Bayo Onanuga, Special Adviser on Media and Information Strategy to President Bola Tinubu, has assured Nigerians that the cost of living is expected to decline as the positive effects of the government’s economic reforms start to take hold.
Addressing journalists in Lagos on Sunday, Onanuga said the benefits of President Tinubu’s policies will soon be felt across various sectors throughout the country.
He pointed out that the President has introduced forward-looking reforms and tackled challenges that previous administrations often neglected. Onanuga also noted that assessing the full impact of these policies after only two years is premature, as such evaluations typically span a decade or more.
“President Tinubu began his tenure with clear policy objectives and has implemented many reforms across multiple sectors. These foundational measures are laying the groundwork for sustained growth,” he stated.
While the outcomes are just starting to emerge, Onanuga observed a major shift in the economy, addressing long-standing problems. He emphasized that borrowed funds have been used responsibly, citing large infrastructure projects like coastal roads that necessitate external financing because of their scale and importance.
Regarding currency devaluation, Onanuga explained that this is a common economic strategy employed globally, mentioning that countries such as the UK and the US have implemented similar measures.
“Tough choices have been necessary, but they have also created opportunities through infrastructure development. Several road construction projects currently underway were not even part of the original budget,” he added.
He also pointed to growth in production and disposable incomes, highlighting companies like Nestle and Nigerian Breweries, which initially faced difficulties but are now sourcing materials locally and reporting profits.
“This economy is creating diverse opportunities for Nigerians willing to capitalize on them. We are witnessing success stories, including individuals making income from exports of commodities like cocoa and Zobo,” Onanuga said.
He concluded by stressing the importance of public awareness and accurate information about the economy.
“It’s unhelpful to dwell only on negative stories. Nigerians need to see the real situation and recognize that progress and hope are on the horizon,” he said.
Leave a Reply