Tinubu’s Adviser: Relief from Economic Struggles Is on the Horizon

Bayo Onanuga, Special Adviser on Media and Information Strategy to President Bola Ahmed Tinubu, has called on Nigerians to remain hopeful, assuring that the president’s ongoing economic reforms will soon relieve the country’s rising cost of living.

Speaking with reporters in Lagos, Onanuga highlighted that the positive effects of the administration’s policies are beginning to surface and that Nigerians across the country will start to feel the benefits.

“The President came into office with clear policy directions and has already implemented a number of reforms across various sectors,” Onanuga said. “He has laid the groundwork for sustainable growth.”

Acknowledging that Tinubu has been in office for just two years, far shorter than the usual decade-long window experts use to assess policy success, Onanuga insisted a fundamental shift has taken place in the Nigerian economy.

He detailed some of the key challenges faced when the administration took over, particularly the near collapse of the fuel supply system.

“Before the subsidy removal, fuel scarcity was widespread. Many stations simply had no fuel. The Nigerian National Petroleum Corporation (NNPC) was in a dire financial state, owing suppliers nearly six billion dollars, while the government owed the NNPC about four trillion naira. This made it impossible for NNPC to import fuel, leading to empty pumps nationwide,” Onanuga explained.

On concerns about government borrowing, he stressed that borrowing for development is a standard practice worldwide, including in advanced economies like the United States.

“Nigeria has abundant resources, but not as much liquid cash as some may think. Borrowing is necessary for large infrastructure projects like coastal highways,” he said.

On currency devaluation, Onanuga clarified it is a common economic tool used by many nations, including the UK and US, to stabilize economies.

“This is a universal economic principle, it doesn’t change just because it’s Nigeria,” he added.

Onanuga also highlighted how reforms are opening new opportunities for Nigerians, with increased local production and higher disposable incomes.

“Companies like Nestle and Nigerian Breweries are sourcing more locally and posting profits. People involved in exports like cocoa and Zobo are also benefiting,” he noted.

He urged the public to balance criticism with an understanding of progress.

“We don’t help our people by only spreading gloom. They need to see the full picture, that there is indeed light at the end of the tunnel.”

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