Monday, June 2, 2025 - Special Adviser on Media and Information Strategy to President Bola Tinubu, Bayo Onanuga, has assured Nigerians that a reduction in the cost of living is imminent, as the impact of the administration’s economic reforms begins to materialize
Speaking to journalists in Lagos on Sunday, June 1, Onanuga
said the positive effects of President Tinubu’s policies would soon be evident
across various sectors of the country, emphasising that the government has been
addressing long-standing challenges previously ignored by past administrations.
“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 stressed that evaluating the administration’s
performance within two years does not provide a complete picture of its
achievements, arguing that policy experts typically assess the outcomes of
major reforms over a decade or more.
He pointed to the initial crisis surrounding fuel subsidy
removal and the near-collapse of the Nigerian National Petroleum Company
Limited (NNPC) as an example of the dire conditions the Tinubu administration
inherited.
“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 anymore,” he said.
On borrowing, Onanuga explained that the practice is not
unique to Nigeria and is widely adopted even by developed nations.
“Nigeria has abundant resources that we are harnessing, but
not as much readily available money as people might think,” he explained,
adding that borrowed funds were being utilised effectively, particularly in
infrastructure development such as the coastal roads project.
On currency devaluation, Onanuga reiterated that it is a
standard economic practice globally, defending the administration’s decisions
in this regard.
“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 noted that alongside difficult policy decisions, the
administration had opened new opportunities for economic growth, citing several
ongoing infrastructure projects that were not originally included in the
national budget.
Onanuga said that production levels in Nigeria had risen and
that disposable income was gradually improving. He highlighted examples of
companies such as Nestle and Nigerian Breweries, which he said had recovered
from initial operational difficulties by sourcing materials locally and
returning to profitability.
“This economy has opened up opportunities in many forms for
Nigerians. Those who can really exploit it. And they are making money,” he
said, referencing individuals benefiting from the export of agricultural
products like cocoa and Zobo.
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