RismadarVoice Reporters
August 10, 2026
The Presidency has defended President Bola Tinubu’s economic reforms, saying Nigeria was already on the verge of financial collapse when the administration came into office in May 2023.
Speaking about the hardship Nigerians have faced since the reforms began, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the difficult period was an unavoidable part of rebuilding the country’s economy.
Onanuga explained that Tinubu and his economic team knew the reforms would initially cause pain, but argued that allowing the old system to continue would have been far more damaging in the long run.
‘We Inherited Empty Vaults And ₦30 Trillion Debt’
According to Onanuga, the government inherited what he described as “empty vaults” alongside almost ₦30 trillion in Ways and Means debt from the Central Bank of Nigeria.
He claimed that the Nigerian National Petroleum Company Limited was struggling to pay foreign fuel suppliers, contributing to fuel shortages shortly after the new administration assumed office.
He also alleged that the CBN was dealing with severe liquidity problems, including more than $800 million owed to foreign airlines and over $7 billion in outstanding letters of credit.
Onanuga further disputed the strength of Nigeria’s foreign reserves at the time, saying the country’s actual net reserves were below $4 billion despite the figures previously presented by former CBN Governor Godwin Emefiele.
He argued that these problems showed Nigeria was heading towards financial insolvency and that the Tinubu administration had to make difficult decisions quickly to prevent a deeper crisis.
Presidency Claims Economy Is Recovering
Onanuga said the situation has improved significantly, claiming Nigeria’s foreign reserves have risen to about $52 billion while the foreign exchange market has become more stable.
He also pointed to consecutive trade surpluses recorded since the second half of 2023 as evidence that the economy is becoming stronger and that foreign investors are gradually returning.
The presidential aide also highlighted the performance of the Nigerian stock market, noting that the All-Share Index has risen sharply from around 50,000 points when Tinubu assumed office.
He argued that the gains have made the Nigerian Exchange one of the strongest-performing markets globally for investors.
Government Lists Relief Measures
Onanuga also defended the administration’s efforts to cushion the impact of the reforms.
He pointed to programmes including the Nigerian Education Loan Fund, free vocational training with stipends, CrediCorp’s consumer credit initiatives and the introduction of Compressed Natural Gas as a cheaper alternative to petrol.
He also mentioned increased pensions, lower dialysis costs, the new national minimum wage and direct cash transfers to millions of vulnerable households.
According to him, these interventions are designed to ensure that ordinary Nigerians eventually benefit from the economic reforms.
Onanuga further claimed that increased federal allocations have strengthened state governments, allowing them to move beyond simply paying salaries and invest more in roads, hospitals, agriculture and job creation.
Onanuga Takes Aim At Atiku And Peter Obi
With the 2027 elections approaching, Onanuga also turned his attention to the opposition.
He accused former Vice President Atiku Abubakar and Labour Party figure Peter Obi of criticising the Tinubu administration without presenting detailed alternatives for how they would manage the economy.
He questioned whether Atiku would restore fuel subsidies or return Nigeria to a system of multiple exchange rates if elected.
On Peter Obi, Onanuga argued that the former Anambra State governor has yet to present a clear manifesto or convincing alternative economic programme.
The Presidency’s position remains that Nigerians should judge the Tinubu administration not only by the hardship caused by the reforms but also by the economic gains it says are beginning to emerge.
