Onanuga: Tinubu’s Reforms Will Soon Ease Cost of Living

Bayo Onanuga, the Special Adviser on Media and Information Strategy to President Bola Tinubu, has assured that Nigerians will soon witness a reduction in the cost of living as the impact of the administration’s economic reforms begins to take effect.

Speaking to reporters in Lagos on Sunday, Onanuga noted that the positive results of Tinubu’s policies would soon be evident across all sectors.

He emphasized that the President has not only introduced progressive reforms but has also addressed issues that were previously ignored by past administrations.

Onanuga pointed out that two years is not a sufficient timeframe to fully evaluate the administration’s performance, adding that policy experts generally assess the effects of reforms over a span of 10 to 12 years.

“The President’s years in office began with clear policy directions and implementation.

“A lot of reforms have taken place across sectors. The President has laid down many fundamentals that would ensure growth,” he stated.

Onanuga acknowledged that while the benefits of the President’s actions over the past two years were beginning to emerge, a significant shift had already occurred in the economy, addressing many long-standing challenges.

Onanuga, while referring to the situation before the subsidy removal, said, “There was no fuel. Many stations were saying no fuel, 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 borrowing, Onanuga clarified that borrowing is a common global practice, noting that even countries like the U.S. engage in it.

“Nigeria has abundant resources that we are harnessing, but not as much readily available money as people might think,” he explained.

He emphasized that borrowed funds were not misused but rather allocated to their intended purposes, citing major projects such as the coastal roads that require external financing due to their significant advantages.

Onanuga also addressed currency devaluation, explaining that it is a standard economic practice used globally, referencing examples from countries like the UK and the US.

“Even UK and the US at some point devalued. These are economic principles that are universal and cannot be changed because it is Nigeria,” he asserted.

He added that the government had made tough decisions while also generating opportunities through infrastructure development, noting that many ongoing road projects were not originally included in the budget.

Onanuga further highlighted that Nigeria had experienced increased production and a rise in disposable income.

He cited examples such as Nestle and Nigerian Breweries, which initially faced challenges but have since adapted by sourcing materials locally and reporting profits.

“This economy has opened up opportunities in many forms for Nigerians. Those who can really exploit it. And they are making money,” he emphasised, giving examples of individuals making profits from exporting agricultural products like cocoa and even Zobo.

According to him, many companies are now investing in and producing within Nigeria, and these positive changes will soon become visible and impactful for all Nigerians.

Onanuga stressed the importance of public understanding of the economic context, saying, “We don’t do our people any good when we keep on pushing stories of gloom and doom without allowing them to see the truth, without allowing them to see the context, and without allowing them to know that there’s actually light at the end of the tunnel.”