Onanuga Defends Tinubu’s Economic Record

The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the President’s economic policies, pointing to the support of 33 state governors as evidence of confidence in his leadership.

Onanuga also claimed that food prices had dropped, foreign investors were returning to Nigeria and the country’s economy was showing signs of improvement under Tinubu’s administration.

He made these remarks on Friday while reacting to a video shared by Arise TV on X featuring Obafemi George, a member of the Media and Strategic Communications Committee of the All Progressives Congress Presidential Campaign Council.

The presidential aide criticised television presenters who questioned the progress made by the Nigerian economy since Tinubu assumed office in May 2023.

He accused some television anchors of continuing to promote the opposition’s position that the country had not experienced any positive changes under the current administration.

Onanuga also faulted those questioning data from the National Bureau of Statistics, which indicated a decline in inflation. He argued that critics should visit markets across the country to assess changes in the prices of goods.

The presidential aide claimed that the price of a bag of rice had dropped from about ₦120,000 to less than ₦50,000. He added that a bag was being sold for ₦45,000 in his hometown.

According to him, the reduction in rice prices was one of the signs that the government’s economic policies were beginning to produce results.

Onanuga also pointed to Nigeria’s foreign reserves and the availability of foreign exchange for businesses as other signs of improvement.

He said the country’s foreign reserves were approaching $60 billion, adding that businesses could now access foreign exchange to purchase raw materials and equipment needed for their operations.

The presidential aide further noted that Nigerians could use naira-denominated bank cards for transactions abroad, presenting this as another indication of changes in the country’s financial system.

On foreign investment, Onanuga disagreed with claims that the money returning to Nigeria was mainly coming from portfolio investors, who typically invest in financial assets such as stocks and bonds.

He argued that foreign direct investment was also bringing money into the country and helping to create jobs.

Onanuga maintained that the economic developments he listed were clear signs that Nigeria was making progress under Tinubu’s leadership.

He accused those who disagreed with the government’s position of allowing political differences and personal dislike of the President to affect their assessment of the economy.

The presidential aide expressed confidence that the policies introduced by Tinubu had laid a foundation for further economic growth and could help the country achieve greater prosperity.