Presidency: Tinubu ‘Inherited a Dead Economy’ as It Rebuts NYT’s ‘Worst Crisis’ Claim

The Presidency has pushed back against a New York Times report that labelled Nigeria’s economy the worst in a generation. Special Adviser Bayo Onanuga called the feature ‘misleading’ and said it ignored the deep fiscal challenges inherited by President Tinubu’s government. Onanuga outlined the context of soaring subsidy costs and mounting debt under the previous administration. He highlighted the removal of fuel subsidies, unification of exchange rates and other measures taken since May 2023 to stabilise public finances. He noted early signs of improvement, including a stronger naira, a trade surplus in Q1 2026 and fresh funding from multilateral lenders. State-led efforts to tackle food inflation and boost agricultural output were also cited as part of the recovery strategy. Separately, President Tinubu addressed his Renewed Hope Ambassadors, describing his administration as a continuation of the late President Buhari’s legacy. He urged patience with ongoing reforms and assured supporters that sacrifices would yield lasting benefits.

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