Special Adviser on Media and Information Strategy to President Bola Ahmed Tinubu, Bayo Onanuga, has urged Nigerians to hold onto hope, assuring them that President Tinubu’s economic reforms will soon bring relief from the country’s rising cost of living.
Speaking to journalists in Lagos, Onanuga asserted that the positive effects of the administration’s economic reforms are already beginning to emerge, and Nigerians across the country will soon feel the benefits.
“The President’s years in office began with clear policy directions and implementation,” Onanuga stated. “A lot of reforms have taken place across sectors. The President has laid down many fundamentals that would ensure growth.”
He acknowledged that while it has only been two years since Tinubu took office – a relatively short period to fully assess success, as experts typically evaluate policy impact over a decade or more – a fundamental shift has already occurred in the Nigerian economy.
Onanuga highlighted some of the critical challenges the administration inherited, including a near collapse of the fuel supply system. “Before subsidy removal, fuel was scarce. Many stations were saying no fuel, no fuel,” he recalled. He explained that at the time, the Nigerian National Petroleum Corporation (NNPC) was struggling, owing suppliers billions of dollars, which prevented them from importing fuel.
Addressing concerns about government borrowing, Onanuga clarified that it is a common global practice, even in developed nations like the United States. He emphasized Nigeria’s abundant resources that are being harnessed, but noted that readily available money isn’t always sufficient for large-scale projects, making external financing for infrastructure developments like coastal highways necessary.
He also touched on currency devaluation, explaining it as a standard economic tool used worldwide, citing examples from the UK and US. “Even the UK and the US at some point devalued. These are economic principles that are universal and cannot be changed just because it is Nigeria,” Onanuga stated.
Onanuga underscored the administration’s efforts to create new opportunities alongside tough decisions. He pointed to increased local production and higher disposable income, mentioning companies like Nestle and Nigerian Breweries that are now sourcing 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 said, citing individuals profiting from exports such as cocoa and Zobo.
He concluded by calling for a balanced public perspective on the economy. “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.”
