By Jemimah Wellington, JKNewsMedia Reporter
IN RESPONSE to recent critiques, the Federal Government has defended its economic reform agenda, with Special Adviser to the President on Information & Strategy, Bayo Onanuga, highlighting substantial achievements in revenue generation, reduction of fiscal waste, and direct social interventions.
Onanuga emphasizes that removing fuel subsidies has redirected trillions of naira toward national development and alleviated a longstanding source of corruption within the Nigerian National Petroleum Corporation (NNPC).
According to him, this critical reform is central to the administration’s broader vision of securing a stable economic foundation for all Nigerians.
The elimination of the fuel subsidy alone has saved an estimated N5.4 trillion, now allocated to infrastructure, healthcare, and educational projects.
This financial restructuring has also allowed the government to fund social programs, including targeted cash transfers reaching up to 20 million Nigerians, and credit options for students and small businesses.
These initiatives, says Onanuga, are addressing immediate needs while laying the groundwork for sustainable economic inclusivity and resilience.
He also reports that revenue growth is another focal point.
In the first half of 2024, the Federal Inland Revenue Service (FIRS) reported nearly double the non-oil revenue compared to the previous year.
These gains have benefited states and local councils directly, with many states able to raise the minimum wage to between N70,000 and N85,000—a testament to the government’s commitment to improving citizens’ livelihoods.
The government dismisses calls for a gradual or phased subsidy removal, citing past attempts that allowed inefficiencies to persist.
Officials argue that Nigeria’s prior reliance on fuel subsidies burdened the budget while benefiting select private interests.
The President’s SA on Information & Strategy stresses that the administration’s decisive action is channeling subsidy savings back into critical sectors, ensuring national progress and fiscal stability.
In addressing Nigeria’s refineries, Onanuga states that an outright sale of assets would yield only marginal short-term benefits.
Instead, the government has initiated private-sector partnerships to rehabilitate domestic refineries, stabilize fuel prices, and reduce dependency on imports.
The administration is also supporting modular refineries and the Dangote Refinery, which will strengthen Nigeria’s refining capacity.
Onanuga also counters the government’s number one opposition, Atiku Abubakar, on his recent claims of corruption within the NNPC, stating that subsidy removal has effectively cut off one of the major avenues for malpractice.
He highlights that no significant reforms in the oil sector occurred under previous administrations, leaving the current administration to confront deeply ingrained issues.
By tackling subsidy and structural challenges, the Federal Government has significantly reduced corruption risks and restored accountability within the sector.
The administration’s foreign exchange policy aims to modernize and depart from past managed float models, which Onanuga calls inefficient and biased toward privileged entities.
He explains that the current approach seeks to foster a more equitable economy by prioritizing local production and streamlining foreign exchange access.
He affirms that the Federal Government, led by President Tinubu, remains committed to advancing structural reforms and economic stability through transparent fiscal management, high-impact social programmes, and strengthened infrastructure.
Onanuga encourages political figures to prioritize constructive discourse and national progress over divisive criticisms.
