By Kingston Magare 23.8.2026
Billionaire business mogul Tony Elumelu at a function praised President Bola Tinubu’s handling of the economy particularly in the oil sector where Nigeria was struggling to meet its production quota.
Before President Tinubu took over in 2023 oil theft was rampant, according to data Nigeria could only meet 2% of its production capacity, while the rest was lost to oil theft. As of July 2026, production was up to 1.67 million barrels per day.
“I’m not a politician, so I’ll speak my truth. Until 2023, we were losing 97% of our oil production to theft. Today, losses are down to 2%, we retain 98%, and we no longer need to know anyone at the CBN to access dollars,” Mr. Elumelu said.
But Nigerians on X social media brought to his notice the prevailing inflationary trends and rising cost of living.
@HAHayatu: “Tony Elumelu can lie to children, but he cannot lie to some of us that were witness to when we were producing 2.2M barrels daily and now we do less than 1.5M daily, ironically when we produced 2.2M daily was when Subsidy was given.”
@fon4gud: “Yes, we achieved 98% in June! The big question remains: how has all this transformed Nigeria’s life over the past three years? Are we living better now than we were three years ago?
“The government’s actions have only served to enrich the wealthy while punishing more people into poverty. They’ve increased insecurity and inflation and borrowed the country’s future with nothing to show for it.
“Oil recovery is good for the books, but ordinary people continue to suffer.”
@U_Rochas: “Tony Elumelu, one of the major beneficiaries of Nigeria’s corruption and the removal of the petrol subsidy, is a banker-politician. He’s a billionaire but Nigerians can’t afford ordinary food.”
@joejossy_76: “You’re a politician, “Nichodemusly” sir. Always is. You were the first politician that hosted Tinubu as a president-elect, we know what you represent so let the subsidy be returned immediately to ease the pains and sufferings of the masses.”
@capt_jayy.” One thing Tinubu boys, whether strikingly rich, educated, uneducated or poor, will always do is try to make Tinubu look good to the gullible. But it’s our job to call out the lies.
“TOE is here trying to stylishly attribute the reduction in crude oil theft to Tinubu’s “reforms” when in reality it was largely the result of the pipeline security contract awarded to Tantita as far back as 2022 before Tinubu even came into power.
@oteessolutions1: “Mr. Elumelu, let me put it in language every businessman understands: If Nigeria were your company, with these revenues, debts, costs and results before you, would you appoint President Tinubu as your CEO or Managing Director? That answer may tell us more about the state of Nigeria than all the economic speeches combined.
Mr. Elumelu, if these figures are correct, then Nigerians deserve an answer to one very simple question.”
@benawoks: “They think everyone is partisan. They live in a false reality. We need to grow is a nation
@LionessofIjebu: “This only makes one thing clear, the reforms are delivering measurable results, and those results deserve recognition.”
President Tinubu and Mr. Elumelu...best buddies.