Tinubu’s Economic Reforms Will Bring Ease Soon - Onanuga

Bayo Onanuga, Special Adviser on Media and Information Strategy to President Bola Tinubu, has expressed confidence that Nigerians will soon witness a reduction in the cost of living as the administration’s economic reforms begin to take effect.

In an interview with journalists in Lagos on Sunday, Onanuga said the positive impacts of the President’s policies would soon be felt across the country in various sectors.

He pointed out that President Tinubu has introduced bold reforms and addressed challenges previous governments often overlooked. 

Onanuga noted that assessing the full results of these policies after only two years is premature, explaining that economic reforms usually require 10 to 12 years to show their full effects.

“The President started with clear policy goals and has implemented reforms across multiple sectors, laying the groundwork for economic growth,” he said.

Although the benefits are just starting to emerge, Onanuga highlighted a significant shift in the economy, tackling many longstanding issues. 

He emphasized that loans obtained by the government have been used responsibly, funding major projects such as large-scale coastal roads that need external financing.

On the matter of currency devaluation, he explained this is a common economic practice worldwide, noting that countries like the UK and the US have also devalued their currencies when necessary.

“While difficult decisions have been made, the government is simultaneously creating opportunities through infrastructure projects, many of which were not originally included in the budget,” Onanuga added.

He also pointed to growth in production and increased disposable income, citing companies like Nestle and Nigerian Breweries that have overcome early hurdles to source locally and report profits.

“The economy is creating new opportunities for Nigerians willing to take advantage. We’ve seen success in sectors such as agricultural exports, including cocoa and Zobo,” he noted.

Onanuga concluded by urging the public to view the economic situation with clarity, stressing the importance of highlighting progress rather than focusing solely on negative narratives.

“It’s crucial Nigerians understand there is hope and positive change on the horizon,” he said.