Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the administration’s economic reforms, saying the President took painful but necessary decisions to prevent Nigeria from sliding into fiscal crisis.
In an opinion article released on Friday to mark Tinubu’s third year in office, Onanuga said the administration inherited a struggling economy plagued by petrol scarcity, multiple exchange rates, mounting debt obligations, low government revenue and an unsustainable fuel subsidy regime.
According to him, the immediate removal of fuel subsidy and the floating of the naira were difficult reforms that helped stabilise the economy and increase revenue allocations to states and local governments.
“The man who has taken the bullets to make Nigeria survive a fiscal disaster is even more willing to take additional bullets to make all Nigerians safe,” Onanuga stated.
The presidential aide argued that the reforms had enabled many state governments to pay salaries regularly and embark on major infrastructure projects.
He noted that several states, including Ogun, Oyo, Nasarawa, Enugu, Ebonyi, Kaduna, Kano, Kebbi and Katsina, had witnessed rapid development projects due to improved federal allocations.
Onanuga also said governors across party lines had acknowledged the impact of the reforms on their states’ finances and development efforts.
According to him, Nigeria’s stock market recorded significant growth under Tinubu’s administration, with the All-Share Index rising from about 53,000 points in May 2023 to nearly 250,000 points, while market capitalisation increased from N30tn to about N160tn.
He further highlighted key projects and policies introduced by the administration, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, rail transportation investments, oil sector reforms, student loan initiatives through NELFUND and consumer credit schemes under CREDICORP.
Onanuga added that the government had also taken steps to improve electricity supply through grid upgrades, metering programmes and efforts to clear debts owed to power generation companies.
While admitting that insecurity remains a major challenge, he said the administration continues to support security agencies with modern equipment and international partnerships to tackle banditry and terrorism.
He maintained that historians would remember the Tinubu administration for implementing “historic reforms” aimed at repositioning Nigeria’s economy for long-term growth and stability.
