News
Presidency clears misconceptions on New York Times report on Nigeria
Mr Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, yesterday, reacted to a recent report published in New York Times on Nigeria’s economy.
He said Ruth Maclean and Ismail Auwal’s feature story titled, ‘Nigeria Confronts Its Worst Economic Crisis in a Generation,’ published on June 11, appeared typically predetermined and followed the usually denigrating way foreign media establishments reported African countries for several decades.
He said that because of the misleading slant of the report, there was need to clear up some misconceptions conveyed by the reporters as regards the economic policies of the Tinubu administration that came into power at the end of May 2023.
“Most significant about the report was that it painted the dire experiences of some Nigerians amid the inflationary spiral of last year, and blamed it all on the policies of the new administration.
“The report, based on several interviews, was all gloom and doom, as it never mentioned the positive aspects in the same economy as well as the ameliorative policies being implemented by the central and state governments,” said Onanuga.
According to him, President Tinubu did not create the economic problems Nigeria faces today.
“He inherited them. As a respected economist in our country once put it, Tinubu inherited a dead economy.
“The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela.
“This was the background to the policy direction taken by the government in May/June 2023, with the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates standing out.”
The Special Adviser said that for decades, Nigeria had maintained a fuel subsidy regime that gulped 84.39 billion dollars between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services.
He said the state oil firm, NNPC Ltd, the sole importer, had amassed trillions of naira in debts for absorbing the unsustainable subsidy payments in its books.
“By the time Tinubu took over the leadership of the country, there was no provision made for fuel subsidy payments in the national budget beyond June 2023.
“The budget itself had a striking feature: it planned to spend 97 per cent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs.
“Like oil, the exchange rate was also being subsidised by the government, with an estimated 1.5 billion dollars spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy,” explained Onanuga.
He stated that by keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate used by over 5,000 Bureau de Change (BDCs) that were previously licensed by the Central Bank.
“What was more, the country was failing to fulfil its remittance obligations to airlines and other foreign businesses, such that FDIs and investment in the oil sector dried up, and notably Emirate Airlines cut off the Nigerian route.
“President Tinubu had to deal with the cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira,” said Onanuga.
He said that after some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability was restored, though there remained some challenges.
“The exchange rate is now below N1,500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1,000 and N1,200 before the end of the year.
“The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors.
“When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake,” he said.
He was emphatic that with the World Bank extending a 2.25 billion dollar loan and other loans by the AfDB and Afreximbank coming in, Nigeria had become bankable again.
He explained that such was all because the reforms being implemented had restored some confidence.
“The inflationary rate is slowing down as shown in the figures released by the National Bureau of Statistics for April. Food inflation remains the biggest challenge, and the government is working very hard to rein it in with increased agricultural production.
“The Tinubu administration and the 36 states are working assiduously to produce food in abundance to reduce the cost. Some state governments, such as Lagos and Akwa Ibom, have set up retail shops to sell raw food items to residents at a lower price than the market price.
“The Tinubu government, in November last year, in consonance with its food emergency declaration, invested heavily in dry-season farming, giving farmers incentives to produce wheat, maize, and rice,” he said.
According to Onanuga, the CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented, adding that in the western part of Nigeria, six governors had announced plans to invest massively in agriculture.
“With all the plans being executed, inflation, especially food inflation, will soon be tamed.
“Nigeria is not the only country in the world facing a rising cost of living crisis. The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently.
“Europe is similarly in the throes of a cost-of-living crisis. As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria.
“Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon,” said Onanuga.
News
RSG Cancels ?134BN Secretariat Contract, Orders Refund Of ?20BN Mobilisation … Revalidates Four Projects
The Rivers State Executive Council has revoked the ?134bn contract awarded to the China Civil Engineering Construction Corporation (CCECC) for the renovation, retrofitting, and furnishing of the Rivers State Secretariat Complex by the State of Emergency Administration.
The council directed the immediate refund of the ?20bn mobilization fee already paid to the contractor.
Relatedly, the Council also approved the revalidation of the bidding processes for four contracts, consisting of the renovation of the State Secretariat Complex, construction of reinforced concrete shoreline protection and reclamation works in several riverine communities of Opobo/Nkoro, and Ogba/Egbema/Ndoni Local Government Areas. The projects earlier advertised for which bid documents were cancelled by the Emergency Administration and fees returned to the companies that had earlier purchased them.
The decisions were reached during the State Executive Council meeting held on Thursday at the Government House, Port Harcourt, and presided over by Governor Siminalayi Fubara.
Briefing newsmen, the Permanent Secretary, Ministry of Works, Dr. Austin Ezekiel-Hart explained that the contracts had been awarded in a hasty manner without following due process. He said the council, therefore, approved the revalidation of the bidding process for all four contracts that were earlier advertised in national dailies on February 19, 2025.
With the revalidation process now on, Dr. Ezekiel-Hart stated that a fresh bidding will be advertised in newspapers for competent and experienced contractors to prequalify and submit both technical and commercial bids.
He listed the projects to include, “The construction of 4.8km reinforced concrete shoreline protection and reclamation of Queenstown, Epellema, Oloma, and Minima communities in Opobo/Nkoro Local Government Area in Rivers State. The construction of 2.5km shoreline protection and reclamation in Ndoni-Onukwu, Isikwu, and Aziazagi communities in Ogba-Egbema-Ndoni Local Government Area.
“The construction of 2.5km shoreline protection and reclamation in Utuechi, Obiofu, Isala, Ani-Eze, and Odugri communities in Ogba-Egbema-Ndoni Local Government Area. The renovation, retrofitting and furnishing of the Rivers State Secretariat Complex,” he added.
Also speaking, the Permanent Secretary, Ministry of Education, Dr. Azibaolanari Uzoma-Nwogu, announced that the council approved the constitution of a committee to develop a proposal for the creation of Computer-Based Test (CBT) Centres and ICT Laboratories across the three senatorial districts of the state.
She explained that the initiative is in line with the Federal Government’s directive that beginning in 2026, all examinations conducted by the West African Examinations Council (WAEC) and the National Examinations Council (NECO) will be computer-based.
The committee, chaired by the Deputy Governor, has the Secretary to the State Government, Permanent Secretaries from the Ministries of Education, Works, Information and Communications and Commissioner for Energy as members. Dr. Uzoma-Nwogu said the move will prepare Rivers youths for a digital future and improve the quality of education across the state.
On issues of employment, the Commissioner for Employment Generation and Economic Empowerment, Dr. Chisom Gbali, said the council reviewed ongoing efforts to create jobs for Rivers youths. He disclosed that his ministry has been directed to develop a framework for job creation and economic empowerment, noting that the government is determined to open up more opportunities for the young population.
“We want to assure Rivers youths that there will be a rising tide of employment and steady waves of economic empowerment,” Dr. Gbali said. “We know our Governor, when he makes a promise, he ensures it is fulfilled.”
On his part, the Permanent Secretary, Ministry of Information and Communications, Dr. Honour Sirawoo, said council also deliberated extensively on the recent flash floods experienced in some parts of the state. He said the council directed immediate remedial intervention to address the situation, and cautioned residents against the indiscriminate disposal of waste into drainage channels and building on waterways, which worsens flooding.
Dr. Sirawoo further noted that Governor Fubara remains deeply committed to the development of Rivers State and determined to accelerate the pace of governance despite time lost. He added that the administration’s renewed focus and energy will soon place Rivers State firmly back on the path of sustainable growth and progress.
Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to the completion of the 62.650km Port Harcourt Ring Road project, despite the setbacks that have slowed its progress.
The Governor gave the assurance during an on-site inspection tour of the project on Monday, where he emphasised that the state government remains resolute in its determination to deliver the massive infrastructure for public use.
Addressing journalists at the Eneka Flyover axis of the project, Governor Fubara stated that his visit was to verify the level of compliance and commitment shown by the construction firm, Julius Berger Nigeria Plc.
Governor Fubara noted that discussions with the contractor had been ongoing to ensure that work resumes at full capacity after a period of financial challenges that affected the project’s continuity.
“You are aware that this project was, I won’t say abandoned, but somehow, for lack of funds, the contractor withdrew from the site. We have been discussing with them, and they gave me their word that although we have not finished all the discussions, they have already moved back to site, and I’m here to confirm that.”
The Governor described the Port Harcourt Ring Road project, which traverses six local government areas, as one of the most significant infrastructure undertakings in the state’s history, noting that its completion would not only ease traffic congestion in the capital city but also stimulate economic activities across multiple local government areas.
Governor Fubara reiterated his administration’s resolve to continue prioritising infrastructure development as a foundation for economic growth and social progress.
“I want to make this promise to our good people of Rivers State,” the Governor declared. “This project that we started, by the special grace of God, we are going to complete it. We owe our people a responsibility to deliver on our commitments, and this project will not be an exception,” he added.
The Governor of Rivers State, Sir Siminalayi Fubara, has charged the 2025 Batch B, Stream II National Youth Service Corps (NYSC) members deployed to the State, to use the NYSC skill acquisition training programme to build capacity.
Governor Fubara gave the charge on Tuesday when he declared closed, the 2025 Batch B Stream II orientation exercise in the State.
Represented by the newly sworn-in Secretary to the State Government and Chairman NYSC State Governing Board, Hon. Benibo Anabraba, Governor Fubara enjoined the Corps members to embrace skill acquisition wholeheartedly in order to elevate themselves as wealth creators and employers of labour.
“Take Rivers State as your home. Be assured of the warmth, hospitality, and accommodating disposition of the good of our people at all times.
“Take the skill acquisition and entrepreneurship development post camp training very seriously and equip yourselves with the capacity to compete favourably in the nation’s huge economic space,” he stressed.
The Governor called on the Corps members to see their mobilization into the NYSC Scheme as a fundamental way to provide humanitarian services.
“Remember that you owe it to yourself, family, and the nation, the responsibility to serve selflessly and honourably,” he admonished.
In his farewell address, the State Coordinator of NYSC, Mr. Moses Oleghe appealed to the Corps members to use the opportunity of the service year to discover their true purpose.
He further encouraged them to embody selfless service and empathy in serving the people.
The colourful ceremony witnessed a vibrant parade.
-
Featured3 days agoFubara Tasks New SSG On Honour, Service, Protection Of Rivers Interest
-
Opinion3 days ago
Dangers Of Unchecked Growth, Ambition
-
Editorial3 days agoMaking Rivers’ Seaports Work
-
News3 days agoRSG Cancels ?134BN Secretariat Contract, Orders Refund Of ?20BN Mobilisation … Revalidates Four Projects
-
Opinion3 days ago
Betrayal: Vice Of Indelible Scar
-
News3 days agoNLC Faults FG’s “No Work, No Pay” Policy
-
News3 days ago
Group Harps On Empowerment Of Girl Child
-
Featured3 days agoNigeria’s First Lady Flags Off Renewed Hope Health Initiative In Rivers …Targets Measles, Rubella, HPV Vaccination For Children, Women