Nigeria Presidency defends economic performance against media criticism

The Nigerian Presidency has accused media commentators and television presenters of promoting false narratives pushed by opposition parties regarding the nation's economy. Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, stated that staple food prices are declining, specifically noting that the price of a bag of rice has dropped from N120,000 to below N50,000.

Onanuga further claimed that Nigeria’s external reserves are approaching $60 billion and that Foreign Direct Investment (FDI) is increasing. He argued that these developments, along with improved access to foreign exchange for importers and the ability to use Naira-denominated cards abroad, demonstrate significant economic progress since Tinubu assumed office in 2023. The aide also cited the support of 33 state governors as evidence of confidence in the administration's economic direction.