The Special Adviser on Media and Information Strategy to President Bola Tinubu, Bayo Onanuga, has assured Nigerians that the nation will soon experience a reduction in the cost of living as the benefits of the government’s economic reforms begin to take effect.
Speaking to newsmen in Lagos on Sunday, Onanuga expressed confidence that the positive effects of President Tinubu’s policies would soon be felt across all sectors of the nation.
He emphasised that while challenges remain, the administration’s reforms are setting the foundation for long-term growth and stability.
Onanuga highlighted the President’s efforts to tackle longstanding issues that previous administrations avoided, noting that many reforms have already been implemented across various sectors. However, he cautioned against rushing to judge the administration’s success based on a mere two-year period.
He stated, “Two years is not enough to fully measure the impact of an administration’s policies. Experts typically assess the effectiveness of policies over a 10 to 12-year period.
“The President’s years in office began with clear policy directions and implementation. A lot of reforms have taken place, and the fundamentals for growth have been laid down.”
Onanuga acknowledged that while the benefits of the reforms are beginning to trickle down, a significant paradigm shift has occurred within the economy, addressing many of Nigeria’s pre-existing problems. He pointed to the subsidy removal as a key example.
He recalled the fuel scarcity situation before the subsidy was removed, stating, “There was no fuel. Many stations were saying no fuel. What was happening at that time was that the NNPC had reached the bottom point. It had no money to import fuel, it claimed that it was owing suppliers about six billion dollars and the government was owing it about four trillion dollars. So, it could not import any more.”
Addressing concerns about Nigeria’s borrowing, Onanuga explained that borrowing is a common practice worldwide, even in developed countries like the United States and the United Kingdom. He noted that while Nigeria has abundant resources, the country does not have as much readily available cash as some may believe.
“Borrowing is not unusual. Even the U.S. borrows. It’s a global economic practice. We are using borrowed funds for projects like coastal roads, which are crucial for long-term growth,” Onanuga stated.
He further defended currency devaluation, calling it a universal economic principle. “Even the UK and the US at some point devalued. These are economic principles that are universal and cannot be changed just because it is Nigeria,” he said.
Onanuga also highlighted the government’s investments in infrastructure, stating that many of the ongoing road construction projects were not initially part of the budget but are now essential for economic development. He pointed out that these tough decisions were made to create long-term opportunities for Nigerians.
“Nigeria has seen an increase in production and disposable income. Companies like Nestle and Nigerian Breweries, which initially faced challenges, are now sourcing materials locally and reporting profits,” Onanuga remarked.
“This economy has opened up opportunities in many forms for Nigerians. Those who can really exploit it are making money,” he emphasized, citing individuals profiting from agricultural exports such as cocoa and Zobo.
Onanuga concluded by stressing the importance of public understanding in this economic transition.
“We don’t do our people any good when we keep pushing stories of gloom and doom. It’s important to show the truth and let them know that there’s light at the end of the tunnel,” he said.