Omowunmi Semudara
Mr. Bayo Onanuga, the Special Adviser to the President on Information and Strategy ,has said President Tinubu is on the right track in terms of economy.
He stated this in his response to the criticism of the former Vice President of Nigeria, Atiku Abubakar, where he said the economic policies of President Tinubu, has deepened the hardship of the citizens.
According to the former vice president, multinational companies are leaving the country in droves as Nigerians continue to battle with an escalating high cost of living.
Reacting to Atiku’s statement, Onanuga noted that the President is on the right trajectory, adding that the economic reforms are “clearly positive, realistic and sustainable.”
According to him, the country has been plagued by persistent fiscal deficits, a modest revenue base, significant external and domestic debts, and a formidable burden of debt servicing that has spanned decades.
“The economy was plagued by decades of significant fiscal deficits, a low revenue base, high external and domestic debts, and huge debt service burden.
“The national budget Tinubu met in 2023 showed that 97% of revenue was to be spent on debt servicing, with little reserved for capital, thereby foreclosing growth and jobs.
“Confronted with this grim economic reality, President Tinubu faced a difficult choice of balancing the political and economic costs of reforms against the risks of economic recession. His government chose the former, to keep the economy afloat and set it back on the path of growth and prosperity.” he said.
