File: Presidential spokesman, Bayo Onanuga
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the President’s economic record, declaring that 33 state governors cannot be wrong in supporting his administration.
Onanuga also cited falling food prices, rising foreign reserves, improved access to foreign exchange and renewed foreign investment as evidence of progress under Tinubu, who assumed office in May 2023.
The presidential aide made the remarks in a post on X on Friday while reacting to a clip shared by Arise Television featuring Obafemi George, a member of the Media and Strategic Communications Committee of the All Progressives Congress Presidential Campaign Council.
He criticised television anchors for questioning the country’s economic progress, accusing them of promoting the opposition’s position that little or nothing had improved since Tinubu became President.
“TV anchors keep pushing the opposition’s narrative that nothing has changed, positively, indeed, massively, since 2023. 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,” he wrote.
Citing the cost of staple food, Onanuga claimed that the price of a bag of rice had fallen from about N120,000 to below N50,000, adding that it sold for N45,000 in his hometown.
“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,” he stated.
The presidential aide argued that the reported decline in food prices and inflation showed that the administration’s economic policies were beginning to yield results. He urged television presenters questioning the figures to assess prices in markets.
Onanuga also pointed to Nigeria’s foreign reserves and the ability of Nigerians to use naira-denominated bank cards abroad as indicators of improvement in the economy.
“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,” he said.
He added that businesspeople could now obtain foreign exchange to import raw materials and equipment, which he said would help businesses operate and support economic activity.
The presidential aide further disputed suggestions that investors returning to Nigeria were mainly portfolio investors, arguing that foreign direct investment was also bringing capital into the country and creating 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. These investors belong in the category of FDI. They bring money into our economy and create jobs,” he wrote.
Onanuga maintained that the support of 33 governors for Tinubu reflected confidence in the President’s leadership and economic direction.
“Thirty-three governors cannot be wrong in casting their support for President Tinubu,” he said.
He concluded by accusing the President’s critics of allowing partisan hostility to influence their assessment of the administration’s performance.
“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 added.