… Says Nigeria’s economic pain is ‘necessary shift’, not collapse
…Subsidy removal part of global ‘willing buyer, willing seller’ policy
In a confirmation that pulls back the curtain on Nigeria’s economic direction, the Presidency has admitted that President Bola Ahmed Tinubu’s economic reforms are modeled directly on international capitalist standards, even as Nigerians grapple with inflation, job losses, and fuel price shocks.
At a media parley held in Lagos on Sunday, two top presidential aides openly declared that the Tinubu administration is deliberately aligning the country’s economy with global market doctrines.
The economic policies from subsidy removal to currency devaluation were described as necessary to match the principles of “how economies function around the world.”
Speaking on Sunday in Lagos, Bayo Onanuga, Special Adviser to the President on Information and Strategy, and Sunday Dare, Special Adviser on Media and Public Communications, addressed the media to defend Tinubu’s controversial economic trajectory.
According to them, the administration’s actions are part of a conscious shift toward a market-driven economy aligned with international capitalist practices.
In a moment of unambiguous clarity, Onanuga declared: “This is how economies function around the world. We’re just aligning with global standards.”
He further insisted that what Nigerians are experiencing is not an economic collapse but a “paradigm shift.”
According to him: “There is a paradigm shift happening. We are moving to a market-driven economy. If you produce water and people stop drinking water, you innovate. That’s how markets work.”
The defense of the naira devaluation and subsidy removal was couched in globalist logic. The Presidency described the policies as part of the “willing buyer, willing seller” framework common in foreign exchange markets worldwide.
Onanuga dismissed the pain felt by ordinary Nigerians as the unintended cost of progress.
He said, “Everything is not all bad for the economy. Some Nigerians are actually doing well. People are taking advantage of the devalued currency to export agricultural products like cocoa, sorghum, and even Zobo (hibiscus). These exporters are making significant gains.”
The administration presented anecdotal stories to back its claims.
“One man left his bank job to engage in agro-export. He’s doing very well. Another group is exporting Zobo and making money. These are the hidden success stories,” Onanuga added.
The media team also claimed that Tinubu’s reforms are benefiting states through increased federal allocations.
“Sub-national governments are receiving more allocation than before, and many governors have confirmed this,” Onanuga said.
No data or figures were provided to support this claim, nor was any mention made of how this increased revenue is translating into improved public services or infrastructure.
On the issue of rising and unstable fuel prices, Onanuga insisted the government had taken the right path.
“Prices are becoming competitive. Importers and marketers are adjusting. This is what happens when the market is allowed to play its role,” he stated.
However, no explanation was offered for the ongoing discrepancies in fuel availability, regional price differences, or the re-emergence of hoarding and black-market activity.
With millions facing higher living costs and unstable incomes, the Presidency’s unapologetic stance offers little comfort.
The government’s declaration of alignment with “global standards” raises hard questions about who the economy is really meant to serve, international investors or the Nigerian people.
As Onanuga added, “We are not in a crisis. The economy is in transition.”
