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Presidency Replies New York Times Article, Says Tinubu Didn’t Create Current Economic Problems

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Nigeria’s current economic issues, according to the presidency, are not President Bola Tinubu’s fault.

Bayo Onanuga, the president’s special adviser on information and strategy, claimed that Tinubu inherited the country’s economic woes in a statement released on Sunday in response to a New York Times article titled “Nigeria Confronts Its Worst Economic Crisis in a Generation.”

According to Onanuga, the report mirrored “the conventional predetermined, reductionist, disparaging, and dehumanising way foreign media establishments covered African countries for a number of decades.”

The spokesperson claimed that the publication only highlighted the negative experiences of some Nigerians during the previous year’s inflationary spiral and placed all the blame on Tinubu’s administration’s policies. The publication made no mention of the economy’s positive aspects.

“The report, based on several interviews, is at best jaundiced, all gloom and doom, as it never mentioned the positive aspects of the same economy as well as the ameliorative policies being implemented by the central and state governments,” Onanuga said.

“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.”

Defending the decision to remove the petrol subsidy, Onanuga said it 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.

He said the Nigerian National Petroleum Company (NNPC) Limited, the sole importer of petrol, 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 spokesperson said.

“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.”

According to Onanuga, to deal with the cancer of public finance on the first day, Tinubu had to end the subsidy regime and the “generosity that spread to neighbouring countries”.

Onanuga also added that the government was also subsidising the exchange rate as it was with oil in a bid to defend the naira against the “unquenchable demand” for the dollar.

The spokesperson said the Central Bank of Nigeria (CBN) spent an estimated $1.5 billion monthly to defend the local currency against the American greenback.

He said subsidising the exchange rate encouraged arbitrage as the gap between the official and parallel markets’ rates widened, and at the same time, the country was unable to fulfil its remittance obligations to airlines and other foreign businesses.

“Like oil, the exchange rate was also being subsidised 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,” he said.

“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.”

He said the president’s administration also floated the naira to deal with the cancer of public finance.

However, Onanuga said stability is being restored in the foreign exchange markets since the naira depreciated to an all-time low of N1,900/$, although he acknowledged there are still 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,” added.

He also said the economy recorded a trade surplus of N6.52 trillion in the first quarter (Q1) of 2024, against a deficit of N1.4 trillion in Q4 of 2023.

Highlighting other positives from the reforms within Tinubu’s first year, Onanuga said 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,” the spokesperson said.

“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.”

Onanuga said the inflationary rate is slowing down according to the National Bureau of Statistics (NBS) data 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,” he said.

“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.”

According to the special adviser, with all the plans being executed, inflation, especially food inflation, will soon be tamed.

Onanuga said Nigeria is not the only country in the world facing a rising cost of living crisis, adding that the United States is also experiencing a similar situation, “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,” he said.

Onanuga said Nigeria faced economic difficulties in the past, and just as the country overcame them, the present difficulties will soon be quelled.

BIG STORY

FG Airlifts Fourth Batch of Nigerians From South Africa, Last Evacuation Flight Set for Next Week [PHOTOS]

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The federal government’s fourth evacuation flight from South Africa has arrived at the Murtala Mohammed International Airport, Lagos.

The Air Peace flight arrived last night with 282 returnees. This brings the total number of Nigerians repatriated from South Africa since the evacuation flights began on June 11 to 1,141.

Over 1,000 Nigerians were said to have indicated interest to return.

Last week, ahead of Thursday’s flight arrival, Bianca Odumegwu-Ojukwu, minister of foreign affairs, asked Nigerians to take advantage of the ongoing exercise to return home.

Odumegwu-Ojukwu’s call came as two more Nigerians were reported dead in South Africa, bringing the official death toll of Nigerian citizens in the country since the xenophobic violence started to four. Some repatriated Nigerians have alleged that the figures are higher.

South African rights groups had set an unofficial June 30 deadline for undocumented migrants to leave the country, but repatriation flights have continued.

Odumegwu-Ojukwu assured that the federal government would ensure that no citizen who expressed interest to return home would be left behind.

Kimiebi Ebienfa, foreign ministry spokesperson, said the fifth flight will arrive in Nigeria next week.

It would be the government’s final flight.

 

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Nigeria Tightens Visa Process, Orders US Applicants to Apply Directly at Embassy

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Travellers in the United States who require Nigerian visas will now submit their applications directly to the Nigerian embassy and consulates after the Nigeria Immigration Service (NIS) disengaged its third-party visa application service provider.

Previously, Online Integrated Solution (OIS SERVICES) functioned as the operator of Nigeria’s visa application and submission centres in the US.

However, a statement issued Thursday by Akinsola Akinlabi, NIS public relations officer, said the operator has been disengaged effective immediately. Akinlabi did not state why.

“Travellers seeking Nigerian visas are now required to submit their applications directly at the embassy of Nigeria in Washington, DC, or at the consulates of Nigeria in New York and Atlanta until further notice,” Akinlabi said.

He conveyed the NIS’ assurance that the embassy and consulates have put adequate measures in place to ensure seamless submission, processing, and issuance of visas.

The immigration official noted that applicants are further advised to monitor the official communication channels of the NIS and the Nigerian mission in the US for updates on visa application procedures.

He added that the NIS remains committed to providing efficient service delivery.

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US Publishes Names, Photos of 124 Nigerians to Be Deported for Crimes [Full List]

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The United States has announced an updated deportation list featuring 124 Nigerians.

This was disclosed in a statement on the website of the Department of Homeland Security on Wednesday.

The DHS claimed that these individuals have been placed on what it described as its “worst-of-the-worst” criminal register.

While the names and photos have been made public, the timeline for deportations remains undisclosed.

However, the US immigration authorities explained that the deportations are part of ongoing immigration enforcement, stressing that those listed were convicted of serious crimes, but declined to provide details about the offences or when deportations would take place.

The statement read, “The U.S. Department of Homeland Security is highlighting the worst of worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement (ICE).

“Under DHS leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations – starting with the worst of the worst – including the illegal aliens you see here.”

The website then listed, “Sunday Adediora, Sunday Kunkushi, Mkpouto Etukudoh, Marcus Unigwe, Olaniyi Ojikutu, Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, Oriyomi Aloba.”

Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay, Joseph Ogbara, Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi and Omotayo Akinto.

“Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonye Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, Henry Idiagbonya, Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba and Akeem Adeleke.

“Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.”

The latest action is part of the sweeping immigration enforcement measures introduced by the administration of US President Donald Trump after his return to office on January 20, 2025.

On his first day back in office, Trump signed a series of executive orders declaring illegal immigration a national emergency and directing federal agencies to intensify border security and accelerate the removal of undocumented migrants.

One of the orders, titled Protecting the American People Against Invasion, instructed immigration authorities to prioritise the arrest and deportation of removable migrants, particularly those considered threats to public safety and national security.

Defending the policy, the DHS said the administration was delivering on Trump’s campaign promise to carry out mass deportations, beginning with what it described as the “worst of the worst” criminal offenders.

The department said officers of the US Immigration and Customs Enforcement had been directed to intensify operations nationwide against non-citizens convicted of serious crimes.

White House Press Secretary Karoline Leavitt has also defended the crackdown, saying the administration remained committed to enforcing immigration laws and removing undocumented immigrants with criminal records in line with President Trump’s immigration agenda.

Official US immigration data indicate that Guatemala has recorded the highest number of deportees since the renewed crackdown began, followed by Honduras, Mexico and El Salvador, reflecting the administration’s focus on migrants from Latin America.

The US has also expanded deportation flights to countries across Africa, Asia and the Caribbean as enforcement operations continue.

Nigeria has also come under increased scrutiny by the Trump administration. In June, Washington imposed partial visa restrictions on Nigerian citizens, citing concerns over identity management, information sharing, visa overstay rates and security screening.

See pictures and offences of the victims below:

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