The Presidency has responded to the New York Times’ report on Nigeria’s economic situation, asserting that President Bola Tinubu inherited a severely weakened economy on May 29, 2023.
In a statement titled “Rejoinder to New York Times jaundiced report on Nigeria’s current economic situation,” issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency defended Tinubu’s administration’s policy decisions, including the floating of the naira and removal of fuel subsidies, as necessary steps to stabilize the economy.
According to the statement, the report by Ruth Maclean and Ismail Auwal painted a bleak picture of Nigeria’s economic challenges, attributing them solely to the new administration’s policies while overlooking positive aspects and ongoing government efforts.
The Presidency clarified that these measures were crucial to prevent further economic decline, citing substantial debts from previous subsidy regimes and unsustainable currency practices.
Despite acknowledging initial economic turbulence, the Presidency highlighted recent improvements such as a trade surplus in Q1 2024 and increased investor confidence, pointing to potential future currency appreciation and reduced inflation.
It emphasized ongoing agricultural initiatives aimed at curbing food inflation and restoring economic stability.
In conclusion, the Presidency likened Nigeria’s current economic hardships to global trends, asserting confidence in overcoming these challenges through strategic reforms and concerted efforts by the Tinubu administration and state governments.
