Special Adviser on Media and Information Strategy to President Bola Tinubu, Bayo Onanuga, says Nigerians will soon experience a reduction in the cost of living, as the effects of the administration’s economic reforms start to materialise
Speaking to newsmen in Lagos on Sunday, Onanuga stated that the positive effects of Tinubu’s policies would soon be felt across all segments of the nation.
Onanuga highlighted that the President had not only introduced progressive reforms but had also tackled challenges that previous administrations avoided.
He added that two years is an insufficient yardstick to fully measure the administration’s achievements, noting that policy experts typically assess the impact of policies over a period of 10 years 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.
He acknowledged that while the positives of the President’s actions over the past two years were gradually trickling down, a significant paradigm shift had occurred in the economy, addressing many pre-existing problems.
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 it is a common practice globally, with even countries like the U.S. engaging in it.
“Nigeria has abundant resources that we are harnessing, but not as much readily available money as people might think,” he explained.
He stressed that borrowed funds were not squandered but rather used for their intended purposes, citing large-scale projects like the coastal roads that necessitate external financing due to their immense benefits.
Regarding currency devaluation, Onanuga explained that it is a universal economic principle, citing instances where even the UK and the US have resorted to it.
“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.
