The Presidency has revealed that President Bola Ahmed Tinubu saved Nigeria from economic recession in 2023.
The disclosure was made by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, in response to Atiku Abukabar, the Presidential Candidate of the Peoples Democratic Party, in the February 2023 election.
Atiku, a former Vice President, had criticised Tinubu’s economic reforms for creating pain and despair for Nigerians.
However, in reaction to Atiku, Onanuga said Tinubu’s recent economy on fuel subsidy removal and Naira floating are steps in the right direction.
He explained that the 2023 budget, with 97 per cent of revenue, was spent on debt servicing, foreclosing economic growth, and job creation.
“The national budget Tinubu met in 2023 showed that 97 per cent 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 reforms’ political and economic costs 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.