The Presidency has fiercely denounced a New York Times report on Nigeria’s economic situation as jaundiced, slamming it for painting a bleak and misleading picture and unjustly blaming it on President Bola Tinubu’s administration.
In an issued statement by Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Sunday, the Presidency criticised the New York Times feature by Ruth Maclean and Ismail Auwal, titled: “Nigeria Confronts Its Worst Economic Crisis in a Generation”, published on June 11.
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?Onanuga condemned the article, labelling it as a predetermined, reductionist, derogatory, and denigrating portrayal, reflecting the long-standing bias with which foreign media have reported on African countries.
The statement asserted that the writers wrongly blamed the poor economic situation and its consequences on the policies of the Tinubu administration.
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?The Presidency argued that the feature article failed to acknowledge the state of the economy before Tinubu took office and overlooked the remarkable steps the current government has already taken to revamp the economy.
In a bold declaration, the Tinubu administration proudly showcased its achievements, heralding an era where skyrocketing food prices and other national challenges will soon fade into oblivion.
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?The statement read in part: President Tinubu had to deal with the cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.
After some months of the storm, with the Naira sliding as low as N1,900 to the US dollar, some stability is being restored; though there remain some challenges. The exchange rate is now below N1,500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1,000 and N1,200 before the end of the year. The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors.
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?”With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have restored some confidence. With all the plans being executed, inflation, especially food inflation, will soon be tamed.
According to him, “Nigeria is not the only country in the world facing a rising cost of living crisis. The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently. Europe is similarly in the throes of a cost-of-living crisis. As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria”.
Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon, the Presidency further stated.
