The Presidency has condemned a report by a United States-based newspaper, New York Times, on the economic policies of President Bola Tinubu’s administration.

The New York Times, in a feature story published on June 11, 2024, said Nigerians have been facing economic hardship over the policies of Tinubu’s administration which came into power on May 29, 2023.

Reacting via a statement on Sunday, June 16, the Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga, described the report published by New York Times as jaundiced, saying it failed to mention the positive aspects of Nigeria’s economy as well as the ameliorative policies being implemented by the central and state governments.

Onangu said Tinubu did not create the economic problems Nigeria faces today, noting that the president inherited them.

He stated: “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.

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“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.”

The presidential spokesman stressed that Nigeria’s inflation, especially food inflation, would soon be tamed, with the execution of all the plans by Tinubu’s government.

Onanuga added: “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 Star