Presidency:”Tinubu Did Not Create The Economic Problems Nigeria Faces Today, He Inherited Them”

Presidency:"Tinubu Did Not Create The Economic Problems Nigeria Faces Today, He Inherited Them"According to the presidency, Nigeria’s current economic issues are not the result of the actions of Bola Ahmed Tinubu, the country’s president. According to reports from the New York Times and the status of Nigeria’s economy, the President made this statement through Special Advisor on Information and Strategy to the President, Bayo Onanuga.CONTINUE FULL READING>>>>>

Bayo Onanuga stated on his verified Twitter page on Sunday; “Tinubu did not create the economic problems Nigeria faces today. He inherited them. As a respected economist in our country, once put it, Tinubu inherited a dead economy. The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela. This was the background to the policy direction taken by the government in May/June 2023: the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates”

He added; “For decades, Nigeria had maintained a fuel subsidy regime that gulped $84.39 billion between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services for its citizens.”

The media aide to the president stated further; “The budget itself had a striking feature: it planned to spend 97 percent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs. Like oil, the exchange rate was also being subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy”CONTINUE FULL READING>>>>>