The Presidency has accused television presenters and other media commentators of promoting what it described as false opposition narratives about Nigeria’s economy, insisting that food prices are falling, foreign reserves are rising and investment is returning under President Bola Tinubu.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, made the allegation in a post on his official X account, on Friday.
Onanuga argued that some television anchors continued to portray the economy negatively despite what he described as significant improvements since Tinubu assumed office in 2023.
He also questioned their criticism of National Bureau of Statistics (NBS) data indicating a decline in inflation.
According to the presidential aide, Nigerians should visit markets to assess changes in food prices, particularly rice, which he claimed had become considerably cheaper.
“The favourite rice that at a time was selling for N120k a bag has crashed below N50k. In my hometown, a bag now sells for N45K,” he said.
Presidency Cites Rising Reserves, Foreign Investment
Onanuga also claimed that Nigeria’s external reserves were approaching $60 billion, while foreign investment was increasing.
He maintained that investors were returning to Nigeria not merely to take advantage of opportunities in the financial markets but also to invest in businesses and activities capable of creating jobs.
The presidential aide argued that Nigerians now had greater access to foreign exchange for importing raw materials and equipment.
He further claimed that Nigerians could use their naira-denominated bank cards abroad, describing this as an improvement compared with the situation before Tinubu became president.
Onanuga also pointed to the support of 33 state governors for Tinubu, arguing that their backing reflected confidence in the President’s economic direction.
Onanuga Defends Tinubu’s Economic Reforms
The presidential aide rejected claims by critics and opposition presidential contenders that the administration had failed to deliver meaningful economic improvements.
He said Tinubu had established a foundation for economic growth and was positioning Nigeria for greater shared prosperity.
His post read: “TV anchors keep pushing the opposition’s narrative that nothing has changed, positively, indeed, massively, since 2023. Their position has become so ridiculous that they keep parroting the old narrative, and now they question the NBS data on receding inflation. I will advise them to revisit the markets. Food prices are crashing.
“The favourite rice that at a time was selling for N120k a bag has crashed below N50k. In my hometown, a bag now sells for N45K. Under President Tinubu, Nigeria is making tremendous progress. Thirty-three governors cannot be wrong in casting their support for President Tinubu. Our reserves are close to $60 billion. Nigerians are now able to use their Naira cards abroad, something that was impossible before Tinubu’s presidency.
“Businesspeople can now buy the forex they need to import raw materials and equipment. Investors are coming back, not mainly as portfolio investors, as some anchors claim, even though Nigerians dominate the stock market, accounting for almost 90 per cent. These investors belong in the category of FDI. They bring money into our economy and create jobs. These facts are clear to anyone not blinded by partisanship and hatred for the leader who has laid a solid foundation for the economy and is poised to take the nation to a higher level of shared prosperity.”
