Presidency replies NYT article, says Tinubu didn't create current economic problems

June 16, 2024 5:22 pmIn a statement on Sunday addressing a report by the New York Times titled ‘Nigeria Confronts Its Worst Economic Crisis in a Generation,’ Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu inherited the economic problems.

“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.”Defending the decision to, Onanuga said it gulped $84.

He said subsidising the exchange rate encouraged arbitrage as the gap between the official and parallel markets’ rates widened, and at the same period, the country was unable to fulfil its remittance obligations to airlines and other foreign businesses.“Like oil, the exchange rate was also being subsidized by the government, with an estimated $1.

“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.”

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