The Special Adviser on Media and Information Strategy to President Bola Tinubu, Bayo Onanuga, has expressed optimism that the effects of the administration’s economic reforms will soon lead to a reduction in the cost of living in Nigeria. Speaking to newsmen in Lagos, Onanuga highlighted that the President’s policies have laid down fundamentals that would ensure growth and address pre-existing problems in the economy.
Onanuga emphasized that the President’s years in office began with clear policy directions and implementation, leading to significant reforms across sectors. He noted that while the positives of the President’s actions over the past two years were gradually trickling down, a significant paradigm shift had occurred in the economy.
Addressing concerns about borrowing, Onanuga clarified that it is a common practice globally, with even countries like the US engaging in it. He explained that Nigeria has abundant resources that are being harnessed, but not as much readily available money as people might think. On currency devaluation, Onanuga cited instances where even the UK and the US have resorted to it, emphasizing that it is a universal economic principle.
Onanuga pointed to companies like Nestle and Nigerian Breweries, which initially faced challenges but were now sourcing materials locally and reporting profits. He emphasized that the economy has opened up opportunities for Nigerians, and many companies are now investing and producing in the country.
Onanuga stressed the importance of public understanding of the economic context, saying, “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
