Nigerians can expect a reduction in the cost of living soon, according to Bayo Onanuga, Special Adviser on Media and Information Strategy to President Bola Tinubu. Onanuga told journalists in Lagos that the administration’s economic reforms are beginning to yield positive results that will benefit all Nigerians.
He stressed that President Tinubu has implemented bold reforms and confronted issues previous administrations ignored. “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.”
Onanuga acknowledged that two years is too brief a period to fully gauge the administration’s success, as policy impacts often require a decade to manifest fully. He pointed to a fundamental shift in the economy that is addressing deep-rooted problems.
Describing the fuel crisis before subsidy removal, Onanuga said the Nigerian National Petroleum Corporation (NNPC) was financially crippled, owing billions to suppliers and unable to import fuel, causing widespread shortages.
Regarding borrowing, Onanuga clarified that it is a normal practice worldwide, including in developed countries like the US. He emphasized that borrowed funds have been invested in essential projects, such as coastal roads, which bring long-term benefits.
On the topic of currency devaluation, Onanuga explained that it is a universal economic principle practiced even by developed nations. “These are economic principles that are universal and cannot be changed because it is Nigeria,” he said.
He highlighted ongoing infrastructure developments, many unplanned in the budget, which are fostering economic opportunities. Companies like Nestle and Nigerian Breweries have started sourcing locally and reporting profits, signaling growth in production and disposable income.
“This economy has opened up opportunities in many forms for Nigerians, and they are making money,” Onanuga said, citing exporters of cocoa and Zobo as examples.
He urged Nigerians to appreciate the economic progress and avoid spreading negativity, stating, “there’s actually light at the end of the tunnel.”
