The Tinubu administration has defended its economic policies, saying that Nigerians were destined for hardship before assuming power on May 29, 2023.
Mr. Bayo Onanuga, the special adviser on information and strategy, emphasizes that the existing challenges weren’t solely caused by the recent reforms.
“New policies alone are not solely responsible for the economic problems we are facing today,” stated Onanuga.
He points to a budget deficit of N10.8 trillion and debt service consuming 98.95% of revenue. The administration highlights tackling the wasteful fuel subsidy, projected to cost N7 trillion this year, as a necessary step.
Despite a 28.2% inflation rate in November, the administration claimed a positive turn with a 2.54% GDP growth in Q3, surpassing the 2.51% in Q2. The service sector contributed significantly, with a 3.99% growth.
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“In the New Year, we expect the silver linings to blossom into rays of sunshine,” Onanuga claimed.