ABUJA — As President Bola Ahmed Tinubu marks the third anniversary of his inauguration, his Special Adviser on Information and Strategy, Bayo Onanuga, has launched a robust defense of the administration’s economic track record. In a detailed opinion piece, Onanuga described the President as a leader who deliberately "took the bullets" of harsh economic reforms to avert a total national fiscal collapse.

Inherited Challenges and "Painful" Reforms

Reflecting on the state of the nation when President Tinubu took office on May 29, 2023, Onanuga highlighted the dire conditions the administration inherited, including:

      • A fuel subsidy regime deemed unsustainable.

      • Pervasive petrol scarcity.

      • Distorting multiple exchange rates.

      • Low revenue generation and staggering debt-servicing costs.

Onanuga argued that the controversial removal of the petrol subsidy and the floating of the naira were "painful but necessary" measures. He credited these decisions with preventing an economic disaster and significantly boosting the financial health of the country's sub-national governments.

The "Tinubu Effect" on States

A central pillar of Onanuga’s argument is that state and local governments have seen their fortunes transformed by increased monthly allocations from the Federation Account. He claimed that governors across political divides including those from the opposition PDP have publicly acknowledged the impact of these federal policies.

"In every state I have visited, I have seen this development," Onanuga wrote. He cited examples in Ogun, Oyo, Nasarawa, Enugu, Ebonyi, Kaduna, Kano, Kebbi, and Katsina, where he asserted that development projects have "sprung up" due to federal re-engineering. He specifically pointed to governors like AbdulRahman AbdulRazaq (Kwara), Francis Nwifuru (Ebonyi), and Peter Mbah (Enugu) as evidence of the "Naira rain" providing the fiscal space for local governance.

Economic and Infrastructure Milestones

The presidential aide provided a series of metrics to support the administration’s performance:

      • Stock Market Growth: Noting that the All-Share Index surged from ~53,000 points in May 2023 to ~250,000 points, with market capitalization rising from N30 trillion to N160 trillion.

      • Ambitious Infrastructure: He highlighted the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway as some of the most ambitious road projects in Nigeria's history.

      • Social and Sectoral Reforms: Mentioned advancements in the student loan scheme (NELFUND), consumer credit (CREDICORP), and ongoing efforts to stabilize electricity grid performance.

Addressing Security Concerns

While acknowledging that insecurity specifically the activities of bandits and terrorists remains a critical challenge, Onanuga maintained that the administration is "willing to take additional bullets" to ensure the safety of Nigerians. He noted that the government is actively upgrading the military’s equipment and fostering international cooperation to combat these threats.

Onanuga concluded his piece with a bold prediction: that history will look back on the Tinubu administration as a transformative era characterized by "historic reforms" that were essential to repositioning Nigeria for future growth.