President Bola Tinubu’s government says its policies, including the removal of fuel subsidies and unification of the exchange rate, are stabilising Nigeria’s economy.

According to Sunday Dare, a presidential spokesperson, Mr Tinubu’s policies are positively impacting the economy. Mr Dare stated this in an interview with TVC on Monday.

Citing the current exchange rate of N1510 to a dollar and N820 per litre pump price, Mr Dare said, “These policies that we have had are beginning to impact very well. Oftentimes, it takes about three years before you get the impact, but this time around, because of the strength and potential of the economy.

“And because of the timeliness of those reforms, imagine President Bola Ahmed Tinubu did not go ahead to remove the subsidy or did not go ahead to unify the forex market. Where will it be?”

Mr Dare said that the naira had shown stability, trading at N1500 to $1, adding Nigeria’s pump price of N820 per litre is cheaper compared to Ghana’s and Kenya’s.

“We are down to N1500, N1510. Before, almost every day, it was shooting up. So there is stability, and we must recognise that. There is also overall stability in the economy, and we have to also recognise that,” Mr Dare explained.

He added, “These policies are playing well. We started with fuel subsidy removal. We hit 1,250 per litre. What the market says in terms of competition and market forces is that if well implemented over time, you will see a drop.

“We are now down to N820 (pump price) as of yesterday, when Dangote brought down his price. When you look across the sub-region, our own price per litre is still the lowest. If you go to Ghana, it is 1,990. In Kenya, it is about 2000. Our pump price is still the lowest.”

Before Mr Tinubu assumed office over two years ago, the naira traded for about N700 to N800 to a dollar, while the pump price stood at  N145.

However, despite a nearly 100 per cent decline in the naira against the dollar and a pump price increase of over 200 percent under Mr. Tinubu’s watch, his government has continued to claim that Nigeria’s economy is stabilising.

Under Mr Tinubu’s watch, Nigerians have witnessed an unprecedented cost-of-living crisis, with inflation standing at 20 per cent, a drop from 33 per cent after the economy was rebased.

In May, the International Monetary Fund lauded Mr Tinubu’s policies but insisted that poverty and food insecurity remain high in the country.

Similarly, the World Bank’s Africa Pulse report of April 2025 stated that Nigeria, under Mr Tinubu, has the highest number of extremely poor people globally.

The report also predicted a grim future for Nigeria, warning that many more Nigerians will be plunged into poverty by 2027 under Mr Tinubu’s watch.