Presidency has projected a drop in cost of living as Tinubu’s Reforms begin to bear fruit.
NewsOnline Nigeria reports that Bayo Onanuga, Special Adviser on Media and Information Strategy to President Bola Tinubu, has assured Nigerians that a reduction in the cost of living is on the horizon, as the effects of the administration’s economic reforms begin to take hold.
Speaking with journalists in Lagos on Sunday, Onanuga expressed optimism that the president’s policy initiatives, though tough, are beginning to reshape the economy and will soon deliver relief to citizens across all sectors.
ALSO: Buhari’s Minister, Mohammed Abdullahi Ofiicially Dumps APC
“The President’s time in office has been defined by clear policy direction and decisive implementation,” he said, adding that many of the foundational issues long ignored by past administrations are now being addressed.
Onanuga noted that although two years may seem long to citizens facing hardship, it is relatively short for judging long-term policy outcomes, which typically require a 10- to 12-year window for full evaluation.
He acknowledged current public discomfort, especially following the removal of fuel subsidies, but argued that the move was necessary. “There was no fuel then. NNPC was broke and owed suppliers $6 billion. The government owed it ₦4 trillion. It simply could not continue importing,” he explained.
Defending the administration’s borrowing, Onanuga said such fiscal strategies are common globally — including in developed economies — and that Nigeria’s loans are being invested in infrastructure with long-term benefits. He cited the Lagos-Calabar Coastal Highway and other major road projects as examples.
Onanuga also addressed currency devaluation, framing it as a standard global economic tool. “Even the UK and US have devalued at some point. Nigeria is no exception,” he stated.
He emphasized that many companies operating in Nigeria are adjusting, adapting, and even thriving under the new economic reality. Firms like Nestlé and Nigerian Breweries, once hit by forex shortages, are now sourcing materials locally and returning to profitability, he said.
Onanuga pointed out that increased local production and export opportunities — especially in agriculture — are beginning to reflect in rising disposable income for some Nigerians. “People are making money from exporting cocoa, Zobo, and more. This economy has opened up new doors,” he asserted.
He concluded by urging Nigerians to maintain perspective and avoid falling into despair. “We do our people no good by spreading only doom and gloom. There’s light at the end of the tunnel, and it’s becoming visible,” Onanuga said.
