Bayo Onanuga, Special Adviser on Media and Information Strategy to President Bola Tinubu, has expressed optimism that Nigerians will soon see a reduction in the cost of living as the effects of the administration’s economic reforms begin to take hold. Speaking to reporters in Lagos, Onanuga emphasized that the positive impacts of President Tinubu’s policies will soon be felt across various segments of society.
He highlighted that the president has implemented progressive reforms and tackled issues that previous administrations neglected. According to Onanuga, evaluating the effectiveness of these reforms requires a longer timeframe, noting that policy experts typically assess impacts over a period of 10 to 12 years.
“The president’s tenure has been marked by clear policy directions and significant reforms across multiple sectors,” he stated. He acknowledged that while the benefits of these actions are gradually emerging, a substantial shift in the economy has already begun, addressing many long-standing challenges.
Onanuga reflected on the situation prior to the removal of fuel subsidies, explaining that the country faced severe fuel shortages due to financial constraints within the Nigerian National Petroleum Corporation (NNPC). He explained that the NNPC was unable to import fuel, citing debts owed to suppliers and the government, which hindered its operations.
Addressing concerns about government borrowing, Onanuga clarified that borrowing is a common practice globally, including in developed nations like the U.S. He stressed that Nigeria has abundant resources that are being harnessed, although immediate funds may not be as plentiful as some believe.
He pointed out that borrowed funds are being strategically invested in large-scale projects, such as coastal road construction, which are essential for the nation’s development.
On the topic of currency devaluation, Onanuga explained that it is a standard economic principle observed worldwide, mentioning that even established economies like the UK and the U.S. have devalued their currencies at times.
He claimed that the government’s tough decisions have simultaneously created opportunities through infrastructure development, noting that many ongoing projects were not originally included in the budget.
Onanuga also highlighted an increase in production and disposable income, citing examples of companies like Nestlé and Nigerian Breweries, which have adapted by sourcing materials locally and reporting profits.
“This economy is opening up various opportunities for Nigerians who can capitalize on them, including profitable ventures in agricultural exports like cocoa and Zobo,” he said.
He concluded by emphasizing the need for public understanding of the economic context, urging against narratives of despair. “We must not mislead our people by only highlighting gloom and doom. There is light at the end of the tunnel,” he asserted, reinforcing his belief that the positive impacts of the reforms will become evident soon.
