The Presidency Defends Economic Policies of Tinubu’s Administration
President Bola Tinubu inherited a struggling economy on May 29, 2023, according to the Presidency in response to a report by the New York Times. The statement emphasized that the policy decisions made, such as floating the naira and removing fuel subsidies, were necessary for the country’s best interest.
The report criticized by the Presidency for being reductionist and negative failed to acknowledge the positive aspects of Nigeria’s economy and the ameliorative policies being implemented. The administration’s aim was to stabilize the economy and avoid a crisis similar to Zimbabwe and Venezuela.
Despite facing challenges like a depreciation in the exchange rate, the Presidency highlighted signs of improvement, including a trade surplus and increased investor interest. Plans are in place to address inflation, particularly food inflation, in the near future.
The statement concluded with a message of optimism, stating that Nigeria had overcome economic difficulties in the past and would do so again. With strategic measures in place, the country is on the path to economic recovery.