Tinubu’s economic reforms will soon ease hardship – Bayo Onanuga

Presidential media adviser, Bayo Onanuga, has urged Nigerians to remain hopeful, assuring that President Bola Ahmed Tinubu’s economic reforms will soon begin to ease the current cost-of-living crisis

Speaking with journalists in Lagos, Onanuga said the effects of the administration’s policies are beginning to emerge, adding that the President’s early actions laid a solid foundation for long-term growth.

“From the outset, the President established clear policy directions,” he said. “Many reforms have taken place across sectors. He has laid down the fundamentals that would guarantee growth.”

While acknowledging that two years is a relatively short time to fully judge an administration’s success—since economic policies are often evaluated over a longer period—Onanuga stressed that a major shift has already occurred in the nation’s economic structure.

He recalled the state of the fuel sector before the removal of subsidies, describing how fuel scarcity had become widespread due to the NNPC’s inability to import fuel, as it was owed billions by suppliers and the government.

“People forget that before subsidy removal, there was fuel scarcity everywhere. The NNPC was financially crippled. It had no money to import fuel,” he said.

On government borrowing, Onanuga defended the administration’s approach, saying borrowing is a global norm used to fund key infrastructure projects, such as Nigeria’s coastal highways.

“Even developed countries borrow. Nigeria is rich in resources but doesn’t always have the cash flow. Borrowing is essential for major developments,” he explained.

He also addressed currency devaluation, noting that countries like the UK and the US have adopted similar strategies during tough economic times.

“These are universal economic principles. Nigeria is not an exception,” he said.

Highlighting the administration’s efforts to expand opportunities, Onanuga pointed to increased local production and companies like Nestle and Nigerian Breweries sourcing materials locally and reporting profits. He also mentioned the growth of small-scale exports such as cocoa and Zobo.

“There are Nigerians making money now, exploiting the new opportunities this economy offers,” he said.

He urged Nigerians and the media to adopt a balanced view of the nation’s economic journey.

“We don’t help ourselves by spreading only stories of hardship. People need to understand the context and recognize that there is truly light at the end of the tunnel.”

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