Nigeria’s Presidency Acknowledges Country’s Economic Challenges

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In a candid assessment, the Presidency has acknowledged Nigeria’s economic reality, describing the nation as “very poor” and suggesting that its wealth is often overestimated. Bayo Onanuga, the Special Adviser on Information and Strategy to the President, made these remarks during an interview on Arise Television on Monday.

Onanuga highlighted Nigeria’s low per capita income in comparison to other African nations, emphasizing the need for a realistic appraisal of the country’s economic status. He stated, “Nigeria is a very, very poor country, to be honest. I think our wealth is overestimated.”

Discussing efforts to stabilize Nigeria’s economy, Onanuga addressed the recent removal of petrol subsidies and the unification of the exchange rate, expressing hope that these measures would alleviate financial pressures.

Regarding claims of delayed emoluments for federal workers under the Tinubu-led government, Onanuga clarified that the delay was attributed to challenges with the salary disbursement platform. However, he assured that all federal workers have since been paid, dismissing any lingering concerns in this regard.

The acknowledgment of Nigeria’s economic challenges by the Presidency underscores a commitment to transparency and accountability in addressing the nation’s financial realities. As Nigeria navigates its economic landscape, such frank assessments pave the way for informed policy decisions and strategies aimed at fostering sustainable development and prosperity for all citizens.


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