Two Years Too Short to Judge Tinubu’s Impact - Presidency

 By: Manoah Kikekon 

Bola Tinubu

Bayo Onanuga, Special Adviser on Media and Information Strategy to President Bola Tinubu, has assured Nigerians that the administration’s economic reforms will soon lead to a noticeable reduction in the cost of living.  

Speaking to journalists in Lagos on Sunday, Onanuga emphasized that the positive effects of Tinubu’s policies are gradually unfolding across the nation. He noted that while challenges persist, the government has taken bold steps to address long-standing issues that previous administrations avoided.  

Onanuga argued that two years is insufficient to fully assess the administration’s achievements, pointing out that policy experts typically evaluate economic reforms over a 10 to 12-year period.  

“The President’s tenure began with decisive policy actions. Numerous reforms have been implemented across sectors, laying a strong foundation for sustainable growth,” he stated.  

Addressing the initial hardships caused by fuel subsidy removal, Onanuga explained that the Nigerian National Petroleum Company (NNPC) had been financially strained before the policy change.  

“At that time, fuel scarcity was rampant because the NNPC had no funds to import petrol. The company was owed billions, making it impossible to sustain supply,” he revealed.  

Onanuga defended the government’s borrowing strategy, stating that it is a global practice even advanced economies like the U.S. take loans for critical projects.  

“Nigeria is leveraging borrowed funds for transformative projects, such as the coastal highway, which will bring long-term benefits,” he said.  

Onanuga dismissed criticism of the naira’s devaluation, noting that even the UK and U.S. have adjusted their currencies in response to economic realities.  

“Devaluation is not unique to Nigeria. It’s a standard economic measure used worldwide to stabilize economies,” he asserted.  

Despite initial setbacks, Onanuga highlighted positive trends, including increased local production and higher disposable income. Companies like Nestlé and Nigerian Breweries, which initially struggled, are now sourcing materials locally and recording profits.  

“The economy is opening new opportunities. Entrepreneurs exporting products like cocoa and Zobo are thriving,” he added.  

Onanuga urged Nigerians to remain hopeful, stressing that the administration’s policies will soon yield visible benefits.  

“Painting a picture of constant doom does no good. The truth is, there is light at the end of the tunnel,” he concluded.  

(NAN)