Lagos: Mr Bayo Onanuga, Special Adviser on Media and Information Strategy to President Bola Tinubu, has stated that Nigerians will soon experience a reduction in the cost of living as the effects of the administration's economic reforms begin to take effect. Speaking to newsmen in Lagos, Onanuga noted that the positive impacts of President Tinubu's policies would soon be felt across all segments of the nation.
According to News Agency of Nigeria, Onanuga highlighted that President Tinubu had not only introduced progressive reforms but had also tackled challenges that previous administrations avoided. He mentioned that two years is an insufficient timeframe to fully measure the administration's achievements, emphasizing that policy experts typically assess the impact of policies over a period of 10 to 12 years. He asserted that the President's term began with clear policy directions and implementation, laying down many fundamentals that would ensure growth.
Onanuga acknowledged that while the positives of the President's actions over the past two years were gradually trickling down, a significant shift had occurred in the economy, addressing many pre-existing problems. Reflecting on the situation before the subsidy removal, he recounted that the NNPC had reached a financial bottom point, unable to import fuel due to debts, leading to a shortage at stations.
Addressing concerns about borrowing, Onanuga clarified that it is a common practice worldwide, with countries like the U.S. also engaging in it. He explained that although Nigeria has abundant resources, the available funds are not as much as perceived. He stressed that borrowed funds were not squandered but used for necessary projects like coastal roads, which require external financing due to their benefits.
Regarding currency devaluation, Onanuga pointed out that it is a universal economic principle, citing instances where even the UK and the U.S. have resorted to it. He emphasized that the government had made difficult decisions but also created opportunities through infrastructure development, noting that many ongoing road constructions were not initially part of the budget.
He further noted that Nigeria had witnessed an increase in production and a rise in disposable income. Companies like Nestle and Nigerian Breweries, which initially faced challenges, are now sourcing materials locally and reporting profits. Onanuga highlighted that the economy has opened up opportunities for Nigerians, with individuals profiting from exporting agricultural products like cocoa and 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, urging against spreading stories of gloom and doom without acknowledging the positive changes and potential for growth.