The Special Adviser to President Bola Tinubu on Media and Information Strategy, Bayo Onanuga, has assured Nigerians that the country will soon begin to experience a reduction in the cost of living as the positive impact of ongoing economic reforms begins to take effect.
Speaking to journalists in Lagos on Sunday, Onanuga said the administration’s policies are gradually addressing long-standing economic challenges, and their benefits will soon be felt across all sectors.
He commended President Tinubu for implementing bold reforms that past administrations avoided, noting that while two years may seem short to fully measure their outcomes, policy impacts typically become evident over a longer period — often between 10 and 12 years.
“The President started his tenure with clear policy direction and consistent implementation,” Onanuga said.
“Significant reforms have already taken place across multiple sectors, laying the groundwork for long-term economic growth.”
According to him, although the full effects of these reforms are still unfolding, signs of improvement are beginning to emerge, especially in areas such as infrastructure and local production.
Onanuga also defended the administration’s borrowing, stating that borrowed funds are being directed towards impactful projects like the coastal road construction, which he said justify the need for external financing due to their scale and economic benefits.
Addressing concerns about currency devaluation, he said the measure is a widely accepted economic tool, noting that even advanced economies like the United States and the United Kingdom have resorted to similar steps in the past.
“These are universal economic principles. Nigeria is not exempt from them,” he said.
He added that the government’s tough decisions are beginning to create opportunities, particularly through infrastructure investments.
Many of these projects, he noted, were not initially included in the national budget but were undertaken due to their long-term importance.
Onanuga pointed to signs of recovery in the private sector, citing companies like Nestle and Nigerian Breweries, which have adapted to challenges by sourcing raw materials locally and returning to profitability.
“The economy is opening up for those willing to take advantage of the opportunities.
People are making money exporting goods like cocoa and Zobo,” he said.
He stressed that increasing investment, production, and disposable income were indicators of a positive trend that would soon become more visible to the general population.
Onanuga concluded by urging the public and media to maintain a balanced perspective on the economy.
“We don’t help our people by spreading only stories of doom and gloom.
It’s important to understand the broader context and recognise that there is indeed light at the end of the tunnel,” he said.