Tinubu’s aide attributes NGX All-Share Index increase to government reforms

Abdullateef Fowewe

Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, has attributed the Nigeria Exchange (NGX) All-Share Index’s rise from about 53,000 to 250,000 points over three years to government policies and reforms.

Onanuga in a post via X on Wednesday noted that the gains have translated into higher corporate profits and dividends.

“Who else should take the accolade for the phenomenal growth of the stock market, the ASI moving from 53,000 points to 250,000 in three years?

“Government policies and the reforms being implemented on several fronts are responsible for the growth and the mega profits and dividends that listed companies are recording,” Onanuga wrote.

He dismissed critics who credit ordinary Nigerians’ continued spending on essentials amid economic hardship for the market’s rise, accusing them of excessive denial and hostility toward the president.

“Your hatred and denial of the greatest reformer in Nigeria’s history have been taken too far. You should be ashamed of this post,” Onanuga added, citing a newspaper’s coinage of the term “TINUBULL” to describe the market surge.