The Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, Bayo Onanuga, has defended the administration’s economic reforms, saying the President “took the bullets” necessary to prevent Nigeria from sliding into fiscal collapse.
Mr Onanuga made the remarks in an opinion article titled “Bola Tinubu: the man who took the bullet for Nigeria to survive,” released on Friday as the President marked his third year in office.
President Tinubu, who was sworn in on 29 May 2023, after winning the presidential election, completed three years in office amid continuing national debate over the impact of his economic policies.
“Tinubu took the bullets” — Onanuga
According to Mr Onanuga, the administration inherited a fragile economy plagued by fuel scarcity, multiple exchange rates, low government revenue, rising debt servicing obligations, and an unsustainable fuel subsidy regime.
He argued that the immediate removal of fuel subsidy and the floating of the naira were difficult but necessary decisions aimed at stabilising the economy.
“The man who has taken the bullets to make Nigeria survive a fiscal disaster is even more willing to take additional bullets to make all Nigerians safe,” Mr Onanuga stated.
He maintained that the reforms significantly increased allocations to states and local governments, allowing governors to execute projects and meet salary obligations.
Presidential aide highlights state projects
Mr Onanuga cited several states including Ogun, Oyo, Nasarawa, Enugu, Ebonyi, Kaduna, Kano, Kebbi and Katsina as beneficiaries of increased federal allocations under the current administration.
According to him, more development projects are now being executed because of the restructuring of federation finances.
“When local councils begin to receive their allocations directly from the Federation Account, the Tinubu effect will ensure that more governance cascades down to the 774 local councils,” he said.
He also referenced comments made by governors such as AbdulRahman AbdulRazaq, Francis Nwifuru, Peter Mbah and Abdullahi Sule, who reportedly acknowledged the benefits of the Federal Government’s reforms.
Mr Onanuga claimed some opposition governors who later joined the APC did so because of confidence in the administration’s policies rather than political inducement.
Economic indicators and infrastructure projects
The presidential aide further highlighted what he described as improvements in economic performance since 2023.
He said the Nigerian All-Share Index rose from about 53,000 points in May 2023 to roughly 250,000 points, while market capitalisation increased from ₦30tn to ₦160tn.
Mr Onanuga also pointed to major infrastructure initiatives including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, describing them as some of the most ambitious projects undertaken since Nigeria’s independence.
Other areas highlighted included rail transport expansion, reforms in the oil and gas sector, student loan programmes through NELFUND, and consumer credit schemes under CREDICORP.
Security challenges remain
Despite defending the administration’s record, Mr Onanuga acknowledged that insecurity remains a major concern in parts of the country, especially attacks linked to banditry and terrorism.
He said the Federal Government continues to support security agencies with improved equipment and international partnerships to address the threats.
According to him, history would remember the Tinubu administration for carrying out difficult but transformative reforms aimed at repositioning Nigeria’s economy for long-term growth.
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