Presidency Counters New York Times’ Critique, Asserts Tinubu Inherited ‘Dead Economy’
In a robust rebuttal to a recent New York Times feature, the Presidency has defended President Bola Tinubu’s administration, asserting that he inherited a severely deteriorated economy and is diligently working to stabilize Nigeria’s financial landscape.
The New York Times article titled “Nigeria Confronts Its Worst Economic Crisis in a Generation,” published on June 11, painted a grim picture of Nigeria’s economic woes under President Tinubu’s leadership.
Highlighting soaring inflation, a plunging national currency, and widespread hardship, the feature attributed much of the crisis to policy changes initiated by the current administration.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, criticized the article as biased and neglectful of positive developments in the Nigerian economy.
He accused foreign media of a historical tendency towards reductionist reporting on African countries.
“Onanuga argued that President Tinubu did not create the economic problems Nigeria faces today, but inherited them,” the statement read. “The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela.”
The presidency highlighted key policy decisions undertaken since May/June 2023, including the removal of fuel subsidies and the unification of exchange rates, as crucial steps to address systemic economic challenges.
According to Onanuga, these measures were necessary to curtail massive public spending on subsidies and stabilize the currency amid escalating demands for foreign exchange.
The statement underscored the scale of financial mismanagement inherited from previous administrations, citing unsustainable subsidy payments and mounting debts at the state oil firm.
It further detailed the economic environment Tinubu stepped into, characterized by budgetary constraints and an over-reliance on borrowing to cover operational costs.
Despite initial turbulence, Onanuga pointed to recent indicators of economic recovery, such as a strengthened naira and a notable increase in trade surplus.
He emphasized positive trends in investor confidence, citing significant inflows from both portfolio and long-term investors, alongside substantial international loans secured under Tinubu’s leadership.
“While challenges persist, including high food inflation, the government remains committed to bolstering agricultural production and lowering consumer costs,” Onanuga affirmed.
He highlighted state-level initiatives, such as subsidized retail outlets in Lagos and Akwa Ibom, aimed at easing the burden on citizens amidst ongoing economic reforms.
In conclusion, the Presidency reiterated its stance that Tinubu’s administration is actively addressing inherited economic hardships with a view to fostering sustainable growth and resilience in Nigeria’s economy.
