Nigerians more confident with Tinubu's economic reforms, says APC spokesman

The All Progressives Congress (APC), Nigeria's ruling party, has asserted that citizens have substantial reasons to be optimistic about the nation's economic future under President Bola Tinubu's administration. Felix Morka, the National Publicity Secretary of the APC, stated on Channels Television's Sunday Politics that the country's economic landscape has transformed significantly since Tinubu assumed office in May 2023.

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I think that Nigerians have every reason to feel more confident about their country and, therefore, more hopeful about the future, because the state of affairs in this country as of 2023 compared to today is actually like comparing night and day.

Morka drew a stark contrast between the economic conditions in May 2023 and the present, describing the difference as "night and day." He argued that the key economic indicators inherited by the administration were distorted and did not accurately reflect the true state of the economy. He specifically pointed to issues within the foreign exchange market and other sectors, labeling much of the previous economic data as "phantom" due to overwhelming distortions.

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As of May 2023, this country was not doing well. All of the fundamental numbers were off.

The APC spokesman emphasized that the Tinubu administration has prioritized addressing the root causes of these economic distortions. Key reforms highlighted include the removal of the fuel subsidy and adjustments to the foreign exchange market. Morka contended that these measures have brought the economy closer to reality, enabling more realistic and defensible planning that yields promising future outcomes.

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What this president has done since 2023 is to really tackle the root causes of all of those distortions, whether it was the fuel subsidy or whether it was the crazy arbitrage in the foreign exchange system.

As evidence of the reforms' success, Morka pointed to Nigeria's improved foreign reserves, which he stated have increased significantly, and a rise in investor interest across various sectors, including oil and gas. He believes this growing confidence from international investors demonstrates that the economic policies are yielding positive results and that the world is taking Nigeria more seriously.

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And today, like you said, we’ve gone from 50 billion. That counts for something because the world is taking us more seriously today, which is why you see a lot of investment, new investment coming in, in all the sectors, whether it’s oil and gas or other sectors.