Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, stated that President Tinubu took tough decisions to rescue Nigeria from economic collapse. Onanuga made the comment in an opinion piece released on May 28, 2026, as the administration marked three years in office.
Onanuga explained that President Tinubu inherited severe challenges in May 2023. These included acute petrol scarcity, an unsustainable fuel subsidy, multiple exchange rates, and low revenue that left many states unable to pay salaries. Debt servicing consumed 97 percent of federal revenue at the time.
President Tinubu removed the fuel subsidy immediately after taking office. He also floated the naira. Onanuga described these steps as painful but necessary. The reforms ended fiscal bleeding and increased allocations to states and local governments, he added.
Many states now pay salaries on time and launch infrastructure projects. Onanuga visited several states and observed developments in Ogun, Oyo, Nasarawa, Enugu, Ebonyi, Kaduna, Kano, Kebbi, and Katsina. He attributed the progress to President Tinubu’s financial re-engineering.
Nasarawa State Governor Abdullahi Sule said President Tinubu “has taken the bullets for all of them.” Other governors, including those from Kwara, Ebonyi, and Enugu, publicly acknowledged benefits from the increased federal allocations.
Onanuga noted positive economic indicators. The All-Share Index rose from about 53,000 points in May 2023 to around 250,000 points. Market capitalisation grew from N30 trillion to N160 trillion. The administration also advanced major projects like the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway.
Onanuga admitted that insecurity continued in some regions. However he said the government provided equipment and support to security agencies. He added that historians would remember the administration for its historic reforms and transformative infrastructure.
