Going by the words of Mr. Bayo Onanuga, Senior Special Adviser (SSA) on Media and Information Strategy to President Bola Tinubu, Nigerians will soon experience a reduction in the cost of living.
The effects of the administration’s economic reforms will soon start to materialise, the SSA told reporters in Lagos yesterday.
According to him, the positive effects of President Tinubu’s policies would soon be felt across all segments of the country.
Onanuga highlighted that President Tinubu has not only introduced progressive reforms but also tackled challenges that previous administrations avoided, a report in the News Agency of Nigeria (NAN) said.
He argued that two years cannot be used as a sufficient yardstick to fully measure the administration’s achievements, noting that policy experts typically assess the impact of policies over a period of 10 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.
Alluding to the pre-subsidy removal situation, Onanuga 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 anymore.”
On the concerns being raced about borrowing, Onanuga clarified that it is a common practice globally, with even countries like the United States (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 United Kingdom (UK) and the United States (U.S.) have resorted to it.
“Even UK and the U.S at some point devalued. These are economic principles that are universal and cannot be changed because it is Nigeria,” he asserted.
He added that the government had made tough decisions and simultaneously created opportunities through infrastructure development, noting that many ongoing road constructions were not initially part of the budget.
Onanuga stated that Nigeria had seen an increase in production and a rise in disposable income.
He pointed to companies like Nestle and Nigerian Breweries, which initially faced challenges but were now sourcing materials locally and reporting profits.
The presidential spokesman said: “This economy has opened up opportunities in many forms for Nigerians – those who can really exploit it. And they are making money.”
He gave examples of individuals who have made fortunes from exporting agricultural products like cocoa and even Zobo.
According to him, many companies are now investing and producing in Nigeria, and these positive shifts will soon become evident and tangible for all Nigerians.
Onanuga stressed the importance of public understanding of the economic context, saying: “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.”
