President Bola Ahmed Tinubu’s Special Adviser on Media and Information Strategy, Mr. Bayo Onanuga, has assured Nigerians that a reduction in the cost of living is imminent. He linked this expected relief to the gradual but consistent impact of the administration’s economic reforms, which are now beginning to take hold across multiple sectors.
Speaking to journalists in Lagos on Sunday, Onanuga highlighted that the positive outcomes of President Tinubu’s policy measures would soon become evident to citizens at all levels of society. He noted that while the administration has been in office for only two years, significant foundational work has already been laid to drive long-term national growth and prosperity.
“The President began his tenure with a clear sense of direction and immediate implementation of crucial reforms,” Onanuga said. “These reforms, though challenging, have addressed deep-seated problems that past governments were reluctant to confront. President Tinubu has laid down strong economic fundamentals that will ultimately guarantee sustainable development.”
Onanuga emphasized that two years is too short a timeframe to fairly assess the full impact of far-reaching policy changes, noting that economic experts typically evaluate reforms over a span of 10 to 12 years. “The gains from many of these policies take time to become fully visible,” he added.
He also pointed to a paradigm shift that is already underway in Nigeria’s economic structure, driven by the administration’s bold decisions.
Reflecting on the situation before the fuel subsidy was removed, he explained the urgency behind that action, “At that time, the Nigerian National Petroleum Company (NNPC) was financially incapacitated. Fuel was scarce, and many filling stations were out of supply. The NNPC was reportedly owed around $6 billion by suppliers, while the government itself owed the company about ₦4 trillion. It was an unsustainable situation.”
Addressing public concerns about national borrowing, Onanuga explained that borrowing is a standard practice among nations—even advanced economies like the United States engage in it. “Nigeria is blessed with abundant resources,” he noted, “but we don’t always have ready cash on hand. That’s why borrowing is necessary, especially for large-scale infrastructure projects such as the coastal road network.”
He assured that borrowed funds were not being mismanaged but allocated to priority projects with significant national benefits. “These loans are being used for their intended purpose,” he stated.
Onanuga also addressed the issue of currency devaluation, describing it as a universal economic tool adopted even by advanced countries like the UK and the US. “Currency devaluation is not unique to Nigeria. It is a recognized economic adjustment mechanism used globally,” he explained.
He further underscored that while the government has made tough economic decisions, it has also simultaneously created new opportunities, particularly through infrastructure development.
He pointed out that several road construction projects currently underway were not originally included in the national budget, yet the administration found ways to initiate them due to their importance.
In terms of economic indicators, Onanuga reported increased local production and improved disposable incomes for many Nigerians. He cited examples of companies like Nestle and Nigerian Breweries, which initially faced difficulties but have now adjusted by sourcing raw materials locally and returning to profitability.
“The Nigerian economy has opened doors for those who are ready to seize the opportunities,”he said. “People are making profits by exporting agricultural products like cocoa and zobo. Many companies are investing and expanding production within the country, and this shift will soon become more evident to the public.”
Onanuga stressed the need for balanced and informed public discourse regarding Nigeria’s economic situation. He cautioned against spreading only negative narratives without considering the broader context.
He said, “We do a disservice to our people when we constantly project gloom and doom. Nigerians deserve to know the full story — that despite the difficulties, there is hope, and there is light at the end of the tunnel.”