In response to a recent story by the New York Times, the administration of President Bola Ahmed Tinubu asserted that Nigeria was currently experiencing its worst economic crisis in a century.
In response to the news, the presidency refuted the assertion, claiming that the Tinubu-led administration had inherited a dead economy from the previous administration. The President continued, noting that Tinubu is committed to resolving the economic situation facing the nation.
Punch reports that the President disclosed this information in a statement issued on Sunday by Mr. Bayo Onanuga, Special Advisor to the President on Information and Strategy.
Speaking further, the Presidency stated that President Tinubu was not the cause of the current economic issues facing the nation, pointing out that urgent surgery was required to save the economy from collapsing.
Onanuga continued, stating that between 2005 and 2022, Nigeria maintained a fuel subsidy programme that used more than $84.39 billion in public dollars. She added that President Tinubu had eliminated the programme for the good of the nation.
Furthermore, Onanuga conveyed that Tinubu must tackle the significant problems with state finances right away by ending the fuel subsidy programme and reducing the benefits, which even extended to neighbouring nations.