Nigeria Defends Tinubu’s Economic Policies Against New York Times Criticism


The Presidency has responded to a New York Times report on Nigeria’s economic situation, asserting that President Bola Tinubu inherited a “dead economy” on May 29, 2023. The administration defended its recent policy decisions, such as floating the naira and removing fuel subsidies, claiming these were necessary measures for the country’s recovery.

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In a statement titled “Rejoinder to New York Times Jaundiced Report on Nigeria’s Current Economic Situation,” Bayo Onanuga, Special Adviser to the President on Information and Strategy, criticized the report by Ruth Maclean and Ismail Auwal. The statement argued that the report unfairly blamed the Tinubu administration for economic challenges inherited from previous governments and failed to acknowledge positive aspects and efforts being made to improve the situation.

The Presidency highlighted that Tinubu took office amidst a severe economic crisis, necessitating urgent reforms to prevent further deterioration. Key measures included the elimination of the costly fuel subsidy, which had consumed $84.39 billion from 2005 to 2022, and the unification of multiple exchange rates, previously subsidized at significant expense.

The statement noted that the Tinubu administration is actively addressing economic challenges through various initiatives, including increased agricultural production and financial reforms. The government is working to stabilize the naira and reduce inflation, with early signs of success such as a trade surplus in Q1 and renewed investor confidence.

The Presidency acknowledged that while the naira’s exchange rate and inflation remain challenging, efforts are underway to restore stability and economic growth. Comparisons were drawn to similar cost-of-living crises in other countries, emphasizing that Nigeria is not alone in facing these issues.

The statement concluded with a message of resilience, expressing confidence that Nigeria will overcome its current economic difficulties as it has in the past.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247news
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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