Presidential spokesman Bayo Onanuga has defended President Bola Tinubu’s economic reforms, arguing that the support of 33 state governors reflects the progress Nigeria has made under the administration since 2023.
Onanuga, in a post on his X handle on Friday, October 16, dismissed claims that nothing had improved under Tinubu, accusing television anchors of repeatedly promoting the opposition’s narrative while questioning official inflation figures.
He urged critics to visit markets to assess changes in food prices, particularly rice, which he said had become significantly cheaper.
“Food prices are crashing. The favourite rice that at a time was selling for ₦120k a bag has crashed below ₦50k. In my hometown, a bag now sells for ₦45K,” he said.
The presidential spokesman also cited the country’s external reserves, improved access to foreign exchange and the return of investors as evidence of the administration’s economic gains.
“Thirty-three governors cannot be wrong in casting their support for President Tinubu. Our reserves are close to $60 billion,” he said.
Onanuga further claimed that Nigerians could now use their naira-denominated bank cards abroad, describing it as an improvement over the situation before Tinubu assumed office.
READ ALSO: Onanuga: I Don’t See The Level Of Hunger Nigerians Complain About
He added that businesses could access the foreign exchange required to import raw materials and equipment, while investors were returning to Nigeria.
Rejecting claims that the returning investors were mainly portfolio investors, he argued that foreign direct investment was also entering the country, bringing capital and creating jobs.
“These investors belong in the category of FDI. They bring money into our economy and create jobs,” he said.
Onanuga also maintained that Nigerians accounted for almost 90 per cent of activity in the stock market, challenging suggestions that the market’s performance was driven mainly by foreign portfolio investors.
“These facts are clear to anyone not blinded by partisanship and hatred for the leader who has laid a solid foundation for the economy and is poised to take the nation to a higher level of shared prosperity,” he said.
Tinubu’s economic reforms, including petrol subsidy removal and foreign exchange changes, have continued to generate debate over their impact on inflation, household purchasing power and business costs.
While the government has highlighted improving economic indicators, many Nigerians remain concerned about the cost of living.