Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the administration’s economic reforms, saying the President made difficult decisions to prevent Nigeria from sliding into fiscal collapse.
Onanuga made the remarks in an opinion article titled, “Bola Tinubu: the man who took the bullet for Nigeria to survive,” released as Tinubu marks his third year in office on Friday.
Onanuga Defends Tinubu’s Economic Decisions
According to the presidential aide, Tinubu inherited a struggling economy plagued by petrol scarcity, multiple exchange rates, rising debt servicing, low government revenue, and an unsustainable fuel subsidy regime.
He argued that the removal of fuel subsidy and the floating of the naira were painful but necessary reforms aimed at stabilising the economy and preventing further financial crisis.
“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.
He added that the reforms had significantly improved allocations to states and local governments, enabling many state governments to pay salaries and execute projects.
States Benefiting From Increased Allocations
Onanuga claimed governors across different states had acknowledged improvements in state finances since the reforms began.
“In every state I have visited, I have seen this development. Ogun, my state, Oyo, Nasarawa, Enugu, Ebonyi, Kaduna, Kano, Kebbi, Katsina, and others have witnessed development projects spring up,” he said.
He also stated that local government areas would benefit further once direct allocations from the Federation Account fully commence.
The presidential spokesman dismissed allegations that opposition governors defecting to the APC were induced financially.
According to him, many governors joined the ruling party because of what they viewed as positive economic changes under Tinubu’s administration.
Stock Market Growth, Infrastructure Highlighted
Onanuga further pointed to developments in the Nigerian stock market as evidence of economic recovery.
He said the All-Share Index had increased from about 53,000 points in May 2023 to around 250,000 points, while market capitalisation rose from ₦30 trillion to ₦160 trillion.
The presidential aide also highlighted ongoing infrastructure projects including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, rail modernisation initiatives, and reforms in the oil and gas sector.
He added that the government had expanded access to student loans through the Nigerian Education Loan Fund and introduced consumer credit initiatives under CREDICORP.
On Insecurity Challenges
Despite defending the administration’s achievements, Onanuga admitted that insecurity remains a serious challenge in parts of the country.
He said the government continues to support security agencies with equipment, intelligence cooperation, and other resources aimed at tackling terrorism, banditry, and violent crimes.
According to him, historians would eventually remember the Tinubu administration for implementing “historic reforms” and major infrastructure projects designed to reposition Nigeria’s economy.
The statement comes amid continued public debate over the impact of Tinubu’s economic policies on inflation, cost of living, unemployment, and insecurity since he assumed office in May 2023.