The Presidency has defended its handling of the Nigerian economy two years into President Bola Ahmed Tinubu’s administration, claiming that recent reforms are beginning to yield measurable and positive outcomes.

At a media parley in Lagos on Sunday, members of the Presidential Media Team, led by Special Adviser on Information and Strategy, Bayo Onanuga, described the removal of fuel subsidy and the floating of the naira as bold, necessary moves to stabilize the economy and attract foreign investment.

Onanuga acknowledged the current economic hardships, including rising inflation and the high cost of food and medication. However, he pointed to what he described as encouraging signs of recovery: improved stock market performance, increased dividends from listed companies, and a rise in foreign reserves.

“The economy is now an investor’s delight. While challenges remain, the reforms are laying a foundation for long-term stability,” Onanuga said.

He also announced the establishment of a government-backed Medipool a new initiative aimed at lowering healthcare costs through bulk purchasing of drugs and medical equipment to be sold at subsidized rates.

“We’ve set up a company that would buy drugs and other medical equipment in bulk and make them available at cheaper prices,” he explained.

In agriculture, Onanuga noted ongoing investments and expressed optimism that food prices would fall further as inflation slows.

On broader economic conditions, he said, “Some people are making it good under this economy. There’s a paradigm shift the market now drives growth. Many of the problems we face today predate Tinubu’s administration.”

Also speaking at the event, Sunday Dare, Special Adviser on Media and Public Communication, urged Nigerians to be patient, stressing that the results of major economic policies often take four to eight years to fully materialize.

“There is nothing anyone can do in just two years. The president did not inherit a perfect economy,” Dare said, describing the current phase as a “tracking system” that is already revealing signs of steady progress in key sectors.

He commended President Tinubu’s courage in confronting longstanding economic challenges and assured Nigerians that the gains of the reforms will become more evident with time.