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\u2019s economic reforms start to materialise
Speaking to newsmen in Lagos on Sunday, Onanuga stated that the positive effects of Tinubu\u2019s policies would soon be felt across all segments of the nation.<\/p>\n\n\n\n
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\u2019s achievements, noting that policy experts typically assess the impact of policies over a period of 10 years to 12 years.<\/p>\n\n\n\n
\u201cThe President\u2019s years in office began with clear policy directions and implementation.
\u201cA lot of reforms have taken place across sectors. The President has laid down many fundamentals that would ensure growth,\u201d he stated.
He acknowledged that while the positives of the President\u2019s actions over the past two years were gradually trickling down, a significant paradigm shift had occurred in the economy, addressing many pre-existing problems.<\/p>\n\n\n\n
Onanuga, while referring to the situation before the subsidy removal, said, \u201cThere was no fuel. Many stations were saying no fuel, no fuel.
\u201cWhat 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.\u201d<\/p>\n\n\n\n
Addressing concerns about borrowing, Onanuga clarified that it is a common practice globally, with even countries like the U.S. engaging in it.
\u201cNigeria has abundant resources that we are harnessing, but not as much readily available money as people might think,\u201d he explained.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cEven UK and the US at some point devalued. These are economic principles that are universal and cannot be changed because it is Nigeria,\u201d he asserted.<\/p>\n\n\n\n
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 further stated that Nigeria had seen an increase in production and a rise in disposable income.<\/p>\n\n\n\n
He pointed to companies like Nestle and Nigerian Breweries, which initially faced challenges but were now sourcing materials locally and reporting profits.
\u201cThis economy has opened up opportunities in many forms for Nigerians. Those who can really exploit it. And they are making money,\u201d he emphasised, giving examples of individuals making profits from exporting agricultural products like cocoa and even Zobo.<\/p>\n\n\n\n
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, \u201cWe don\u2019t 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\u2019s actually light at the end of the tunnel\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s economic reforms start to materialise Speaking to newsmen in Lagos on Sunday, Onanuga stated that the positive effects of Tinubu\u2019s policies would soon be […]<\/p>\n","protected":false},"author":6,"featured_media":13983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-13984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-naija-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.funminews.com\/wp-content\/uploads\/2025\/06\/Alake-celebrate-Tinubu-e1743256137835.jpg.jpeg?fit=650%2C433&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/13984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/comments?post=13984"}],"version-history":[{"count":1,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/13984\/revisions"}],"predecessor-version":[{"id":13985,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/13984\/revisions\/13985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media\/13983"}],"wp:attachment":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media?parent=13984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/categories?post=13984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/tags?post=13984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}