidence that the government is making the right choices that will lead to a stronger and more prosperous nation.
He assured that President Tinubu and his team are dedicated to fulfilling their promise of enhancing the nation's future, expressing optimism about ongoing positive developments.
