President Bola Ahmed Tinubu yesterday pushed back on claims that Nigeria is going through the worst economic crisis in a generation caused by his policies, pointing out that his administration inherited the problems.
In a rejoinder to a New York Times (NYT) article titled, “Nigeria Confronts its Worst Economic Crisis in a Generation,” published on June 11, Tinubu, through his Special Adviser on Information and Strategy, Bayo Onanuga, highlighted the causes of the economic woes and the efforts by the present administration to stem the tide.
According to the rejoinder made available to correspondents yesterday, fuel subsidy regime had gulped $84.39 billion between 2005 and 2022 while the Nigeria National Petroleum Company Limited (NNPCL) amassed trillions of naira in debts for absorbing the unsustainable subsidy payments.
The rejoinder asserted that the last administration had spent the sum of $1.5 billion monthly to defend the naira.
