Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the administration’s economic reforms, saying President Bola Tinubu “took the bullets” required to prevent Nigeria from sliding into fiscal collapse.
In an opinion piece titled “Bola Tinubu: the man who took the bullet for Nigeria to survive,” Onanuga argued that the administration inherited a fragile economy in May 2023, marked by petrol scarcity, multiple exchange rates, low revenue, and rising debt servicing pressures.
He said the removal of fuel subsidy and the floating of the naira were painful but necessary decisions that helped stabilise public finances and increase allocations to states and local governments.
“The man who has taken the bullets to make Nigeria survive a fiscal disaster is even more willing to take additional bullets to make all Nigerians safe,” Onanuga stated.
The presidential aide also claimed that many state governments are now benefiting from increased revenues, enabling them to fund salaries and infrastructure projects more effectively.
According to him, states such as Ogun, Oyo, Nasarawa, Enugu, Ebonyi, Kaduna, Kano, Kebbi, and Katsina have witnessed increased development activity driven by improved fiscal allocations.
He further argued that direct payments to local governments from the Federation Account would deepen governance at the grassroots level across Nigeria’s 774 councils.
Onanuga also cited comments from several governors, including those of Kwara, Ebonyi, Enugu, and Nasarawa, who he said had acknowledged the positive impact of federal economic reforms.
He maintained that opposition claims of political inducement were false, insisting that some governors who joined the ruling party did so because of improved fiscal conditions in their states.
The presidential aide highlighted key economic indicators, including a rise in the All-Share Index from about 53,000 points in May 2023 to roughly 250,000 points in 2026, and an increase in market capitalisation from ₦30tn to ₦160tn.
He also referenced major infrastructure projects such as the Lagos–Calabar Coastal Highway and the Sokoto–Badagry Super Highway, describing them as landmark national developments.
On security, Onanuga acknowledged ongoing challenges but said the government was strengthening military capacity and international partnerships to tackle terrorism, banditry, and other threats.
He added that reforms in the power sector, oil and gas industry, student loans through NELFUND, and consumer credit schemes under CREDICORP were part of broader efforts to reposition the economy.
Onanuga concluded that history would ultimately judge the Tinubu administration as one that implemented difficult but transformative reforms to reposition Nigeria.
