President Tinubu pulled Nigeria out of economic recession in 2023

February 5, 2024 Wale Ponnle

According to the Presidency, President Bola Ahmed Tinubu prevented Nigeria’s economy from entering a recession in 2023.

In response to Atiku Abukabar, the Peoples Democratic Party’s presidential candidate in the election scheduled for February 2023, Bayo Onanuga, Special Advisor to the President on Information and Strategy, made the revelation.

Former vice president Atiku had blasted Tinubu’s economic policies for making Nigerians suffer and feel hopeless.

Onanuga, however, responded to Atiku by saying that Tinubu’s recent economic actions—such as the removal of fuel subsidies and the flotation of the Naira—are positive moves.

He clarified that 97% of the 2023 budget’s revenue was allocated to debt repayment, stifling economic expansion, and creating jobs.

“The national budget Tinubu met in 2023 revealed that 97% of revenue would be used to pay down debt, with very little set aside for capital, which would have prevented employment creation and expansion.

President Tinubu had to make the difficult decision to weigh the political and financial costs of reforms against the potential for an economic downturn in light of this dire economic situation. To keep the economy afloat and put it back on the path of growth and prosperity, his government went with the former, he claimed.

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Wale Ponnle

A passionate writer of everything politics in Nigeria with the goal and purpose of bringing authentic information and unbiased news to everyone everywhere.

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