The Special Adviser to President Bola Tinubu on Media and Publicity, Mr Ajuri Ngelale, has claimed that the spending power of Nigerians has substantially increased in the last month.
He said this while appearing on a TVC News political programme, Politics on Sunday, to speak on his boss’ achievements since he assumed office almost a year ago.
On May 29, 2023, Mr Tinubu was sworn in as the President of Nigeria, taking over from Mr Muhammadu Buhari, who governed the country for eight years from 2015.
During his inaugural speech, President Tinubu announced an end to the payment of subsidies on premium motor spirit (PMS), otherwise known as petrol.
Since his declaration, the prices of goods and services have remained high, with the value of the Naira to the US Dollar going down significantly from about N465/$1 to almost N2,000/$1 a few months ago.
At the official market yesterday, Thursday, May 2, 2024, the Naira was exchanged with the Dollar at N1,402/$1.
At the moment, despite the removal of subsidy, Nigerians are still queuing to purchase the product at petrol stations because of scarcity, which the government claimed would be a thing of the past.
The Nigerian National Petroleum Company (NNPC) Limited claimed the resurgence of queues at filling stations was due to “logistics issues,” which it said had been resolved.
The rise in the pump price, officially at between N568 per litre and N650 per litre, but now going for as high as N1,000 per litre, has made life difficult for Nigerians, especially as the prices of food, transport and energy have continued to go above the ceiling.
Speaking on the programme, Mr Ngelale said things are getting better, as the country’s citizens are now able to afford commodities in the market compared with the past.
He claimed the reforms of the administration of Mr Tinubu as well as the policies of the Central Bank of Nigeria (CBN) have strengthened the Naira at the currency market.
“Nigerians have one witness that their spending power has substantially increased over the course of the last one month plus, given the reforms that have been put in place by this administration and even with the CBN. Nigerians are recognising that there is a level of stability, not just strength, to the Naira,” he said on the show.
