The Presidency has said the Tinubu administration is delivering results across the economy, pointing to falling food prices, rising foreign reserves and renewed investor interest.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, made the claim while reacting to criticism from television anchors who, he said, continue to push an opposition narrative that nothing has changed since 2023.
Onanuga, in a post on his X handle, accused the anchors of clinging to an outdated position, even as they now question data from the National Bureau of Statistics (NBS) showing that inflation is receding.
“TV anchors keep pushing the opposition’s narrative that nothing has changed, positively, indeed, massively, since 2023,” he said. “Their position has become so ridiculous that they keep parroting the old narrative, and now they question the NBS data on receding inflation. I will advise them to revisit the markets.”
Citing food prices, the presidential aide said the cost of a popular brand of rice has dropped sharply from its peak.
“Food prices are crashing. The favourite rice that at a time was selling for N120k a bag has crashed below N50k. In my hometown, a bag now sells for N45K,” Onanuga said. “Under President Tinubu, Nigeria is making tremendous progress.”
He also pointed to political support for the president, noting the backing of state governors.
“Thirty-three governors cannot be wrong in casting their support for President Tinubu,” he said.
On the economy, Onanuga said the country’s external reserves stand at about $60 billion and that Nigerians can now use their Naira cards abroad, which he described as impossible before the current administration. He added that businesses can now access foreign exchange to import raw materials and equipment.
“Our reserves are close to $60 billion. Nigerians are now able to use their Naira cards abroad, something that was impossible before Tinubu’s presidency. Businesspeople can now buy the forex they need to import raw materials and equipment,” he said.
Responding to claims by some anchors that returning investors are mainly portfolio investors, Onanuga said the inflows include foreign direct investment (FDI), which he said creates jobs.
“Investors are coming back, not mainly as portfolio investors, as some anchors claim, even though Nigerians dominate the stock market, accounting for almost 90 per cent,” he said. “These investors belong in the category of FDI. They bring money into our economy and create jobs.”
Onanuga concluded that the evidence of progress is plain to those who are objective.
“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.
