Presidential spokesman Bayo Onanuga has assured Nigerians that a drop in the cost of living is on the horizon, attributing it to the cumulative impact of economic reforms introduced by President Bola Tinubu’s administration.
Speaking to journalists in Lagos on Sunday, June 1, the Special Adviser to the President on Media and Information Strategy said the government’s policies were beginning to yield results and would soon benefit all Nigerians.
“The President’s years in office began with clear policy directions and implementation,” Onanuga said. “A lot of reforms have taken place across sectors. The President has laid down many fundamentals that would ensure growth.”
He argued that Tinubu had initiated bold economic decisions that previous governments avoided, noting that while it may take time, the effects would be long-lasting.
“Two years is not a sufficient period to judge the performance of an administration. Policy experts usually assess outcomes over 10 to 12 years,” he added.
Onanuga also referenced the chaotic fuel supply situation before the removal of subsidy.
“There was no fuel. Many stations were saying no fuel, no fuel,” he said. “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.”
He addressed concerns over Nigeria’s rising debt profile, insisting borrowing was a common global practice.
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“Nigeria has abundant resources that we are harnessing, but not as much readily available money as people might think,” he explained.
“Borrowed funds were not squandered but used for their intended purposes,” he added, citing major projects like the coastal highway as examples.
Touching on the naira’s devaluation, Onanuga said it followed universal economic principles.
“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 stated.
Despite tough economic decisions, he insisted that opportunities were being created through infrastructure development. He claimed that many road projects currently underway were not even in the original budget.
Onanuga also suggested that the economy had seen modest gains, with a rise in local production and disposable income.
He said companies like Nestle and Nigerian Breweries, which initially struggled, were now sourcing materials locally and turning profits.
“This economy has opened up opportunities in many forms for Nigerians. Those who can really exploit it. And they are making money,” he said, mentioning agricultural exporters profiting from cocoa and zobo.
He added that more companies were now investing and producing in Nigeria, insisting that the positive shifts would soon be evident to all.
“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,” Onanuga said.