Onanuga: Tinubu’s Economic Policies Will Soon Lower Cost of Living for Nigerians

Bayo Onanuga, the Special Adviser on Media and Information Strategy to President Bola Tinubu, has expressed optimism that Nigerians will soon feel relief from the high cost of living as the administration’s economic reforms begin to take effect.

Speaking to the press in Lagos, Onanuga said the reforms introduced by President Tinubu are progressive and tackle issues that previous governments neglected. “The President’s years in office began with clear policy directions and implementation,” he noted. “A lot of reforms have taken place across sectors. The President has laid down many fundamentals that would ensure growth.”

He pointed out that two years is a short timeframe to fully evaluate the administration’s achievements, as policy experts usually assess reforms over 10 to 12 years. Nevertheless, he acknowledged a significant economic shift is underway, addressing many long-standing problems.

Onanuga described the fuel scarcity that plagued the country before subsidy removal, explaining that the Nigerian National Petroleum Corporation (NNPC) was financially constrained, owing billions to suppliers and unable to import fuel.

On borrowing, Onanuga said it is a standard practice globally, including in the US, and that Nigeria’s borrowed funds have been used responsibly for major projects like coastal roads.

Regarding currency devaluation, he said, “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 also highlighted infrastructure developments that were not initially budgeted but are creating new economic opportunities. Companies such as Nestle and Nigerian Breweries are now sourcing locally and reporting profits, reflecting increased production and disposable income.

“This economy has opened up opportunities in many forms for Nigerians… And they are making money,” Onanuga said, citing examples of agricultural exporters.

He concluded by urging Nigerians to look beyond negative narratives and recognize the progress made, saying, “there’s actually light at the end of the tunnel.”