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The economic hardship in Nigeria were caused by factors present before Tinubu took over - Bayo Onanuga.

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The Economic Hardship In Nigeria Were Caused By Factors Present Before Tinubu Took Over - Bayo Onanuga.

The Special Adviser Information and Strategy to the President, Bayo Onanuga has said the economic hardship Nigerians face today cannot be pointed back to the policies President Bola Ahmed Tinubu made, but as a result of 'prevailing conditions before Tinubu took over'.



Mr. Onanuga who made the statement on his verified X handle while commending the president on his achievements since taking over office said Bola Tinubu is committed to turning the economy round for growth, development and prosperity.


This is as shown in his tweet on X, part of which reads:


"The removal of fuel subsidy and the move to merge foreign exchange rates, two headline reforms introduced by the Tinubu administration since late May, triggered problems such as high fuel prices and the depreciation of the Naira, two monstrosities which combined to cause a general spike in costs of services and goods.




"Today, many Nigerians complain of a rise in the cost of living.




"According to the latest NBS report, Nigeria’s inflation, which rose to 26.7 percent in September, again rose to 28.2% in November from 27.33% in October. Food Inflation remains untamed, rising from 31.52% in October to 32.84% in November 2023.


"To compound the economic problems, few multinational companies such as GlaxoSmithKline, Procter & Gamble have announced their exit from our country, complaining about the difficult operating environment and the scarcity of dollar. 




"The truth is that the new policies alone are not solely responsible for the economic problems we are facing today. We were destined for the tough and rough patch, where we are today because of the prevailing conditions before Tinubu took over on 29 May."


Recall that the former senator and Lagos State governor, Bola Ahmed Tinubu was sworn in as the 16th president of Nigeria on 29th May 2023 after polling the highest number of voters in the just concluded presidential elections. However, with the country facing inflation and economic hardships, many Nigerians seem to be bothered about the state of the nation.


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This post first appeared on MavisBlog, please read the originial post: here

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The economic hardship in Nigeria were caused by factors present before Tinubu took over - Bayo Onanuga.

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