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JUST IN: Presidency Shreds New York Times’ Nigeria’s Worst Economic Crisis Report

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The Presidency has come out with a rejoinder on the New York Times’ feature article on the excruciating economic situation confronting Nigeria.

This was detailed in state house statement under the signature of the Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga, which he put out under his verified X handle.

Issued under the subject, ‘NEW YORK TIMES’ JAUNDICED REPORT ON NIGERIA’S CURRENT ECONOMIC SITUATION’, it maintained that the feature article “reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments reported African countries for several decades.”

The Presidency wants the world to know that the reform introduced by the President Bola Ahmed Tinubu administration are already yielding dividends, with exchange rate having peaked at almost N2,000/$ and slowing downing to below N1,500/$.

Investors and foreign lenders were also beginning to demonstrate faith in the domestic economy.

Onanuga pointed out that “The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors. When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake. With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have restored some confidence.”

In addition, he noted that Nigeria was not the only country passing through economic challenges, noting that event he Untied States was also experiencing her own share of economic turmoil.

“Nigeria is not the only country in the world facing a rising cost of living crisis. The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently. Europe is similarly in the throes of a cost-of-living crisis,” he added.

The statement reads, “Ruth Maclean and Ismail Auwal’s feature story with the title ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’, published on June 11, reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments reported African countries for several decades.

“Because of the misleading slant of the report, we need to clear up some misconceptions conveyed by the reporters as regards the economic policies of the Tinubu administration that came into power at the end of May 2023.

“Most significant about the report was that it painted the dire experiences of some Nigerians amid the inflationary spiral of the last year and blamed it all on the policies of the new administration. The report, based on several interviews, is at best jaundiced, all gloom and doom, as it never mentioned the positive aspects in the same economy as well as the ameliorative policies being implemented by the central and state governments.

“To be sure, President Tinubu did not create the economic problems Nigeria faces today. He inherited them. As a respected economist in our country, once put it, Tinubu inherited a dead economy. The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela. This was the background to the policy direction taken by the government in May/June 2023: the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.

“For decades, Nigeria had maintained a fuel subsidy regime that gulped $84.39 billion between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services for its citizens. The state oil firm, NNPC, the sole importer, had amassed trillions of naira in debts for absorbing the unsustainable subsidy payments in its books. 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. The budget itself had a striking feature: it planned to spend 97 percent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs. Like oil, the exchange rate was also being subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy. By keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate being used by over 5000 BDCs that were previously licensed by the Central Bank. What was more, the country was failing to fulfil its remittance obligations to airlines and other foreign businesses, such that FDIs and investment in the oil sector dried up, and notably Emirate Airlines cut off the Nigerian route.

“President Tinubu had to deal with the cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.

“After some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability is being restored, though there remain some challenges. The exchange rate is now below N1500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1000 and N1200 before the end of the year. The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors. When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake. With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have restored some confidence.

“The inflationary rate is slowing down, as shown in the figures released by the National Bureau of Statistics for April. Food inflation remains the biggest challenge, and the government is working very hard to rein it in with increased agricultural production. The Tinubu administration and the 36 states are working assiduously to produce food in abundance to reduce the cost. Some state governments, such as Lagos and Akwa Ibom, have set up retail shops to sell raw food items to residents at a lower price than the market price. The Tinubu government, in November last year, in consonance with its food emergency declaration, invested heavily in dry-season farming, giving farmers incentives to produce wheat, maize, and rice. The CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented. In the western part of Nigeria, the six governors have announced plans to invest massively in agriculture.

“With all the plans being executed, inflation, especially food inflation, will soon be tamed.

“Nigeria is not the only country in the world facing a rising cost of living crisis. The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently. Europe is similarly in the throes of a cost-of-living crisis. As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria.

“Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon.”

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Stop Exporting Raw Minerals, Start Building Wealth From Your Resources – Tinubu to Africa

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President Bola Ahmed Tinubu has called on African countries to unite and end the export of raw mineral resources, urging the continent to focus on local processing, manufacturing and value addition.

Tinubu made the call on Tuesday in New York, United States, while declaring open the 3rd Africa Minerals Strategy Group (AMSG) High-Level Roundtable on Critical Minerals Development in Africa, held on the sidelines of the ongoing 81st Session of the United Nations General Assembly.

The high-level meeting, which was chaired by Tinubu, was themed, “From Resources to Wealth: Continental Cooperation for Mineral Value Addition, Data Sovereignty, Innovative Financing and Critical Minerals Security.”

ALSO READ: Shettima Arrives Yola to Condole With Bamanga Tukur’s Family

Represented by Vice President Kashim Shettima, Tinubu told African leaders and stakeholders that the continent must move away from its long-standing position as a supplier of raw materials and develop industries capable of processing its mineral resources locally.

“For generations, Africa has furnished the materials of prosperity elsewhere. Our duty is to ensure that the future being fashioned from African minerals has room for African ambition,” the President said.

Tinubu expressed concern that mineral-rich communities across Africa continue to suffer from inadequate infrastructure, limited employment opportunities and insufficient participation in the wealth generated from their natural resources.

He noted that rising global demand for clean energy, artificial intelligence and advanced manufacturing had made African critical minerals such as cobalt, copper, lithium and rare earth elements increasingly important to global supply chains.

According to the President, Africa’s response should include mineral processing and refining, battery production, component manufacturing, African technologies and the development of competitive skills.

“The worth of a mine must be counted in the lives it improves,” Tinubu said.

“Jobs, industries, infrastructure, technology transfer, African enterprise participation and prosperity retained across generations must measure our progress from resources to wealth.”

Tinubu Warns Against African Fragmentation

The President said no African country could achieve the desired transformation of its mineral sector alone.

He warned that countries competing against one another by offering lower royalties, weaker local-content requirements and excessive concessions could undermine the continent’s collective bargaining power.

“Fragmentation leaves us exporting raw materials and buying finished goods at a premium. Cooperation gives our markets scale, our industries integration, our financing reach and our negotiations authority,” he said.

Tinubu called for greater continental cooperation, saying African countries must negotiate collectively where their interests converge and ensure that partnerships with external investors strengthen rather than undermine African industrial capacity.

“Reliability must never mean dependency, and partnership must never demand inequality,” he added.

President Highlights Nigeria’s Mining Reforms

Tinubu also highlighted reforms in Nigeria’s mining sector, saying the country must require local value addition for new mining licences, strengthen geological data and investor access, organise artisanal miners into cooperatives, combat illegal mining and improve regulatory accountability.

He disclosed that revenue from Nigeria’s mining sector rose from approximately ₦6 billion in 2023 to over ₦38 billion in 2024, and further to between ₦68.1 billion and ₦70 billion in 2025.

The President also pointed to major foreign investment commitments and the development and commissioning of large-scale lithium processing capacity in Nasarawa State as evidence of the opportunities available in the sector.

He said his administration’s mining policy was designed to ensure that minerals extracted in Nigeria contribute to the country’s industries, workers, skills and communities.

According to Tinubu, ongoing reforms have demonstrated that “firm terms can attract serious capital.”

Tinubu Backs Continental Minerals Framework

The President also endorsed the Continental Integration and Economic Assurance Declaration (CIEAD) adopted at the roundtable.

He said the declaration should create a predictable and investment-ready environment for Africa’s strategic mineral corridors through harmonised policies, responsible investment and shared infrastructure.

Tinubu, however, stressed that the declaration must go beyond a ceremonial signing and be backed by clear timelines, financing, implementation mechanisms and public accountability.

“Africa’s power resides in its people, markets and ingenuity. No outsider will organise our continent or place our industrial interests above their own,” he said.

“We must integrate our markets, mobilise African capital and negotiate with one voice wherever our interests converge.”

He added: “Our industrial growth can strengthen global prosperity, the energy transition and secure supply chains. Minerals confer no automatic prosperity; vision, investment and industry must earn it. Political will must turn mineral promise into enduring African wealth.”

Alake Calls for More African Countries to Join AMSG

Earlier, AMSG Chairman and Nigeria’s Minister of Solid Minerals Development, Dele Alake, said the group was proposing the Continental Integration and Economic Assurance Declaration as a framework for establishing a unified architecture for Africa’s critical and solid minerals value chains.

Alake urged African countries that have yet to join the AMSG to become members, stressing the importance of coordinating efforts, ideas and resources to develop the continent’s natural resources.

He said Africa’s mineral ambitions could not be achieved through policy implementation alone, arguing that integrated partnerships covering financial transactions and infrastructure development were also necessary.

Kenya’s Minister of Blue Economy and Maritime Affairs, Hassan Ali Joho, also emphasised the importance of domestic resource mobilisation for solid mineral development.

Joho called for transparency, competitiveness and greater alignment of licensing procedures among AMSG members while respecting the sovereignty of individual countries.

Representatives of Liberia, Chad and Tanzania, alongside other stakeholders, also contributed to the discussions.

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‘A Nation Cannot Escape the Bill’ — Atiku Questions Tinubu’s Third UNGA Absence

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Former Vice President Atiku Abubakar has questioned President Bola Tinubu’s third consecutive absence from the United Nations General Assembly (UNGA), demanding an explanation for the president’s decision not to attend the global gathering.

Atiku made the remarks in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, as Vice President Kashim Shettima leads Nigeria’s delegation to the 81st UNGA in New York.

According to Atiku, Tinubu was absent from the 79th UNGA in 2024 and the 80th session in 2025, and has again stayed away from the 81st session in 2026.

ALSO READ: ‘Calling Tinubu Bola, Giving Him Orders Is Insolence’ — Sunday Dare Blasts Atiku

The former vice president said the repeated absences could no longer be regarded as a coincidence or routine delegation, arguing that they required an explanation.

Atiku also questioned whether Tinubu’s documented history with United States law-enforcement agencies had become a burden on Nigeria’s foreign relations.

“The United Nations General Assembly is one of the world’s most important diplomatic gatherings. It brings together the representatives of the UN’s 193 member states and provides a unique platform for presidents and prime ministers to defend their countries’ interests, negotiate partnerships and shape global decisions on trade, security and development,” Atiku said.

He acknowledged that Shettima could represent Nigeria at the gathering but maintained that the vice president’s representation could not permanently substitute for the president’s personal authority and visibility.

“Vice President Shettima may represent Nigeria capably, but representation by delegation cannot permanently substitute for the personal authority, visibility and responsibility of the president,” he said.

“Tinubu cannot continue to treat Nigeria’s seat at the world’s biggest diplomatic table as though it were an inconvenient appointment that can be endlessly outsourced.”

Atiku further argued that UNGA was not simply a ceremonial event, noting that important bilateral meetings, investment discussions, trade negotiations and development-financing engagements take place on the sidelines of the gathering.

“Presidential absence on the global stage has consequences. UNGA is not merely a ceremonial gathering or an annual photo opportunity,” he said.

“Its side-lines are where leaders hold decisive bilateral meetings, court investors, negotiate trade partnerships, mobilise development finance and make the case for their countries.”

The former vice president said Nigeria could lose investment and other economic opportunities as a result of the president’s continued absence.

“When a president makes himself absent from that stage for three consecutive years, his country loses opportunities. Investment does not follow silence. International capital does not pursue a country whose leader repeatedly abandons the room in which consequential economic relationships are being built,” Atiku said.

He linked the issue to investment, employment and capital inflows, arguing that reduced investment could increase pressure on the naira and contribute to higher costs for Nigerians.

“The cost is eventually transferred to ordinary citizens: fewer investments mean fewer businesses and fewer jobs. Reduced capital inflows place additional pressure on the local currency,” he said.

“A weaker naira raises the cost of imports, production, transportation and food. These are among the economic pressures now punishing Nigerian families through the worst cost-of-living crisis in living memory.”

Atiku concluded by saying that while the president could regard attendance at UNGA as a matter of personal prerogative, Nigeria would ultimately bear the consequences of the decision.

“Tinubu may consider attending UNGA a matter of personal prerogative, but the economic and diplomatic consequences of his absence are being paid by Nigerians. A President may surrender his seat, but a nation cannot escape the bill,” he said.

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Tinubu Reacts as Former Kogi Governor Ibrahim Idris Dies at 77

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President Bola Ahmed Tinubu has reacted to the death of former Kogi State Governor, Alhaji Ibrahim Idris, who died on Sunday at the age of 77.

Tinubu expressed deep sorrow over the former governor’s death and extended his heartfelt condolences to the Idris family, the government and people of Kogi State, as well as his friends, associates and political colleagues.

The President’s reaction was contained in a statement issued on Monday, September 21, 2026, by his Special Adviser on Information and Strategy, Bayo Onanuga.

SEE MORE: Tinubu Sets October 1 Deadline for Lower Transport Fares Nationwide

Tinubu described Idris’ death as a significant loss to Kogi State and Nigeria, noting that the former governor devoted a substantial part of his life to public service and the development of the state.

Ibrahim Idris served as Governor of Kogi State from 2003 to 2011.

According to the President, Idris’ administration recorded interventions in infrastructure, education, healthcare and other critical sectors.

Tinubu also acknowledged the late former governor’s contributions to Nigeria’s democratic development and his many years of engagement in public affairs.

The President said: “Alhaji Ibrahim Idris was a committed public servant whose years in office formed an important chapter in the political and developmental history of Kogi State.

“His passing is a painful loss to his family, Kogi State and Nigeria. At this difficult moment, we must remember and honour his contributions to the growth of his state and our nation.

“I extend my deepest condolences to his family and the people of Kogi State. May Almighty Allah forgive his shortcomings, accept his good deeds and grant him Aljannah Firdaus.”

Tinubu further prayed that Almighty Allah would grant the deceased’s family the strength and fortitude to bear the loss.

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