President Bola Tinubu‘s administration claims that Nigerians are experiencing the lowest cost of living in Africa.
The statement was made by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, on Sunday.
However, the removal of fuel subsidies at the beginning of Tinubu’s presidency has led to inflation and widespread hardships in the country.
Onanuga acknowledges that the administration’s reforms may cause immediate difficulties but believes that they will ultimately lead to prosperity in the medium and long terms.
Onanuga made these remarks in response to comments made by Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), in the last election.
Atiku argued that President Tinubu’s inadequate response to the nation’s challenges is setting the stage for a prolonged and deeper economic crisis.
But Onanuga faulted Atiku’s assertions about the rising cost of living saying: “His claim that the government’s policies have created intense cost of living pressures are also not grounded on facts as recent comparative cost of living indices show that Nigerians still enjoy the lowest cost of living in Africa.”
“Atiku’s claims that the private sector is shrinking and that multinational companies are leaving our companies in ‘droves’ are not grounded on facts,” it added in a statement on Sunday.
Onanuga said Atiku “should be honest enough to admit that President Tinubu inherited a weak economy,” which, to all intents and purposes…needs a complete overhaul.
“Nigerians can easily see through the hypocrisy of Alhaji Atiku, who in accusing President Tinubu of poor response to the nation’s challenges and causing pains and despair, didn’t offer any better policy options in his run for the Presidency different from the economic reform agenda being pursued by President Tinubu,” the statement further read.
Reputable local and international agencies, who have a good understanding of the challenges faced by the Tinubu administration, have praised the administration for its positive, realistic, and sustainable policy direction.
The presidency also highlighted that the administration is actively implementing comprehensive fiscal and tax policy reforms to promote rapid recovery and stimulate economic growth. Therefore, those who oppose the administration “cannot stop the serious work of nation-building already set in motion by President Tinubu.”
