Onanuga noted that the ongoing infrastructure projects and economic interventions introduced by President Tinubu are having a positive impact on Nigerians.
By Kehinde Okeowo
Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has said the Naira has found its true market value following the economic reforms introduced by his principal.
He stated this on Tuesday while appearing as a guest on the Arise Television programme, ‘Prime Time’.
According to the presidential aide, the Naira was misvalued under the previous exchange rate regime.
Onanuga noted that the past arrangement created opportunities for arbitrage between the official and parallel markets.
He further argued that when President Tinubu assumed office, the official exchange rate stood at about ₦400 to the dollar, while the parallel market rate was considerably higher.
He went on to claim that the administration’s decision to liberalise the foreign exchange market allowed the Naira to reflect its actual value.
Onanuga said: “If you do the mathematics, what was the level of our currency when this President came in? Officially, it was ₦400 to a dollar. Unofficially, we had criminal arbitrage going on, about a hundred per cent of the official rate.
“The President allowed the Naira to find its true value.
“Yesterday or so, the IMF said the true value of the Naira is about ₦1,100, even though it exchanges above ₦1,300. This means the Naira will do even better. It has found its true value. It will appreciate even more as we move on.
“What we have found, with the policies the government adopted in 2023, is that about 6 million Nigerians invested in the stock market and have grown wealthier since 2023.
“The companies operating in the stock market are based in Nigeria and are making money, and they are also generating wealth for their 6 million shareholders.”
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The presidential spokesperson also dismissed claims of widespread hunger in Nigeria, insisting that many citizens are benefiting from the policies of President Bola Tinubu’s administration.
He maintained that the ongoing infrastructure projects and economic interventions introduced by the government are having positive impacts on Nigerians.
Onanuga added, “I was travelling from Ibadan to Lagos, and Google Maps told me that there was a traffic jam on my approach to Lagos. I decided to go through Ijebu-Ode via Sagamu. What struck me was that I just found myself on a paved, concrete road.
“I said, ‘Wow, when was this one built?’ I have not been to Ijebu-Ode for some time, and the few times I have been there, I always encountered a queue. So, wow, this is different.
“I found that our people—I mean, our Ijebu-Ode people—have stopped complaining. I said, ‘Oh, no wonder, they now have a brand-new road that is not just an asphalt road but a concrete road.’
“Is that not beneficial to me or any user of that road? People are benefiting.
“If you are a civil servant, you can access credit cards and very cheap loans below standard interest rates. Now people can access those loans at single digits. Are they not benefiting?
“I live in Nigeria. We have been pigeonholed into certain assumptions about people’s issues.
“It is like in the early days of this government. I think the President went to Lagos—he was coming from a central mosque—and somebody did a voiceover saying ‘Ebi pawa’, which means ‘we are hungry’. Since then, people have been repeating that we are hungry.
“I am a Nigerian; I have people working for me privately. I do not see the level of hunger you people are talking about because I see them, and I keep asking them questions. How are things? How are they adjusting? What are the problems?
“This government has increased the minimum wage by more than 100 per cent.”
