The Presidency has responded to a New York Times report criticizing Nigeria’s economy, stating that the article presented a misleading and jaundiced view of the country’s economic situation.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, argued that the report blamed the current administration’s policies for the economic challenges, despite inheriting a “dead economy” from the previous government.
Onanuga emphasized that President Bola Tinubu’s administration took office in May 2023 and inherited decades-long economic problems, including a fuel subsidy regime that consumed $84.39 billion between 2005 and 2022. He highlighted the government’s policy direction, including the removal of fuel subsidies and unification of exchange rates, as necessary measures to address the economic crisis.
The Presidency’s response emphasized that the report failed to acknowledge the positive aspects of the economy and the amelioration policies being implemented by the government. Onanuga stated that the government is working to address the economic challenges and provide better social services for Nigerians.
