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Revenue is rising, Tinubu will achieve $1trn economy- Presidency to Atiku



Revenue is rising, Tinubu will achieve $1trn economy- Presidency to Atiku

Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has assured that the administration’s goal of achieving a one trillion dollar economy through revenue generation will be realized.


Onanuga said through innovative policies of Tinubu’s government, Nigeria has regained its position as the fourth largest economy in Africa. He added that revenue is growing, adding that the government will achieve its target of N20 trillion in revenue by the end of 2024.


Tinubu’s aide, Onanuga said this in reaction to Atiku Abubakar’s condemnation of policies of the federal which he claimed are destroying the economy of Nigeria.


In a press statement on Monday, May 6, Bayo said, “Former Vice President and Peoples Democratic Party Presidential Candidate in the 2023 election, Alhaji Atiku Abubakar, is fast developing a reputation for distorting and manipulating facts for his self-serving objective of discrediting the current administration.


“In his latest press statement, the defeated PDP presidential candidate made wild claims on a number of issues that need to be corrected so that the public will not be misled into accepting fallacies as the truth.


“The President Bola Tinubu-led administration believes that every true and patriotic Nigerian, regardless of political differences, should work to promote the unity and economic well-being of the country and not delegitimise genuine efforts of the Federal Government to encourage local and foreign investments into the economy.


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Giving further information on the successes of Tinubu’s policies, Bayo said, “Contrary to Atiku’s claim, the Tinubu administration, within its first year, has attracted over $20 billion into the economy. While President Tinubu was in New Delhi, India for G20 Summit last year August, Indian business leaders committed over $14 billion in new investments. A substantial part of this sum is already in the country.


“In an unmistakable vote of confidence in the economic reforms being executed by the Tinubu administration, foreign investment in Nigeria’s stock market has ballooned, from N18.12 billion in Q1 2023 to N93.37 billion in Q1 2024, an increase of 415%. The last time Nigeria saw such level of investment was in the first quarter of 2019, when N97.6 billion was invested. The market, since Tinubu came to power, has broken records and created more wealth for the investors.”


“During President Tinubu’s recent trip to The Netherlands, the Prime Minister, Mark Rutte, announced a fresh $ 250 million investment by Dutch businesses in Nigeria.


“Different sectors of the economy, especially telecoms, manufacturing, solid minerals, oil and gas, e-commerce, and fintech, are attracting new Foreign Direct Investments from discerning investors who know Nigeria is a good market for bountiful returns.


He accused Atiku, former vice president of engaging in campaign of calumny against economic prosperity of Nigeria under Tinubu. “How can an elder statesman be waging a campaign of calumny against the economic fortunes and prosperity of a country he wishes to govern or trying to scuttle a project that will bring prosperity to nine coastal states and the nation in general?


“That Nigeria’s economy is being reclassified by the IMF as the fourth largest in Africa is stale news. This happened because of the devaluation of the Naira and President Tinubu’s determined effort to set the economy on the path of sustainable growth. Under the progressive, bold, inventive, and innovative leadership of President Tinubu, Nigeria will bounce back to where it rightfully belongs as Africa’s largest market and biggest economy,” Onanuga said.


The Information and Strategy aide to Tinubu added, “The Tinubu administration targets a $1 trillion economy in the next few years, with audacious economic programmes and critical infrastructure projects in key sectors . With revenue rising in trillions and the creation of the Renewed Hope Infrastructure Fund, which is poised to raise over N20 trillion this year alone, we have no doubt that the $ 1 trillion economy is realizable.”