The Presidency on Sunday launched a strong defence of President Bola Tinubu’s economic policies, revealing that Nigeria was on the brink of total financial insolvency before the current administration took office in May 2023.
Speaking on the nationwide economic hardships linked to recent reforms, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, insisted that the temporary pains currently felt across the country are necessary steps toward long-term economic stability.
According to Onanuga, the President and his key ministers, including the Minister of Finance, have consistently maintained that no genuine structural reform can happen without initial discomfort.
NEWSNGR reports that the Presidential aide, who spoke with Vanguard, stressed that President Tinubu remains optimistic about the country’s trajectory, emphasising that the current difficulties will ease over time as the gains begin to trickle down to ordinary citizens.
‘We Inherited Empty Vaults And ₦30 Trillion Debt’
Detailing the severity of the financial crisis inherited by the administration, Onanuga warned that failure to implement bold economic measures would have driven the country into total bankruptcy.
He highlighted critical red flags present in May 2023, pointing out that the state oil company, the Nigerian National Petroleum Company Limited (NNPCL), which was the sole importer of refined petroleum, was severely broke and unable to pay its overseas fuel suppliers, triggering widespread scarcity.
The presidential aide further disclosed that the Central Bank of Nigeria (CBN) was trapped in severe liquidity shortages, failing to remit over $800 million in earnings owed to foreign airlines and defaulting on over $7 billion in letters of credit.
Worse still, Onanuga revealed that the nation had accumulated nearly ₦30 trillion in ‘Ways and Means’ borrowing from the central bank, while the country’s true cash position was heavily misrepresented by the previous apex bank leadership.
“People forget that, contrary to the picture of exchange reserves that former CBN Governor Godwin Emefiele projected, our net reserve was less than $4 billion,” Onanuga declared.
“These were clear signs that we were heading for financial insolvency. President Tinubu had to act fast to save the nation from collapse.”
Assessing the progress made so far, Onanuga stated that the country has successfully steered clear of financial bankruptcy, noting that the national economy is now shaping up nicely.
He revealed that Nigeria’s foreign reserves have surged to $52 billion, supported by a stable foreign exchange market and consistent trade surpluses recorded since the third and fourth quarters of 2023. He added that foreign investors are regaining confidence and actively returning to bet on the Nigerian economy.
Pointing to the domestic investment landscape, the presidential spokesperson emphasised that companies listed on the Nigerian Exchange Limited (NGX) are currently yielding massive returns for local investors.
He noted that the All-Share Index (ASI), which stood at around 50,000 points when Tinubu assumed office, has increased more than fivefold, making Nigeria’s stock market the best-performing in the world in terms of investor returns.
Highlighting direct social interventions and welfare safety nets rolled out by the Federal Government to cushion the cost of living, Onanuga listed key programs aimed at vulnerable Nigerians:
Education & Credit Access: Launch of the Nigerian Education Loan Fund (NELFUND) to support indigent students, rollout of free vocational training accompanied by student stipends, and the establishment of CrediCorp to expand consumer credit.
Cheaper Energy: Introduction of Compressed Natural Gas (CNG), a fuel option five times cheaper than petrol. Onanuga noted that commercial drivers and private vehicle owners (including himself) are saving massive operational costs.
Health & Welfare Support: Payment of pensions raised by up to 10 times the previous rates (including arrears owed to workers affected by past state asset sales under former regimes), reduced costs for kidney dialysis treatments, and an upward revision of the national minimum wage.
Direct Cash Relief: Dispatch of direct cash transfers to over eight million vulnerable households through the Ministry of Humanitarian Affairs, backed by a newly launched $3.5 billion ward-centric productivity program.
Onanuga also explained how the administration’s fiscal reforms have transformed state governments across the federation.
He recalled that before May 2023, nearly 27 states could not pay monthly salaries, with one governor confessing that his state was left with a meagre ₦100 million after paying wage bills.
Today, he stated, increased allocations mean states are no longer mere “salary-paying centres” but are functioning as active development hubs, constructing roads, building hospitals, and setting up agricultural processing plants to create jobs.
‘Atiku And Peter Obi Have Zero Plans For Nigeria’
Looking ahead to the 2027 general elections, Onanuga expressed firm confidence that Nigerians will evaluate the ruling All Progressives Congress (APC) by balancing the temporary sacrifices against the long-term gains, alongside positive endorsements from international bodies like the outgoing British High Commissioner.
He launched a heavy attack on opposition figures, accusing them of seeking power without offering any concrete alternative policies for the country.
“When they ask Atiku Abubakar what he is going to do differently from what Mr President is doing now, he says, ‘We will change everything.’ Is he going to bring back fuel subsidy? Is he going to take us back to the era of multiple exchange rates?” Onanuga queried.
Turning his focus to the Labour Party candidate, Onanuga added: “None of them, including the talkative Peter Obi, has released a manifesto. Obi was asked recently what he was going to do about foreign exchange; he rambled and rambled, and ended up saying nothing. None of these pretenders to the throne has any viable programme to suggest that they can really run this country better than the incumbent.”
