The Presidency has defended President Bola Tinubu’s economic reforms, arguing that Nigeria was facing severe financial difficulties when the administration assumed office in May 2023.
Presidential spokesperson Bayo Onanuga made the argument while defending the administration’s economic policies and the reforms introduced since Tinubu became president.
According to the Presidency, the economic measures implemented by the Tinubu administration were necessary to address longstanding structural problems and stabilise the country’s finances.
The comments come amid continued public debate over the impact of the government’s reforms, particularly the removal of the petrol subsidy and the liberalisation of the foreign exchange market.
While the Federal Government has consistently argued that the reforms are designed to create a more sustainable economy in the long term, critics have continued to point to the immediate pressure on households and businesses.
Onanuga has previously defended the administration’s economic direction, arguing that the reforms have begun producing broader economic gains despite the hardship associated with the adjustment period.
In a separate recent defence of the administration, Onanuga described the pains associated with the reforms as temporary and argued that the government’s economic policies were producing lasting gains.
President Tinubu has similarly defended the removal of the fuel subsidy, saying the policy helped prevent Nigeria from sliding towards bankruptcy and contributed to efforts to restore economic stability.
The economic debate is expected to become increasingly political as the country approaches the 2027 general elections, with the ruling APC likely to campaign on the reforms and the opposition expected to focus heavily on their social and economic consequences.