Despite concerns raised by some economic analysts and opposition politicians, former presidential aide Reno Omokri has asserted that the Nigerian economy is making significant progress under President Bola Tinubu's leadership.
Omokri pointed to recent economic indicators, such as GDP growth rates, trade balances, and stock market performance, as evidence of improvement. He expressed optimism that there is "light at the end of the tunnel" for Nigeria’s economy, even amidst rising living costs primarily driven by increasing petrol prices.
Acknowledging the hardships faced by citizens, Omokri emphasized that the measures implemented by the Tinubu administration are beginning to yield positive results. He noted, "The GDP grew by 3.19% in Q2 of 2024. Nigeria is now exporting more than she is importing, with a trade surplus of N6,527 billion in Q1, which increased by 6.5% to N6,945 billion in the second quarter."
While some, including prominent Peoples Democratic Party (PDP) member Dele Momodu, argue that the escalating living costs signal a lack of hope for improvement, Omokri maintained that the economic data tells a different story. He praised the Tinubu administration for rebuilding foreign reserves, now standing at $39.07 billion, and highlighted the president's decision to stop borrowing for non-essential expenditures.
"The President has removed the feeding bottle of borrowing, which we had previously relied on to avoid living within our means," Omokri stated. He argued that this shift has forced Nigerians to confront economic realities and live sustainably, moving away from a culture of foreign loans that subsidized the Naira and fuel prices.