Presidency Slams Atiku, Peter Obi: “No Economic Plan for Nigeria

The Presidency has defended President Bola Tinubu’s economic policies, arguing that the administration inherited a severely weakened economy and had to implement difficult reforms to prevent a deeper financial crisis.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the economic challenges Nigerians are currently experiencing should be viewed as part of the adjustment process associated with major structural reforms.

According to Ireporter Online, Onanuga maintained that the President and members of his economic team had repeatedly acknowledged that meaningful reforms often come with short-term difficulties before their benefits become evident.

He claimed that when the Tinubu administration assumed office in May 2023, Nigeria was facing serious financial pressures, including heavy borrowing, foreign exchange obligations and difficulties within the oil sector.

Onanuga alleged that the Nigerian National Petroleum Company Limited was struggling to meet its obligations to international fuel suppliers, while the Central Bank of Nigeria was also facing significant liquidity challenges.

He further claimed that the country had accumulated almost ₦30 trillion in Ways and Means borrowing from the apex bank, while the actual level of usable foreign reserves was substantially lower than figures previously presented.

According to the presidential aide, these conditions created a serious risk of financial insolvency and compelled the Tinubu administration to take immediate measures to stabilise the economy.

Onanuga said the reforms have since produced improvements in several key economic indicators, including foreign reserves, foreign exchange stability and investor confidence.

He also pointed to developments in the Nigerian capital market, noting that the performance of the Nigerian Exchange has improved significantly since Tinubu assumed office.

The presidential aide highlighted several government initiatives introduced to ease economic pressure on Nigerians, including the Nigerian Education Loan Fund, consumer credit programmes, compressed natural gas initiatives, vocational training support and expanded social intervention schemes.

He also cited increases in pensions and the national minimum wage, as well as measures aimed at reducing healthcare costs and providing financial assistance to vulnerable households.

Onanuga further argued that increased federal allocations had improved the financial position of state governments, allowing them to move beyond meeting salary obligations and invest more in infrastructure, healthcare and economic development.

As the country approaches the 2027 general elections, the presidential aide also criticised opposition figures, including former Vice President Atiku Abubakar and former Anambra State Governor Peter Obi, accusing them of failing to present clear alternative economic programmes.

Onanuga questioned what changes Atiku would introduce if elected, particularly regarding fuel subsidies and foreign exchange policy.

He also criticised Obi, alleging that the former presidential candidate had yet to present a detailed manifesto outlining how he would address Nigeria’s economic challenges.

The Presidency maintained that Nigerians would ultimately judge the Tinubu administration based on whether the current economic sacrifices translate into sustainable improvements in living standards and national development.