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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.”
Governor Monday Okpebholo of Edo State has insisted that political power in Nigeria will remain unchanged even if insecurity in the country worsens, declaring that the ruling party remains firmly in control ahead of future elections.
Okpebholo made the statement on Tuesday during the flag-off of the All Progressives Congress (APC) campaign for the upcoming local government council elections in Edo South Senatorial District.
The governor said the recent rise in insecurity across parts of the country is being politicised, alleging that some actors are deliberately worsening the situation to discredit President Bola Tinubu’s administration.
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He maintained that such efforts would not succeed in altering the political direction of the country.
“Even if insecurity worsens, power will not change hands. They can even kidnap all of us—there is no vacancy in Aso Rock,” Okpebholo declared.
He further argued that those behind the alleged political manipulation of insecurity have no viable alternative agenda, stressing that violence would only harm ordinary citizens rather than achieve political gain.
The governor also defended the performance of the federal government, noting that key policy decisions, including the removal of fuel subsidy, were beginning to translate into visible development projects across states.
He commended candidates of the All Progressives Congress who emerged from the party primaries for the forthcoming council polls, urging them to take the party’s message of development to grassroots communities.
Okpebholo expressed confidence that the party’s performance at the local government elections would strengthen its position ahead of the 2027 general elections.
The event also featured the official unveiling of APC candidates for various positions in Edo South Senatorial District.
The Senate has raised concerns over the financial operations of the South East Development Commission (SEDC), questioning alleged expenditures including N153 million reportedly spent on renting a single-room liaison office in Abuja.
The matter was raised during an investigative hearing of the Senate Committee on the South East Development Commission, chaired by Senator Orji Uzor Kalu, as lawmakers examined the commission’s 2025 budget implementation and spending records.
The committee disclosed that the SEDC received N16.6 billion in December 2025, with about N13 billion reportedly remaining in its account, suggesting that roughly N3.6 billion had already been expended.
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Lawmakers expressed dissatisfaction with the financial report submitted by the commission, insisting that several figures were unclear and required detailed justification.
A key concern was the alleged N153 million spent on office rent in Abuja, despite the commission’s headquarters being located in Enugu.
Senator Orji Uzor Kalu described the financial submission as unacceptable and demanded proper accountability.
“This committee is disappointed with the financial report presented. It is completely unacceptable,” Kalu said.
Other members of the committee also questioned additional expenditures reflected in the report, including about N2.5 billion described as unclear or insufficiently explained.
Responding to the concerns, the Managing Director and Chief Executive Officer of the SEDC, Mark Okoye, defended the commission’s spending, insisting that all expenditures were carried out prudently and within available resources.
Okoye explained that the commission operates based on actual cash releases rather than full budgeted allocations, noting that this approach helps prevent financial mismanagement.
“For example, having a budget of N140 billion does not automatically mean that N140 billion in cash is available. It would be irresponsible to award contracts worth the entire budget if only N10 billion or N20 billion has actually been released,” he said.
However, the committee was not satisfied with the explanations and directed the commission to submit full documentation of all expenditures, including contract details, payment records, and supporting documents, on or before June 23.
Senator Kalu added that the committee would review the documents before fixing another date for further appearance.
“By the 23rd, we want to have the complete documentation. Once we receive and review the documents, we will determine the date for your next appearance before the committee,” he stated.
The hearing was thereafter adjourned, with lawmakers insisting on full transparency and accountability in the management of public funds allocated to the commission.
The Supreme Council for Shariah in Nigeria has called on the Federal Government to move beyond promises and take urgent, decisive action to address the worsening security crisis across the country.
The Council, in a statement issued by its Secretary-General, Nafiu Baba Ahmad, expressed concern over the persistent wave of killings, kidnappings, banditry and terrorism, saying Nigerians continue to live in fear despite repeated assurances from authorities that security challenges are being tackled.
According to the Council, the security situation has reached an alarming stage, with recent incidents in Borno, Oyo, Niger and Zamfara states underscoring the vulnerability of communities already struggling with years of violence and criminal activities.
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The Council also cited the recent abduction of a retired Army General and his wife in Katsina State, describing it as further evidence of the growing reach of kidnappers and armed gangs across the country.
It noted that many attacks occurring in rural and underserved areas often go unreported, suggesting that the true extent of the crisis may be far greater than official figures indicate.
Citing reports from security monitoring and human rights organisations, the Council said thousands of Nigerians have been killed, displaced or abducted in recent months.
It added that reports indicate more than 1,000 people were kidnapped across northern Nigeria during the first quarter of the year.
Expressing frustration over what it described as a lack of meaningful progress, the Council said repeated appeals by traditional rulers, religious leaders, civil society organisations and concerned citizens for stronger security measures have yet to produce significant results.
“Nigerians are tired of speeches, promises, condolences, committees and official rhetoric that are not matched by concrete action and measurable outcomes. What the nation requires now is decisive intervention and visible results,” the statement read.
The Council reminded the Federal Government that the protection of lives and property remains one of its core constitutional responsibilities, stressing that no administration can be considered successful while citizens continue to face threats from criminal elements.
While acknowledging the sacrifices and commitment of military personnel and other security operatives, the Council said its criticism was directed at broader leadership and strategic shortcomings in the fight against insecurity.
It also called for greater transparency and accountability in the management of public funds allocated to the security sector, insisting that citizens deserve to know how resources earmarked for defence and intelligence operations are being utilised.
The Council further urged the government to embrace innovative and proactive measures, including improved intelligence gathering, deployment of modern technology, stronger collaboration among security agencies, enhanced community participation and tighter border security.
Warning against complacency, the Council said Nigerians are expecting competent leadership, concrete action and measurable progress in restoring peace and security across the country.
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