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BREAKING: Tinubu inherited dead economy – Presidency replies New York Times

The Presidency has reacted to a report published in the New York Times criticising the Nigerian economy as facing the worst trajectory in a generation.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Sunday reacted to the report credited to Ruth Maclean and Ismail Auwal’s.
According to the Presidency, the feature story with the title, ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’, published on June 11, reflected the typical predetermined, reductionist, derogatory and denigrating way foreign media establishments reported African countries for several decades.
The Special Adviser on Information and Strategy said because of the ‘misleading’ slant of the report, the government needed to clear up some misconceptions conveyed by the reporters as regards the economic policies of the President Bola Tinubu administration that came into power at the end of May 2023.
He said one significant aspect of the report was that it painted the dire experiences of some Nigerians amid the inflationary spiral of the last year and blamed it all on the policies of the new administration.
He also said the report, based on several interviews, is at best jaundiced, 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.
Onanuga went on to say that Tinubu did not create the economic problems Nigeria faces today.
According to the presidential aide, Tinubu 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,” he noted.
Onanuga said this was the background to the policy direction taken by the government in May/June 2023: the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.
According to the presidential aide, for decades, Nigeria had maintained a fuel subsidy regime that gulped $84.39 billion between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services for its citizens.
Onanuga also alleged that the state oil firm, NNPCL, the sole importer, had amassed trillions of Naira in debts for absorbing the unsustainable subsidy payments in its books.
He said 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 percent 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 subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy.
“By keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate being used by over 5000 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,” he said.
Onanuga said to deal with the cancer of public finance, Tinubu on his first day rolled back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.
He said, “After some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability is being restored, though there remain some challenges. The exchange rate is now below N1500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1000 and N1200 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. With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have 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. The CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented. In the western part of Nigeria, the six governors have 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.”
News
Oyo to Partner with Netherlands on Waste Management, Circular Economy

The Oyo State Government is set to collaborate with the Kingdom of the Netherlands to enhance waste management and promote a circular economy, aiming for sustainable environmental practices.
The Commissioner for Environment and Natural Resources, Hon. Abdulmojeed Mogbonjubola, disclosed this during a high-level meeting between the ministry and representatives from the Dutch government.
According to the commissioner, discussions focused on innovative waste solutions, recycling, and environmental sustainability.
Hon. Mogbonjubola emphasized Governor Seyi Makinde’s commitment to transforming waste management in the state. He assured that the partnership would receive strong political support, ensuring smooth operations in Oyo State.
“We are ready to partner with the Netherlands government, but we need a clear roadmap on how the circular economy works. This is a new concept for us, just as we are new to the Netherlands platform. This marks the beginning of a new relationship, and we will do all necessary follow-ups,” he said.
To facilitate the initiative, the commissioner announced the formation of a Circular Economy Desk within the Ministry of Environment and Natural Resources. This committee will leverage expertise from existing institutions and develop strategies for implementation.
“I am excited this is happening during my tenure. We already have a platform, but we haven’t fully taken advantage of it. Now, Oyo State is ready to take the bull by the horns,” he added.
The Representative of the Consulate General of the Netherlands, Mr. Peter Kelley, highlighted the economic opportunities embedded in waste recycling.
He explained that the Dutch government has been involved in similar projects in Nigeria, such as a waste-to-energy facility in Lagos, textile recycling through Cope Clothing in the Loop, and training businesses on sustainable recycling practices.
Mr. Kelley acknowledged that while the circular economy is a relatively new concept, its success in the Netherlands proves it can work in Oyo State.
“As it works in the Netherlands, it will work here provided we engage all stakeholders, including the government, businesses, communities, and universities. The consulate general’s role is to facilitate this process,” he stated.
Earlier in his welcome address, the Permanent Secretary of the Ministry of Environment and Natural Resources, Dr. Sunday Ojelabi, expressed gratitude for the Netherlands’ interest in supporting Oyo State’s sustainability goals.
He emphasized that the circular business platform will benefit local entrepreneurs and improve environmental conditions.
Daily Sun
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Trump’s trade war is ‘wake-up call’ for Europe

European Central Bank, ECB, President, Christine Lagarde, on Friday said a full-scale global trade war would hurt the United States in particular and could re-energise Europe’s push towards unity.
Recall that the U.S. has imposed a raft of tariffs on allies and adversaries alike and threatened even more measures, prompting retaliation from many and raising concerns that global growth could take a major hit.
“If we were to go to a real trade war, where trade would be dampened significantly, that would have severe consequences. It would have severe consequences for growth around the world and for prices around the world, but particularly in the United States,” Lagarde said.
European Central Bank, ECB, President, Christine Lagarde, on Friday said a full-scale global trade war would hurt the United States in particular and could re-energise Europe’s push towards unity.
Recall that the U.S. has imposed a raft of tariffs on allies and adversaries alike and threatened even more measures, prompting retaliation from many and raising concerns that global growth could take a major hit.
“If we were to go to a real trade war, where trade would be dampened significantly, that would have severe consequences. It would have severe consequences for growth around the world and for prices around the world, but particularly in the United States,” Lagarde said.
The European Central Bank reiterated, however, that the tensions could also have the positive side effect of giving European unity another push.
“You know what it’s doing at the moment? Stirring European energy. It’s a big wake-up call for Europe. Maybe this is a European moment, yet again,” she said.
It was gathered that the European Commission and Germany, the bloc’s largest economy, have already announced increased spending on defense and infrastructure, ending years of reluctance to spend.
News
Breaking: PANDEF replies Wike, we never took Tinubu to court

… Accuses minister of blocking peace efforts in Rivers crisis
The Pan Niger Delta Forum (PANDEF) has debunked claims by Minister of the Federal Capital Territory (FCT) Nyesom Wike, in a recent media chat, alleging that the organisation to court President Bola Tinubu over his position on the Rivers State crisis.
Wike had criticised PANDEF over its stance on the ongoing political crisis in Rivers State. He described PANDEF as “the worst organization anybody can rely on,” accusing its leaders of being financially driven and politically motivated.
But addressing press conference on Friday, Co-Chairman, Board of Trustees of PANDEF and Chairman of the organisation’s Peace, Reconciliation Committee and former Governor of Cross River State, Victor Attah, and its President, Godknows Igali, said the organization had placed embargo on speaking on the issue.
Igali said: “There was no time that PANDEF took Mr President to court, maybe it’s it a slip of the tongue. It never happened. This is the first time that PANDEF as an organization is making a public statement on this situation in the Rivers State since the crisis started. And even when the peace committee started working we placed an embargo that they must not speak to anybody until we arrive at the threshold.
“Yes, there were personal views that were expressed by some members of PANDEF. But there was no time that PANDEF as an organization…there is no press statement. So it is unthinkable to say that PANDEF went to court at all.“
PANDEF also raised concerns over the refusal of the Minister of the Federal Capital Territory (FCT), to engage with its Peace and Reconciliation Committee, despite President Bola Tinubu’s appeal for dialogue to restore stability in Rivers State.
Attah, lamented that Wike’s unwillingness to meet with the committee is obstructing efforts to de-escalate tensions in the state.
Attah detailed how PANDEF, a respected regional body established in 2016 to champion the interests of the Niger Delta, had taken proactive steps to mediate in the political crisis in Rivers State.
Following a Special General Assembly in Port Harcourt in October 2024, the group set up a seven-member High-Level Peace and Reconciliation Committee.
Notably, the committee excluded any representatives from Rivers State to ensure neutrality.
“In a determination to prevent a full-blown crisis from developing, we constituted a team of eminent elders from across the South-South region,” Attah said.
“However, despite repeated attempts, we have been unable to secure a meeting with Chief Nyesom Wike, who has continued to rebuff our peace efforts.”
According to Attah, a PANDEF delegation met with President Tinubu on March 11, 2025, to seek his intervention. The delegation made it clear that the success of any peace process hinged on Wike’s willingness to come to the table.
“We informed Mr. President of the difficulties we have faced in securing the cooperation of his cabinet minister,” Attah explained.
“It is deeply troubling that Chief Wike has dismissed PANDEF as ‘the worst organization for anyone to rely on’ in a recent media chat, yet the President did not treat us with such disregard when he received us.”
Attah stressed that dialogue requires mutual engagement and cannot be forced upon one party alone.
“It is not possible to clap with one hand. Negotiation can only take place if both parties in dispute agree to be accessible and available,” he said.
Given Wike’s continued rebuff, PANDEF is now considering withdrawing entirely from mediation efforts.
“If this impasse persists, we will have no choice but to disband the Peace and Reconciliation Committee and step back from any further attempts to resolve this crisis,” Attah warned. “However, our fear is that this could have catastrophic consequences.”
PANDEF urged President Tinubu to intervene and ensure Wike comes to the negotiation table before the situation in Rivers State spirals further out of control.
PANDEF’s National President, Igali described the FCT minister’s insinuation that they were financially induced as very cheeky. “That is very cheeky. Because I’ve said earlier, when you have a group made up of former governors, former ministers, chairman of traditional religious councils, some of whom have been themselves former governors and former ministers, It’s just totally out of question. Wike himself, is our son. Every son of Niger Delta is part of PANDEF.”
Igali also recalled on the organization has stood by Wike including when they were protest against his nomination as minister, and it was the late Elder Statesman, Edwin Clark, whom they accused Wike of disparaging him and his memory, that issues a statement in his defence.
“Let me tell you, when the minister became minister, and you will recall, in fact, there were some insinuations that somebody from the south, should not be minister of FCT, and there were even demonstrations in Abuja against the honorable minister of the FCT. It was the same PANDEF that came out to rebuffed the Nigerians, and the same chief Clark that he (Wike) waved at that issued a statement and said that every Nigerian can hold any position if the president finds him worthy and the Senate clears him.
“That press statement is there we can pull it out. After that, Wike the minister of the Federal Capital City, our son, received the delegation from PANDEF, in his office in appreciation, of his people standing by him. So if after some time, he now feels that it is a worse organization, well, maybe times have change.”
Details later…
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