The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the administration’s economic policies, insisting that Nigeria has made significant progress since Tinubu assumed office in May 2023.
Onanuga made the remarks in a statement shared on his official X account on Friday, October 16, 2026, while reacting to an interview aired on Arise News, where presenters questioned whether Nigerians were experiencing meaningful improvements under the current administration.
The presidential aide rejected suggestions that the country’s economic situation had deteriorated, arguing that developments in food prices, foreign exchange availability, external reserves and investment demonstrated the impact of the government’s reforms.
Rice Prices Have Declined, Onanuga Claims
Onanuga challenged critics to visit markets and assess changes in food prices, citing the cost of rice as an example of the reported decline in commodity prices.
According to him, a bag of rice that previously sold for as much as ₦120,000 now costs less than ₦50,000 in some locations. He added that the same commodity sold for approximately ₦45,000 in his hometown.
He argued that these changes contradicted claims that Nigerians had yet to experience any positive economic developments under Tinubu.
The presidential aide also defended figures published by the National Bureau of Statistics (NBS), which showed that Nigeria’s headline inflation rate declined to 14.63 per cent in September 2026 from 15.39 per cent in August.
He criticised commentators who questioned the inflation figures, urging them to consider the available economic data alongside developments in local markets.
Foreign Reserves and Forex Access
Onanuga also cited Nigeria’s foreign reserves, which he said were approaching $60bn, as evidence of progress under the Tinubu administration.
He maintained that businesses could now access foreign exchange more easily to import raw materials, machinery and other equipment required for their operations.
The presidential aide further stated that Nigerians could use their naira-denominated bank cards for international transactions, describing the development as an improvement compared with conditions before Tinubu took office.
He argued that greater foreign exchange availability was helping businesses plan their operations and conduct international trade.
Government Defends Return of Foreign Investors
Addressing questions about foreign investment, Onanuga disputed suggestions that investors returning to Nigeria were primarily portfolio investors operating in the financial markets.
He argued that foreign direct investors were also bringing capital into the country, supporting business expansion and creating employment opportunities.
The presidential aide added that Nigerian investors accounted for nearly 90 per cent of participation in the domestic stock market, using the figure to argue that local investors remained important participants in the country’s financial system.
He maintained that the administration’s economic reforms had established a foundation for further growth and shared prosperity.
Onanuga Cites Governors’ Support for Tinubu
The presidential aide also referred to the support expressed by 33 state governors for Tinubu, arguing that their position reflected confidence in the President’s leadership.
He accused some critics of allowing political differences to influence their assessment of the administration’s performance.
Onanuga maintained that the government’s reforms were producing measurable results and urged commentators to assess the available evidence rather than dismissing the administration’s achievements.
The remarks come amid continued public debate over the effects of economic reforms introduced since 2023, including changes to fuel subsidies and foreign exchange management.
Although official data show that headline inflation has declined, the extent to which households are experiencing relief depends on actual prices, incomes and the cost of essential goods and services. A lower inflation rate means prices are rising more slowly overall; it does not necessarily mean that the general cost of living has returned to previous levels.
Onanuga’s comments therefore reflect the Presidency’s position that economic indicators are improving, while the broader debate continues over how those changes are affecting ordinary Nigerians.
