Tinubu focused on improving Nigerians, not 2027 elections— Presidency

The Presidency says President Bola Ahmed Tinubu is placing priority on urgently improving the lives of Nigerians and not the 2027 general election.

Sunday Dare, the President’s Special Adviser on Media and Public Communications, stated this in a statement on X.

According to Dare, the president was more interested in how well he had changed the lives of the people he governed and what development he made on the economy at the end of his tenure.

Dare explained that President Tinubu was focused on what comes out of the reforms he instituted and how beneficial they have been to the growth of the nation’s economy.

The President’s Special Adviser on Media and Public Communications noted that the reforms have started yielding results, as seen in the country’s growing foreign reserves, the dwindling inflation rate, and the growing trade surplus.

He argued that the country’s exports have gone up and importations have dropped significantly, with investments attracting over 50 billion.

Dare noted that there is available data to testify to the improvements so far, adding that the president has stayed the course of the decisions he has taken.

Since assuming office on May 29, 2023, President Bola Ahmed Tinubu has implemented a series of reforms aimed at revitalising Nigeria’s economy and governance structures. On his inauguration day, President Tinubu announced the elimination of longstanding fuel subsidies, which had been a significant financial burden on the nation’s economy. This decisive action was lauded by international financial institutions like the World Bank as a positive step toward economic stability.

The administration unified the multiple foreign exchange systems, allowing the naira to float more freely. This move aimed to stabilize the currency and attract foreign investment by creating a more transparent and market-driven exchange rate.

As a result of these fiscal reforms, aggregate government revenues more than doubled, increasing by over N9.1 trillion in the first half of 2024 compared to the same period in 2023. This surge in revenue has reduced the percentage of income spent on debt servicing from 97% to 68%.

The administration secured financial autonomy for local governments through a successful Supreme Court case, empowering them to manage their resources independently and promote grassroots development.

In response to labor demands and economic realities, the government negotiated a new national minimum wage of N70,000, with provisions for reviews every three years. This agreement also includes investments in transportation infrastructure and renewable energy to improve living standards.

The administration has signed two significant Foreign Direct Investment deals worth over half a billion dollars, signaling increased investor confidence in Nigeria’s economic direction.

Despite these achievements, the administration has faced challenges, including public protests over economic hardships exacerbated by subsidy removals and currency devaluation. The government has acknowledged these difficulties and is working to implement measures to mitigate the impact on vulnerable populations.

FRCN