In response to a New York Times article titled “Nigeria Confronts Its Worst Economic Crisis in a Generation,” the Presidency has asserted that the report presents a biased and derogatory view of Nigeria’s economy….CLICK HERE TO CONTINUE READING>>

Bayo Onanuga, Special Adviser to the President on Information and Strategy, dismissed the article as reflecting “the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments report on African countries.”

Onanuga argued that the report unfairly blamed the current economic challenges on the policies of President Bola Tinubu’s administration, which took office in May 2023. He emphasized that the government inherited a “dead economy” that had suffered from years of fiscal mismanagement.

According to Onanuga, Nigeria had previously maintained an unsustainable fuel subsidy regime that drained $84.39 billion between 2005 and 2022, while neglecting critical infrastructure and social services. He also highlighted the massive debts accumulated by the state oil firm, NNPCL, due to subsidy payments.

Despite these challenges, Onanuga claimed that the Tinubu administration has made significant progress in stabilizing the economy. He cited the following achievements:

* Restoration of some stability in the exchange rate, with the naira now below N1500 to the dollar
* A trade surplus of N6.52 trillion in Q1
* Increased foreign investment, including a $2.25 billion loan from the World Bank
* Slowing inflation rate, particularly in non-food items
* Extensive efforts to increase agricultural production and reduce food inflation

Onanuga acknowledged that Nigeria is not alone in facing economic difficulties, citing similar challenges in the United States and Europe. He expressed confidence that, just as Nigeria has overcome past economic crises, it will overcome its current challenges under the leadership of President Tinubu.

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