The Nigerian presidency refutes claims in a New York Times article, asserting that President Tinubu inherited, not caused, the country's economic challenges. Highlighting policy measures and positive economic indicators, the presidency defends Tinubu’s administration and criticizes the foreign media’s portrayal of Nigeria’s economic situation.
In a response to a New York Times article titled “Nigeria Confronts Its Worst Economic Crisis in a Generation,” the Nigerian presidency asserted on Sunday that President Bola Tinubu did not create the country’s current economic woes. Bayo Onanuga, special adviser to the president on information and strategy, stated that Tinubu inherited these challenges.
Onanuga criticized the NYT report for its “predetermined, reductionist, derogatory, and denigrating” portrayal of African countries, highlighting that the publication focused solely on negative aspects without acknowledging positive developments in the Nigerian economy. He emphasized that Tinubu inherited an economy on the brink of collapse, necessitating urgent policy measures such as ending the fuel subsidy regime and unifying multiple exchange rates.
The removal of the petrol subsidy, which had consumed $84.39 billion from 2005 to 2022, was deemed essential to address the country’s massive infrastructural deficits and public finance issues. Onanuga explained that the previous government had accumulated significant debt to cover subsidy payments, leaving no budget for such subsidies beyond June 2023.
Additionally, Onanuga noted that the Central Bank of Nigeria (CBN) had been spending approximately $1.5 billion monthly to defend the naira, exacerbating the economic strain. He acknowledged ongoing challenges but highlighted that stability is returning to the foreign exchange markets, and the naira is expected to appreciate further.
Positive indicators, such as a trade surplus of N6.52 trillion in Q1 2024 and increased investor confidence, were also cited. Onanuga pointed to efforts in agricultural production and international financial support as steps towards mitigating inflation and improving the economic situation.
Onanuga concluded by comparing Nigeria’s situation to global economic challenges, asserting that the Tinubu administration is committed to reversing the country’s economic difficulties, much like other nations facing similar issues.
