Nigeria’s Presidency Acknowledges Nation’s Poverty

Nigeria’s Presidency Acknowledges Nation’s Poverty

Highlights Overestimation of Wealth

In a candid revelation, the Presidency of Nigeria has acknowledged the stark reality of the country’s economic situation, describing it as “very poor” and suggesting that its wealth has been overestimated. The statement came from Bayo Onanuga, the Special Adviser on Information and Strategy to the President, during an interview on Arise Television.

Onanuga emphasized Nigeria’s low per capita income in comparison to other African nations, underscoring the nation’s status as a “very, very poor country.” He further remarked that the estimation of Nigeria’s wealth is inflated, indicating a need for a more realistic assessment.

Regarding efforts to stabilize the economy, the presidential aide highlighted the removal of subsidies on petrol and the unification of the exchange rate as measures aimed at reducing pressure on the country’s finances.

Addressing concerns about delayed salaries, Onanuga refuted claims that the Tinubu-led government still owed emoluments to federal workers. He clarified that while there were delays attributed to challenges with the salary disbursement platform, all federal workers have been paid, as confirmed by the Office of the Accountant General of the Federation.

The acknowledgment of Nigeria’s economic challenges by the Presidency underscores the urgency for effective strategies and policies to address the nation’s poverty and enhance its financial stability.

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