The Presidency has acknowledged that more Nigerians fell into poverty under President Bola Tinubu, attributing the development to the difficult economic adjustments that followed the administration’s reform agenda.
Daniel Bwala, Special Adviser to the President on Policy Communication, made the admission while responding to questions about the impact of the administration’s economic policies and the hardship experienced by Nigerians.
Bwala acknowledged that the reforms, particularly the removal of the petrol subsidy and changes to the foreign exchange system, had increased economic pressure on households.
“More people went down to poverty,” he said, while arguing that the government had made progress in addressing some of the structural problems affecting the Nigerian economy.
The Presidency’s position is that the reforms were introduced to address longstanding economic distortions and create the conditions for stronger and more sustainable economic growth.
However, the immediate impact has been significant for households, as higher living costs have placed pressure on disposable incomes and reduced the purchasing power of many Nigerians.
The removal of the petrol subsidy, for instance, triggered a sharp increase in transportation and other costs, while the naira’s depreciation following foreign exchange reforms contributed to higher prices for imported goods and inputs.
The government has subsequently introduced various interventions aimed at cushioning the effects of the reforms, including measures targeting vulnerable households, agriculture, manufacturing and social investment.
Despite these interventions, the question of whether the reforms are improving living standards remains a major issue in the national economic debate.
The Presidency maintains that the economic restructuring was necessary to put Nigeria on a different path, even as it acknowledges that the transition has come with considerable hardship.
For millions of Nigerians, the central concern remains whether the promised long-term benefits of the reforms will eventually translate into lower living costs, stronger purchasing power and better economic opportunities.
The admission by the Presidency therefore adds another dimension to the debate over the Tinubu administration’s economic record, particularly as the government continues to defend its reforms while Nigerians grapple with the cost of living.
