Bayo Onanuga Defends Tinubu Economic Policies Amid Inflation Debate
Bayo Onanuga defended President Bola Tinubu's economic policies, claiming food prices have dropped and foreign reserves have increased to nearly $60 billion.
Special Adviser to the President on Information and Strategy Bayo Onanuga defended the economic policies of the Bola Tinubu administration, claiming a significant decrease in food prices. Onanuga stated that the price of a bag of rice has fallen from approximately ₦120,000 to below ₦50,000, noting that it sells for ₦45,000 in his hometown.
Onanuga cited several indicators of economic progress to counter public debate over the cost of living. He reported that foreign reserves are approaching $60 billion and that businesses now have improved access to foreign exchange for importing raw materials. He also highlighted the ability of citizens to use naira-denominated cards abroad and asserted that foreign direct investment is creating jobs and bringing capital into the economy.
During his defense, Onanuga criticized television presenters for promoting an opposition narrative that the economy has not improved since May 2023. He argued that these claims ignore the foundation laid by the president to move the nation toward shared prosperity.
