NEWS
JUST IN: Presidency Shreds New York Times’ Nigeria’s Worst Economic Crisis Report
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.”
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has invited global investors to participate in the bid for the 2026 Licensing Round, which has 40 oil and gas blocks on offer.
The Commission Chief Executive, Oritsemeyiwa Eyesan, informed investors at the 2026 ADIPEC Exhibition and Conference in Abu Dhabi on Monday, November 2, 2026 that Nigeria offers a stable climate amid global energy tensions.
She urged investors to look to Nigeria and take advantage of the opportunities and revealed that the licensing round portal will officially open on November 20, 2026.
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The NUPRC boss said this during a roundtable discussion titled, ‘Energy Sovereignty in an Interconnected World: Aligning National Priorities, Markets and Global Security’.
She said, “We are expecting investors to turn to Nigeria. We are going into another licensing round, and we will launch our bid portal on November 20. We expect to see interested investors because the environment is a lot more competitive.
“We have set a very attractive fiscal framework for investors. The overall environment is much more secure. We have been able to manage costs with a lot of incentives for investors, and we expect to see investors take up the offer when we open the portal.”
The NUPRC boss noted that since the passing of the Petroleum Industry Act in 2021, as well as the executive orders signed by President Bola Tinubu, Nigeria has seen an improved investment climate.
Eyesan said that between 2021 and 2026, the NUPRC held at least four successful licensing rounds, which brought more investment into the country.
This marks a departure from the pre-PIA era, when licensing rounds were less frequent.
The CCE said Nigeria has huge energy potential, as it sits on 215 TCF of gas, but daily production is barely 7 bcf.
This presents an opportunity to investors, especially as key gas infrastructure, such as pipelines, is being built, she said. The stars are already aligned. For gas infrastructure, we just completed very major infrastructure projects that will unlock gas supply in the country and the sub-region.”
We have two major projects on the drawing board to move gas through the Nigeria-Morocco Atlantic Gas Pipeline and the Trans-Sahara Gas Pipeline.
Again, this gas will go to Europe and will also meet regional demand. So, Nigeria is positioned to meet not just domestic supply,” the CCE stated.
Eyesan maintained that as many countries discover petroleum resources, the race for investment has become more competitive.
She said Nigeria was already ahead of the game, as it had made certain modifications to attract the right capital.
“We understand that investors will prize execution risk, cost, delays and also uncertainty, and so what we have done in Nigeria is to ensure that we guard against these risks and then attract the investment required to enable us to unlock the huge resources we sit on,” the NUPRC boss said.
President Bola Ahmed Tinubu has described his emergence as Nigeria’s President as a special favour from Almighty Allah, saying his position as Commander-in-Chief of the Armed Forces is a privilege that must be matched with dedicated service to the country.
Tinubu made the remarks while reflecting on his spiritual journey to Saudi Arabia for the lesser Hajj (Umrah), during which he was granted access to pray inside the Holy Ka’abah in Makkah.
The President expressed gratitude to Saudi Arabia’s King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman for granting him and members of his Nigerian delegation the rare privilege.
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Speaking after the spiritual exercise, Tinubu said his emergence as Nigeria’s leader was an extraordinary blessing, considering the millions of people in the country.
“I have faith in that, and I believe extremely well that He has done me and my country a great favour. Out of many millions of people, to be the President and Commander-in-Chief is a favour that only Almighty God can do to a human being,” he said.
The President also disclosed that he used the opportunity to pray for wisdom and resilience to continue serving Nigerians, expressing confidence that his prayers had been answered.
“Well, I asked for wisdom and resilience to continue to serve the people. I know that prayer has been granted,” Tinubu said.
Recalling his previous Umrah pilgrimage before the 2023 presidential election, he said he had asked Allah to bless the journey and promised to return to express gratitude.
Tinubu also reflected on the message in Surah Aal-Imran, Verse 26 of the Holy Qur’an, which establishes Allah as the ultimate owner of sovereignty and authority, with the power to give and take leadership.
He said the message reinforces the need for those entrusted with positions of authority to exercise power responsibly, with humility and in the interest of the people.
“There is no other God but Almighty Allah. He is the giver and the taker. He owns power and authority,” the President said.
He reaffirmed his commitment to building a prosperous Nigeria, investing in the future of young Nigerians and pursuing development in line with the aspirations of the people.
Tinubu described the opportunity to enter the Holy Ka’abah as a historic and deeply cherished spiritual experience, adding that it reflected the longstanding friendship and cooperation between Nigeria and Saudi Arabia.
The Ogun State Police Command has received three major honours at the Nigeria Union of Journalists (NUJ), Ogun State Council’s Golden Jubilee Press Week, with Commissioner of Police Bode Ojajuni named a Golden Jubilee Ambassador.
The Command received the Shield of Public Safety Award, while its Police Public Relations Officer, DSP Oluseyi Babaseyi, was presented with the Vanguard of Public Safety Award.
The recognition formed part of activities marking the 50th anniversary of the NUJ in Ogun State, which coincides with the state’s 50th anniversary.
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According to a statement released on Monday, November 2, 2026, by the Command’s spokesperson, DSP Babaseyi, the awards recognised the Command’s commitment to public safety, proactive policing and effective engagement with the media.
The Golden Jubilee Press Week, held from October 26 to November 1, 2026, was themed, “Truth, Trust and the Press: Protecting Democratic Choice and Rebuilding Public Confidence in Journalism.”
Ojajuni also participated in a panel session during the celebration, where he urged journalists to uphold truth, professional ethics and patriotism, stressing the importance of responsible journalism to national development and public confidence in public institutions.
While receiving the Shield of Public Safety Award, the police commissioner attributed the Command’s achievements, particularly the impact of Operation KOSAYE, to the strategic direction of the Inspector-General of Police, IGP Olatunji Rilwan Disu, under the Handshake Patrol initiative.
He explained that the operation was carried out on the directive of the IGP through collaboration between the Ogun and Lagos State Police Commands, with support from the governors of both states.
According to him, the initiative strengthened security cooperation between the two states and improved coordinated efforts to prevent and combat criminal activities.
Ojajuni was also named among 50 distinguished personalities recognised as Golden Jubilee Ambassadors.
The honour reflects his leadership and previous contributions to policing in Ogun State, where he served as Deputy Commissioner of Police in charge of the State Criminal Investigation Department and Squadron Commander of the 16 Police Mobile Force, Abeokuta, before becoming commissioner.
Similarly, Babaseyi received the Vanguard of Public Safety Award in recognition of his contributions to police-public communication, media engagement and public safety advocacy.
The commissioner dedicated the honours to the Inspector-General of Police and officers of the Nigeria Police Force, acknowledging their commitment and sacrifices in protecting lives and property.
The Command also commended the NUJ Ogun State Council, led by its chairman, Comrade Wale Olanrewaju, for the recognition and its role in promoting constructive engagement between journalists and security institutions.
It reaffirmed its commitment to strengthening its relationship with the media, noting that effective policing depends not only on operational deployment but also on public trust, timely information and stakeholder engagement.
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