'Seun Ibukun-Oni, Abuja
DAILY COURIER - In a scathing report, The New York Times has criticized President Bola Ahmed Tinubu's economic policies, sparking a heated response from the President's camp. The report, titled "Nigeria Confronts Its Worst Economic Crisis in a Generation," alleges that Tinubu's policies have failed to address the country's economic woes, instead perpetuating inequality and poverty.
The report states that "the economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela." It also notes that "the budget itself had a striking feature: it planned to spend 97 per cent of revenue servicing debt, with little left for recurrent or capital expenditure".
However, Bayo Onanuga, the President's spokesperson, has dismissed the report as "baseless" and "politically motivated." In a statement, Onanuga claimed that The Times had a "vendetta" against the President and was seeking to undermine his economic achievements.
According to Onanuga, "the report reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments have reported on African countries for decades." He argued that the report "is at best jaundiced, portraying all gloom and doom without mentioning the positive aspects of the economy or the amelioration policies being implemented by the central and state governments".
Onanuga emphasized that Tinubu did not create the economic problems Nigeria faces today but inherited them. He noted that the previous government had resorted to massive borrowing to cover costs and that "by the time President Tinubu took over the leadership of the country, there was no provision made for fuel subsidy payments in the national budget beyond June 2023".
Despite initial challenges, Onanuga noted that some stability is being restored, with the exchange rate now below N1500 to the dollar and prospects for further appreciation. He cited a trade surplus of N6.52 trillion in Q1, as opposed to a deficit of N1.4 trillion in Q4 of 2023, and renewed interest from portfolio investors as indicators of improving economic confidence .
The controversy has sparked a wider debate about the state of the economy and the effectiveness of Tinubu's policies. As the President faces growing pressure to address the country's economic challenges, the report from The Times is likely to remain a contentious issue in the coming days.
Excerpts from the Times Report:
- "Nigeria Confronts Its Worst Economic Crisis in a Generation"
- "The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela"
- "The budget itself had a striking feature: it planned to spend 97 per cent of revenue servicing debt, with little left for recurrent or capital expenditure"
Excerpts from Bayo Onanuga's Statement:
- "The report reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments have reported on African countries for decades"
- "The report is at best jaundiced, portraying all gloom and doom without mentioning the positive aspects of the economy or the amelioration policies being implemented by the central and state governments"
- "President Tinubu did not create the economic problems Nigeria faces today. He inherited them"
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