The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, has countered criticisms from former Vice President Atiku Abubakar, defending President Bola Tinubu’s economic policies amid concerns raised over the 2023 national budget.
In a statement issued in response to Atiku’s remarks, Onanuga dismissed the claims as “non-factual” and asserted that President Tinubu is steering the nation in the right direction with positive, realistic, and sustainable economic reforms.
Atiku had expressed apprehension about the impact of President Tinubu’s economic strategies, linking the departure of multinational companies from Nigeria and the rising cost of living to these policies. However, Onanuga rebuffed these concerns, emphasizing the administration’s commitment to navigating the intricate economic landscape.
Acknowledging the challenges inherited by the current administration, Onanuga pointed to persistent fiscal deficits, a modest revenue base, and substantial external and domestic debts as significant hurdles.
He highlighted a key revelation from the 2023 national budget, indicating that 97 per cent of the revenue was allocated to debt servicing, leaving limited resources for crucial capital projects.
This allocation, according to Onanuga, constrained the potential for economic growth and job creation.
The special adviser explained the tough decisions faced by President Tinubu in balancing political and economic costs against the looming risks of recession.
In response to the economic challenges, the government chose to prioritize reforms aimed at keeping the economy afloat and redirecting it toward growth and prosperity.
