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Tinubu didn’t create current economic problems, Presidency replies New York Times
Tinubu didn’t create current economic problems, Presidency replies New York Times
The presidency has declared that the present economic crisis being experienced by Nigerians was caused by the previous administration and not the present government.
Bayo Onanuga, Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, reacted Sunday in a statement to a piece on the Nigerian economy titled ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’ published by the New York Times.
He said the article was not only predetermined but a “reductionist, derogatory, and denigrating way foreign media establishments reported African countries for several decades.”
In trying to put the report in perspective, the presidency said, “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,” adding that, “The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela.”
Onanuga noted that the above scenario 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.”
The presidential aide said: “For decades, Nigeria had maintained a fuel subsidy regime that 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.
“The state oil firm, NNPC, the sole importer, 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 budget itself had a striking feature: it planned to spend 97 percent of revenue servicing debt, with little left for recurrent or capital expenditure.”
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The presidency disclosed that the previous administration had resorted to massive borrowing to cover such costs. “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.
“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,” it said.
It added that President Tinubu had to deal with the “cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.
“After some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability is being restored, though there remain some 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.
“The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. 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. 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.”
The presidency also stated that inflationary rate is slowing down, as shown in the figures released by the National Bureau of Statistics for April, adding that, “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.”
Tinubu didn’t create current economic problems, Presidency replies New York Times
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World Bank Deletes Nigeria Development Update Report Days After Release
World Bank Deletes Nigeria Development Update Report Days After Release
The World Bank has removed its latest Nigeria Development Update (NDU) report from its official website, just three days after its publication, raising concerns over the reasons behind the sudden action.
The report, titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” was released on April 7, 2026, but the document link is no longer accessible, returning a “page not found” error when users attempt to download it.
Despite the removal, the accompanying press statement remains available, outlining key findings on Nigeria’s economic performance and policy outlook.
In the now-withdrawn report, the World Bank said Nigeria’s economy recorded 4 percent growth in 2025, with inflation dropping significantly to 15.1 percent in February 2026 from 26.3 percent recorded in the same period a year earlier. The improvement was attributed to tighter monetary policies and better food supply conditions.
The report also highlighted that Nigeria’s macroeconomic environment has strengthened following recent stabilisation reforms, noting improvements in key indicators and steady expansion across major sectors of the economy.
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Early data for 2026, according to the report, suggested that growth momentum had been sustained, although global tensions posed a mild drag on economic activity.
A major focus of the publication was early childhood development, which the World Bank described as critical to Nigeria’s long-term growth. It stressed that stronger investment in human capital is essential for translating macroeconomic gains into job creation, poverty reduction, and improved living standards.
The report painted a worrying picture of child welfare in the country, revealing that more than 110 out of every 1,000 children die before the age of five, while many others fail to meet basic developmental milestones due to poor nutrition, limited access to healthcare, and inadequate early education.
It warned that without urgent intervention, Nigeria risks missing out on the demographic dividend expected from its young population.
In addition, the report reportedly addressed ongoing structural reforms, including exchange rate unification, fiscal adjustments, and subsidy removals, noting that while these measures have helped stabilise the economy, their full benefits will depend on sustained implementation and targeted social support for vulnerable households.
However, parts of the report—particularly policy recommendations around the downstream petroleum sector—have drawn attention. The World Bank was said to have advised that Nigeria may need to continue importing petrol (PMS) in the short term to ensure supply stability while transitioning to a fully liberalised and competitive market.
The recommendation comes amid ongoing reforms in Nigeria’s oil and gas sector and has been viewed by some analysts as sensitive, given the country’s push for domestic refining capacity.
In a subsequent clarification following reactions, the World Bank emphasised that its recommendations should be seen within the broader context of energy security, market stability, and global supply uncertainties, rather than as a fixed policy directive.
The NDU is a bi-annual flagship report that evaluates Nigeria’s economic and social developments and provides policy guidance for sustainable growth.
As of the time of filing this report, the World Bank has not issued an official explanation for the removal of the April 2026 edition, fuelling speculation that the document may be undergoing revisions or internal review.
Economists say the development highlights the sensitivity of reform-related recommendations in Nigeria’s current economic climate, particularly those touching on fuel policy and social welfare, as the country navigates a delicate recovery path.
World Bank Deletes Nigeria Development Update Report Days After Release
News
Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project
Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project
President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to delivering stable electricity capable of driving economic growth, industrialisation, and national development, saying ongoing reforms in the power sector will soon yield tangible results.
Tinubu made the remarks in Bayelsa State during the commissioning of major infrastructure projects executed by the state government, including a 60-megawatt Independent Power Project (IPP) located at Elebele in Ogbia Local Government Area.
He described the power project as a “significant step” toward strengthening energy security and subnational electricity generation, noting that no meaningful industrialisation or job creation can happen without reliable power supply.
“There can be no industrialisation, skill development and empowerment without power. I assure Nigerians that we will have electricity to power our growth,” the President said.
The IPP, powered by gas turbines, is expected to supply electricity to Yenagoa and surrounding communities, reducing dependence on the national grid and improving power reliability for households and businesses.
Alongside the power project, Tinubu also commissioned several key infrastructure projects, including the 27-kilometre dualised New Yenagoa City Road 1, the 630-metre Angiama–Oporoma Bridge, and the Sagbama/Ekeremor Road, all aimed at improving connectivity and boosting economic activity across Bayelsa State.
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He praised the state government led by Governor Douye Diri for what he described as “purposeful and progressive leadership,” adding that collaboration between federal and state governments remains essential for sustainable development.
“Development advances further and faster when the federal and state governments work in partnership toward a shared purpose,” Tinubu said.
The President also used the occasion to observe a minute’s silence in honour of soldiers killed in a recent terrorist attack on a military base in Borno State, reaffirming his administration’s commitment to defeating terrorism and banditry across the country.
“We will continue to equip and train our armed forces. We will defeat terrorism and banditry, regardless of their shenanigans,” he assured.
Tinubu further acknowledged the economic challenges facing Nigerians, including rising living costs linked to global energy disruptions, but insisted that government interventions are being implemented to ease hardship and support vulnerable citizens.
“We will continue to find ways to ameliorate the suffering of the vulnerable. This is a government that cares,” he said.
At the event, Tinubu also commended former President Goodluck Jonathan, describing him as “one of the most humble and reliable democrats on the continent,” while praising ongoing development efforts in Bayelsa State.
Governor Diri, in his remarks, appealed for federal refunds on projects executed on federal roads by the state government and highlighted ongoing infrastructure efforts under his “Assured Prosperity” agenda, including roads, bridges, civic buildings, and sports facilities.
He described the newly commissioned Yenagoa–Oporoma–Ukubie road as a transformative project that has ended years of isolation for several riverine communities in Southern Ijaw.
The Bayelsa IPP is expected to enhance power supply stability, attract investment, support SMEs, and stimulate economic diversification in the oil-rich state.
The commissioning ceremony was attended by several top political figures, including Senate President Godswill Akpabio, governors from multiple states, senior federal officials, and traditional leaders, reflecting the national significance of the projects.
Residents reportedly thronged the project sites in celebration, cheering and dancing as the President arrived at the Bayelsa International Airport aboard the presidential jet.
Tinubu concluded by expressing optimism about Nigeria’s future, saying: “Nigeria will be great, and we will succeed.”
Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project
News
US Embassy Suspends Abuja Visa Appointments Over Security Concerns
US Embassy Suspends Abuja Visa Appointments Over Security Concerns
The United States Embassy in Nigeria has suspended visa appointments in Abuja following heightened security concerns, a move that has disrupted travel plans for hundreds of applicants in Abuja.
In an official notice released via its communication channels, the embassy confirmed that all visa interviews in Abuja have been cancelled until further notice, urging affected applicants to check their emails for updates on rescheduled appointments.
“U.S. Embassy Abuja is closed for visa appointments. Applicants should check their email for details on rescheduled appointments,” the statement read. It added that visa services in Lagos remain operational at the United States Consulate General Lagos, providing an alternative for applicants who can access the facility.
The embassy further clarified that American citizen services in Abuja will continue only in emergency situations and strictly by appointment, indicating a temporary scale-down of operations in the capital.
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The suspension follows a recent directive by the United States Department of State authorising the departure of non-essential staff and their families from Abuja, citing a deteriorating security situation in Nigeria.
An updated U.S. travel advisory has also placed Nigeria under a “Level 3: Reconsider Travel” status, warning of persistent threats including terrorism, kidnapping, crime, and civil unrest. Several states have been categorised under the stricter “Level 4: Do Not Travel” advisory due to high-risk security conditions.
States listed include Borno State, Yobe State, Taraba State, Niger State, Plateau State, and parts of Adamawa State, where threats linked to terrorism and kidnapping remain high. Other states such as Kaduna State, Katsina State, Zamfara State, and Sokoto State were also flagged over insecurity concerns.
The advisory has triggered reactions from the Federal Government of Nigeria, which described the assessment as “unbalanced” and not fully reflective of ongoing efforts to address insecurity nationwide. Authorities warned that such reports could negatively impact Nigeria’s global image and economic activities.
Despite the disruption in Abuja, visa processing and consular services continue in Lagos, offering a temporary alternative for applicants. However, the development is expected to cause delays in visa processing, particularly for students, business travellers, and individuals with urgent travel needs.
The US Embassy visa suspension in Abuja highlights the broader impact of security challenges on diplomatic operations and international travel, as uncertainty remains over when normal services will resume in the capital.
US Embassy Suspends Abuja Visa Appointments Over Security Concerns
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