The Special Adviser to the President on Economic Affairs, Dr Tope Fasua, has defended the economic reforms of the Tinubu administration, saying they are strengthening state and local governments while laying the foundation for long-term economic growth.
In a podcast, Conversations with Professor Jideofor Adibe, Fasua questioned recent poverty figures released by the World Bank, arguing that they do not accurately reflect the realities across Nigeria.
According to him, discussions around reports by the World Bank and the International Monetary Fund (IMF) should not distract from the government’s efforts to manage the economy.
The presidential adviser criticized recent World Bank estimates on poverty in Nigeria, including reports suggesting that 135 million Nigerians are living in poverty and another indicating that about 79 percent of the population is facing poverty.
He maintained that recent fiscal reforms by the Federal Government have increased funding to sub-national governments, with some local governments now receiving as much as N1.5 billion monthly.
According to him, the increased allocation to states and local governments is evidence that President Bola Tinubu’s reforms are beginning to yield positive results.
“The policies of President Tinubu in empowering local governments are positive,” he said.
Fasua added that President Tinubu’s economic reforms are restructuring the economy and acknowledged that the changes have come with short-term hardship.
“What President Tinubu has done with his reforms is to fundamentally restructure the economy, which is good. Of course, there will be some initial pain. I think the worst of the pain was borne in 2023 and 2024 when inflation rose to 34 percent,” he said.
Watch the full Podcast here: https://www.youtube.com/watch?v=RBpNEzl1-Gs&t=3368s&pp=0gcJCZkLAYcqIYzv
