Special Adviser to President Bola Tinubu on Media and Information Strategy, Bayo Onanuga, has assured Nigerians that the cost of living will soon decline as the effects of the administration’s far-reaching economic reforms begin to yield tangible results.
Speaking to journalists in Lagos on Sunday, Onanuga stated that the economic policies introduced since President Tinubu assumed office are already setting the stage for long-term growth, despite initial hardships.
“The President’s years in office began with clear policy directions and implementation,” Onanuga said. “A lot of reforms have taken place across sectors. The President has laid down many fundamentals that would ensure growth.”
He emphasized that although Nigerians may not yet feel the full impact of the reforms, a significant shift is already underway. He urged patience, pointing out that policy experts typically evaluate major economic transformations over a 10 to 12-year period, not merely within two years.
Onanuga highlighted that the Tinubu administration has faced and addressed economic challenges that previous governments neglected. Referring to the pre-subsidy removal crisis, he said:
“There was no fuel. Many stations were saying ‘no fuel.’ The NNPC had reached its limit, owing $6 billion to suppliers and the government owing it ₦4 trillion. It simply could not continue.”
Onanuga also addressed public concerns over Nigeria’s borrowing practices, stating that borrowing is a standard economic tool used even by developed nations such as the United States and the United Kingdom. He maintained that Nigeria’s loans are being responsibly channeled into large-scale, high-impact infrastructure projects like the Lagos-Calabar coastal highway.
He defended the administration’s currency policies, noting that devaluation is a globally accepted economic strategy used to stabilize economies. “Even the UK and US have had to devalue their currencies. These are not uniquely Nigerian decisions — they are universal economic responses,” he said.
According to Onanuga, Nigeria is already experiencing gains in areas such as local production and disposable income. He cited companies like Nestle and Nigerian Breweries, which have returned to profitability by sourcing materials locally.
“The economy has opened up opportunities in many forms,” he said. “Those who can tap into them are making money — from cocoa to Zobo exports. We are seeing increased investment and local production.”
Onanuga stressed that while the economic outlook may still appear challenging for many, the nation is moving in the right direction. He called on Nigerians and the media to focus not only on the difficulties but also on the broader context and the progress being made.
“We do our people no good by pushing only stories of gloom and doom. There is light at the end of the tunnel — and it’s getting closer,” he concluded.
Comments