The Presidency has robustly defended President Bola Ahmed Tinubu’s economic stewardship, declaring that key macro-economic reforms are yielding tangible results marked by falling food prices, expanding external reserves, and a surge in foreign investment.
In a statement released on Friday morning, October 16, 2026, via his verified X (formerly Twitter) account, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, pushed back against opposition critiques and media commentary, arguing that broad political consensus across the nation validates the administration’s progress.
”Thirty-three governors cannot be wrong in casting their support for President Tinubu,” Onanuga stated, highlighting the cross-party endorsement from state executives as proof of the administration’s policy impact on sub-national economies.
Responding to broadcast journalists and opposition figures who allege that little has improved since President Tinubu assumed office in May 2023, the presidential spokesman criticized television anchors for “parroting the old narrative” and dismissing positive data from the National Bureau of Statistics (NBS) indicating receding inflation.
”TV anchors keep pushing the opposition’s narrative that nothing has changed, positively, indeed, massively, since 2023,” Onanuga wrote. “Their position has become so ridiculous that they keep parroting the old narrative, and now they question the NBS data on receding inflation. I will advise them to revisit the markets.”
To back his assertions, Onanuga pointed to sharp price drops in essential commodities, particularly staple grains, across various regional markets.
”Food prices are crashing,” Onanuga declared. “The favourite rice that at a time was selling for N120k a bag has crashed below N50k. In my hometown, a bag now sells for N45K.”
Turning to macroeconomic indicators, the presidential aide outlined improvements in Nigeria’s foreign exchange ecosystem and external reserves. Nigeria’s external reserves are approaching the $60 billion threshold, providing strong backing for foreign exchange liquidity.
Domestic businesses can now seamlessly obtain foreign exchange to import machinery, capital equipment, and raw materials required for industrial manufacturing.
Financial ease has returned for Nigerian consumers and business travelers, enabling the seamless use of local naira cards abroad, a function restricted under previous currency controls.
Addressing critics who dismiss capital inflows as mere short-term portfolio investments, Onanuga emphasized that genuine Foreign Direct Investment (FDI) is flowing into critical sectors.
”These are not just portfolio investments,” Onanuga noted, arguing that capital injection into productive sectors is driving long-term job creation and economic diversification.
He concluded by stressing that the administration’s tough fiscal decisions have established a sustainable economic foundation:
”These facts are clear to anyone not blinded by partisanship and hatred for the leader who has laid a solid foundation for the economy and is poised to take the nation to a higher level of shared prosperity.”
