Onanuga argued that two years was not enough time to measure the full impact of the reforms, adding that economic policies often take a decade or more to manifest their results
By Titilope Adako
Special Adviser on Media and Information Strategy to President Bola Tinubu, Bayo Onanuga, has assured Nigerians that the cost of living will soon drop as the effects of the President’s economic reforms begin to take hold.
Speaking to journalists in Lagos on Sunday, Onanuga said the reforms initiated by the Tinubu administration were already addressing critical issues and laying foundations for sustainable growth across all sectors.
He noted that while many of the changes may not yet be fully visible, the President had taken bold steps that previous administrations failed to address.
“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 argued that two years was not enough time to measure the full impact of the reforms, adding that economic policies often take a decade or more to manifest their results.
He recalled the situation before fuel subsidy was removed.
“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 Nigeria’s borrowing practices, Onanuga noted that even developed countries like the United States borrowed funds and that Nigeria’s loans were being invested in infrastructure projects like coastal roads.
“Nigeria has abundant resources that we are harnessing, but not as much readily available money as people might think,” he explained.
He also defended the government’s economic policies, including currency devaluation.
“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.
According to him, the Tinubu administration had made difficult decisions while also creating opportunities for economic growth, with some road projects now ongoing even though they were not originally budgeted for.
He noted that production has increased and disposable income is gradually rising.
“This economy has opened up opportunities in many forms for Nigerians. Those who can really exploit it. And they are making money,” he emphasised.
He gave examples of individuals making profits from exporting agricultural products like cocoa and even Zobo.
Onanuga said companies such as Nestle and Nigerian Breweries, which initially faced challenges, were now sourcing materials locally and reporting profits.
He urged Nigerians to view the economic situation with perspective and avoid despair.
“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.”
Join us on our Whatssap Platform @KOIKIMEDIA NEWS YOUR PAGE
KoikiMedia Bringing the World 🌎 Closer to Your Doorstep