Nigerians’ spending power rose in recent times — Tinubu’s spokesperson

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President Bola Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, said Nigerians have experienced a significant increase in their spending power in the past months.

 

During an interview with TVC News, he discussed the performance of the Nigerian naira in relation to the US dollar.

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When asked about the scepticism expressed by some Nigerians who would say they are yet to see the gains for the pains they have endured due to the reforms carried out by the President, Ngelale said, “I think that that is something that could have been said perhaps two months ago.

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“I think that is less the case now when you consider the fact that Nigerians have borne witness that the spending power of Nigerians has substantially increased over the course of the last one month plus, given the reforms that have been put in place by this administration, even within the Central Bank of Nigeria.

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“Nigerians are recognising that there is a level of stability. Not just strength. It’s one thing to bring strength to the currency, and it’s another thing entirely to bring stability to the currency. To not have it fluctuating so dramatically up and down obviously enables Nigerians to effectively plan.”

The resurfacing of the video interview on social media on Friday has sparked outrage among Nigerians, who lament that the current economic hardships starkly contradict the statements made in the interview.

READ ALSO: Eniola Ajao Thanks Nigerians As Her Movie, ‘Ajakaju’ Earns N16m in Cinemas

This comes at a time when the Nigerian economy is grappling with significant challenges, plunging millions of citizens into severe economic hardship.

 

In recent times, the country has been facing prolonged inflation, causing prices of essential goods and services to soar to levels unaffordable for many.

 

The situation has been further compounded by the recent increase in fuel prices and the devaluation of the naira, resulting in a drastic reduction in the purchasing power of Nigerians.

 

 

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