Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the administration’s economic reforms, saying the President took difficult but necessary decisions to prevent Nigeria from sliding into a fiscal crisis.
In an opinion article titled “Bola Tinubu: The Man Who Took The Bullet For Nigeria To Survive,” Onanuga argued that the President inherited a struggling economy plagued by fuel scarcity, multiple exchange rates, rising debt servicing costs, low government revenue and an unsustainable fuel subsidy regime.
According to him, the removal of fuel subsidy and the floating of the naira were painful reforms but were necessary to stabilise the economy and improve government finances.
“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 said the reforms have significantly increased allocations to states and local governments, enabling many governors to execute more infrastructure projects and meet salary obligations.
He claimed several governors, including those of Kwara, Ebonyi, Enugu and Nasarawa States, have publicly acknowledged the positive impact of the Federal Government’s economic policies.
Onanuga also highlighted improvements in the Nigerian stock market, noting that the All-Share Index rose from about 53,000 points in May 2023 to nearly 250,000 points, while market capitalisation increased from about ₦30 trillion to ₦160 trillion.
He further pointed to major infrastructure projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, describing them as some of the most ambitious projects undertaken since independence.
The presidential spokesman also listed reforms in the oil and gas sector, rail transportation, student loans through NELFUND, consumer credit initiatives under CREDICORP, and power sector investments as part of the administration’s achievements.
While admitting that insecurity remains a major challenge, Onanuga said the government is strengthening security agencies through equipment procurement, intelligence gathering and international cooperation.
He maintained that history would remember the Tinubu administration for implementing bold reforms aimed at repositioning Nigeria’s economy and securing long-term growth.
Source: Presidential Adviser Bayo Onanuga
