By Paul Joseph
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, has defended the economic reforms introduced by President Bola Ahmed Tinubu, describing them as painful but necessary measures that prevented Nigeria from sliding into fiscal collapse.
In an article titled “Bola Tinubu: The Man Who Took the Bullet for Nigeria to Survive,” Onanuga argued that the administration inherited a fragile economy facing multiple challenges and had no choice but to implement far-reaching reforms to stabilize the country.
According to him, when President Tinubu assumed office in May 2023, the nation was grappling with mounting debt servicing obligations, dwindling revenues, persistent fuel shortages, multiple foreign exchange rates, and an unsustainable fuel subsidy regime that placed enormous pressure on public finances.
Onanuga maintained that the administration’s decision to remove the petrol subsidy and allow market forces to determine the value of the naira were emergency measures aimed at averting a deeper economic crisis.
He noted that without the reforms, Nigeria risked sovereign default, hyperinflation, and a complete breakdown of its financial system.
“The decisions were difficult and painful, but they were necessary to ensure the survival of the economy,” the presidential aide stated, adding that the government chose long-term stability over short-term political popularity.
The presidential spokesman further argued that the reforms have already begun to produce tangible benefits, particularly for state governments.
He explained that increased revenues accruing to the federation account have significantly boosted allocations to states, enabling them to undertake infrastructure projects, meet salary obligations, and reduce dependence on borrowing.
Onanuga also accused opposition politicians of exploiting the economic hardship currently being experienced by many Nigerians as part of preparations for the 2027 general elections.
He alleged that some political actors were spreading misinformation about the administration’s policies in an attempt to weaken public confidence in the government.
While acknowledging the hardship faced by citizens following the reforms, he insisted that the most turbulent phase of the economic adjustment process has passed and that the foundation laid by the administration would ultimately lead to sustainable growth and prosperity.
His remarks come amid continuing public debate over rising living costs, inflation, and the impact of economic reforms on households and businesses across the country.
However, Onanuga maintained that the sacrifices being made today are necessary to secure Nigeria’s economic future and prevent a more severe financial crisis.
The statement underscores the Tinubu administration’s continued defense of its reform agenda, even as opposition voices and many Nigerians continue to demand quicker relief measures to cushion the effects of the ongoing economic transition.
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