Onanuga Defends Tinubu’s Economic Record, Says 33 Governors Cannot Be Wrong

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has defended the President’s economic record, arguing that the support of 33 state governors reflects confidence in his leadership ahead of the 2027 general election.

Onanuga made the remarks in a post on X on Friday, October 16, 2026, while reacting to a television discussion shared by Arise News. He accused some television presenters of promoting the opposition’s argument that little or no positive change had occurred since Tinubu assumed office in May 2023.

The presidential aide also challenged critics questioning official inflation figures, urging them to visit markets and assess food prices.

He claimed that a bag of rice that previously sold for about ₦120,000 was now available for less than ₦50,000, adding that the price had fallen to ₦45,000 in his hometown.

Onanuga further cited Nigeria’s foreign exchange reserves, which he said were approaching $60 billion, as evidence of economic progress. He also pointed to improved access to foreign exchange for businesses importing raw materials and equipment, as well as Nigerians’ ability to use naira-denominated bank cards abroad.

The presidential aide disputed suggestions that returning foreign investors were mainly portfolio investors. He argued that foreign direct investment was also bringing capital into Nigeria and creating jobs.

He added that Nigerians accounted for nearly 90 per cent of participation in the stock market, using the claim to challenge the characterisation of returning investment as predominantly portfolio-driven.

Onanuga maintained that the support of 33 state governors reflected confidence in Tinubu’s leadership and economic direction.

“Thirty-three governors cannot be wrong in casting their support for President Tinubu,” he said.

However, the claims about economic progress require consideration alongside official data and conditions experienced by households. Nigeria’s headline inflation rate fell to 14.63 per cent in September 2026 from 15.39 per cent in August, according to the National Bureau of Statistics. Food inflation, however, remained elevated at 19.59 per cent, underscoring continuing pressure on household budgets.

The decline in the inflation rate indicates that prices were rising more slowly overall; it does not, by itself, mean that the general cost of living has returned to earlier levels.

Onanuga’s remarks come amid an ongoing debate over the effects of the Tinubu administration’s economic reforms, with the government pointing to improving macroeconomic indicators while many Nigerians continue to face concerns over food, transport and other living costs.