The Presidency has defended President Bola Tinubu’s economic policies, citing lower rice prices, rising foreign reserves and renewed investor activity as evidence of progress since 2023.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, made the case on Friday, arguing that the support of 33 state governors reflected confidence in Tinubu’s leadership.
In a post on X, Onanuga accused television anchors of repeatedly promoting the opposition’s claim that little had changed under the administration, despite official data indicating easing inflation.
He urged broadcasters questioning the figures to visit markets, claiming that the price of a 50kg bag of rice had dropped from about ₦120,000 to below ₦50,000. He said the commodity sold for ₦45,000 in his hometown.
Onanuga also pointed to Nigeria’s foreign reserves, improved access to foreign exchange for businesses and the ability of Nigerians to use naira cards abroad as signs of economic improvement.
He claimed the country’s foreign reserves were approaching $60bn and said businesses could now access foreign exchange to import raw materials and equipment.
The presidential aide also rejected suggestions that returning foreign investors were mainly portfolio investors, arguing that foreign direct investment was bringing capital into the economy and creating jobs.
He maintained that the administration had laid a foundation for economic growth and accused critics of allowing political differences to shape their assessment of its performance.
The claims come amid continued debate over the impact of the government’s economic reforms on living costs, business activity and household purchasing power.
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