ABUJA, Nigeria — A prominent pro-government media group has hailed the latest financial disclosures from the Nigerian Exchange Limited (NGX) as a definitive sign of a booming economy, countering opposition narratives that the country is sliding into deep financial ruin.
The Tinubu Media Support Group (TMSG) described the collective revenue generation of ₦6.61trn (£3.3bn) by 20 listed blue-chip companies in the first quarter of 2026 as “heartwarming” and a testament to the success of current macroeconomic policies.
In a joint statement issued by the group’s Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group challenged the political opposition to explain how corporate entities could generate such substantial figures in an economy they routinely describe as chaotic and collapsed.
A Surge in Corporate Revenue
The cornerstone of the group’s argument rests on the sharp quarter-on-quarter growth recorded by major businesses on the local exchange during the first three months of the year ending 31 March 2026.
Key details from the financial review highlight:
- The Revenue Capital: Twenty major listed companies jointly posted an estimated ₦6.61trn in Q1 2026.
- The Growth Margin: This represents a significant 11.7 per cent expansion over the ₦5.9trn reported by the same corporate entities in the corresponding period in 2025.
- Broad Sector Distribution: The recorded growth was not isolated to a single industry but was distributed across diverse sectors, including manufacturing, petroleum marketing, telecommunications, power generation, and breweries.
Challenging the Opposition Narrative
TMSG argued that the massive corporate intake directly contradicts the rhetoric of despondency pushed by political rivals, asserting that these numbers reflect a genuine expansion in the purchasing power of ordinary citizens.
“If Nigerians are poorer now than they ever were, according to narratives from politicians, who are those spending money to the extent that 20 companies listed on the stock exchange recorded an estimated ₦6.61trn in the first three months of the year?” the statement questioned.
The pro-Tinubu advocacy group maintained that the improved macroeconomic indicators are clear evidence that the business environment has stabilised sufficiently for large-scale commerce to thrive.
The Path to a Trillion-Dollar Economy
While acknowledging the ongoing debate over the immediate cost-of-living pressures, the group expressed full confidence that these rising corporate indices will systematically yield a trickle-down effect, positively impacting the wider populace in the long term.
The group concluded by urging the public to maintain faith in the federal administration’s current economic trajectory, pointing out that the current fiscal reforms remain vital to realizing the government’s ambitious long-term vision of building a $1trn (£509bn) Nigerian economy by 2030.
Add Comment