Nigeria Is A Very Poor Country, To Be Honest. I Think Our Wealth Is Overestimated - Bayo Onanuga

Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Ahmed Tinubu, has made striking remarks regarding Nigeria's economic status.

Describing the country as "very poor," Onanuga suggested that Nigeria's wealth is overestimated. This assertion comes amidst a backdrop of rising concerns over the nation's economic health.

According to report, Onanuga highlighted Nigeria's low per capita income compared to other African nations, emphasising the disparity in wealth distribution.

The statement by Onanuga coincides with a period of economic turbulence characterised by soaring prices for goods.

These price hikes are attributed to reforms implemented by President Tinubu's administration, including the removal of subsidies on petrol and the unification of the exchange rate. While these reforms aim to address long-standing economic challenges, they have led to immediate financial pressures for many citizens.

Addressing concerns about the government's economic reforms, Onanuga expressed optimism that these initiatives, particularly the removal of subsidies on petrol and the unification of the exchange rate, would alleviate financial pressures on the government.

He stated that by reducing fiscal deficits and promoting fiscal discipline, Tinubu's administration aims to stabilise the economy and foster sustainable growth.

Onanuga said, "Nigeria is a very, very poor country, to be honest. I think our wealth is overestimated. I think we have a poor estimation of the wealth of the country; we are a very poor country."