A recent statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, describing President Bola Tinubu as “the man who took the bullet for Nigeria,” has triggered renewed public debate over the impact of ongoing economic reforms and their real effect on citizens.
In a lengthy defence of the administration’s performance, Onanuga argued that Nigeria has made significant economic progress under Tinubu, insisting that opposition criticism ahead of the 2027 elections is driven by “misinformation and calumny.”
He maintained that the government has repositioned the economy through bold reforms, including the removal of fuel subsidy and the unification of foreign exchange rates, which he described as necessary steps to correct long-standing structural distortions.
However, he acknowledged that the early phase of the reforms came with severe economic pressure, including rising cost of living, business closures, and inflationary shocks that affected households nationwide.
STATES REPORT HIGHER REVENUES, BUT PRESSURE REMAINS
Onanuga claimed that state governments are now receiving significantly higher allocations from the Federation Account, enabling them to pay salaries more easily and embark on new infrastructure projects.
Indeed, data from the Federation Account Allocation Committee (FAAC) in 2024 and 2025 showed increased disbursements to subnational governments following subsidy removal and naira devaluation effects on oil revenues.
However, economists note that while nominal revenues have risen, inflation has significantly eroded purchasing power, raising questions about whether citizens are experiencing corresponding welfare improvements.
STOCK MARKET GAINS VS REAL ECONOMY PAIN
The presidential aide also pointed to the Nigerian stock market as evidence of economic recovery, stating that the All-Share Index has risen from about 53,000 points in May 2023 to over 250,000 points, with market capitalisation climbing from approximately ₦30 trillion to over ₦160 trillion.
Financial analysts, however, caution that stock market performance often reflects investor sentiment, currency adjustments, and inflation effects, rather than direct improvements in household welfare.
For many Nigerians, rising food prices, transport costs, and housing expenses remain more immediate indicators of economic conditions than capital market gains.
SUBSIDY REMOVAL AND THE COST OF REFORMS
The statement reaffirmed that subsidy removal was a “necessary but painful” decision inherited by the administration, with Onanuga arguing that Nigeria was spending trillions annually on fuel subsidies that were no longer sustainable.
While the policy freed up fiscal space for government spending, it also triggered a sharp increase in fuel prices, which in turn contributed to higher transportation and food inflation across the country.
According to the National Bureau of Statistics (NBS), inflation levels have remained elevated since mid-2023, driven largely by energy costs and currency pressures.
“TAKING THE BULLET” METAPHOR QUESTIONED
One of the most controversial parts of Onanuga’s statement was the assertion that President Tinubu “has taken the bullets for all of them,” referring to state governors and the federation at large.
The phrase, widely interpreted as a metaphor for political sacrifice, has been criticised by some commentators who argue that the economic burden of reforms is being borne primarily by ordinary Nigerians rather than political leaders.
DIVIDED PUBLIC REACTION
The statement has further deepened the national conversation around Nigeria’s economic direction.
Supporters of the administration argue that the reforms were long overdue and necessary to stabilise the economy, while critics insist that policy gains have not translated into meaningful relief for citizens facing rising hardship.
As Nigeria moves closer to the 2027 election cycle, the debate over whether current reforms represent genuine recovery or increased economic strain is expected to intensify further.
For now, the central question remains unresolved: while macroeconomic indicators show movement, many Nigerians say their daily reality tells a very different story.