Cost of Living will soon drop as economic reforms take hold — Bayo Onanuga

The Special Adviser on Media and Information Strategy to President Bola Tinubu, Mr Bayo Onanuga, has assured Nigerians that the high cost of living currently being experienced across the country will soon ease as the effects of the administration’s economic reforms begin to reflect on everyday life.

Speaking with journalists in Lagos on Sunday, Onanuga maintained that while it might appear tough now, the positive outcomes of President Tinubu’s policies are beginning to trickle down and would soon be visible across all sectors.

He explained that the administration has taken bold steps to address long-standing national challenges that past governments hesitated to confront. “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.

Onanuga argued that it would be unfair to fully measure the impact of the president’s reforms in just two years, pointing out that policy experts typically assess reforms over 10 to 12 years. However, he insisted that signs of economic recovery are already emerging.

Referring to the fuel subsidy removal, Onanuga recalled the situation before the policy was implemented. “There was no fuel. Many filling stations had no product to sell. The NNPC had reached the bottom. It owed about six billion dollars to suppliers and was owed about four trillion naira by the government. It could no longer import fuel,” he revealed.

On borrowing, the presidential adviser explained that taking loans is a global practice, noting that even countries like the United States frequently borrow. He assured Nigerians that funds borrowed by the Tinubu administration have been judiciously deployed, especially on critical infrastructure projects such as the coastal roads.

He also defended the government’s handling of the currency market, stressing that currency devaluation is a standard economic measure employed globally to stabilise economies. “Even the UK and U.S. at some point devalued. These are economic principles that are universal and cannot be changed just because it is Nigeria,” he said.

Onanuga said the government’s tough economic decisions have opened up new opportunities, with an increase in local production and disposable income in certain sectors. He noted that companies such as Nestlé and Nigerian Breweries, which initially struggled due to foreign exchange challenges, are now sourcing materials locally and recording profits.

He pointed to the agricultural export sector as another area benefitting from the reforms, citing how exporters of commodities like cocoa and Zobo are thriving. “This economy has opened up opportunities in many forms for Nigerians — for those who can really exploit them. And they are making money,” he added.

Onanuga urged Nigerians to maintain hope, stressing the importance of understanding the broader economic context. “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 letting them know that there’s actually light at the end of the tunnel,” he said.