Onanuga Critiques Tinubu's Economic Management in Nigeria

Bayo Onanuga, on September 6, 2016, expressed concerns regarding the Nigerian government's economic management under President Bola Ahmed Tinubu, who took office on May 29, 2023. Onanuga noted the naira's depreciation, with the official exchange rate at 464 naira to 1 USD and the parallel market rate fluctuating between 750 and 775 naira.

He pointed out that by early 2024, the naira traded above 1,500 naira, with inflation affecting the cost of goods and services. Fuel prices, adjusted by the Nigerian National Petroleum Corporation (NNPC) during Tinubu's inauguration, ranged from approximately 185 to 210 naira per liter, contributing to inflationary pressures.

Onanuga criticized the government's economic reforms, arguing that they disproportionately impacted the poor and vulnerable segments of the population. He referenced the government's efforts to increase the minimum wage as insufficient to mitigate the adverse effects of rising prices and economic hardship.