Special Adviser on Media and Information Strategy to President Bola Tinubu, has assured Nigerians that the ongoing economic reforms will soon lead to a lower cost of living across the country.
Speaking with journalists in Lagos on Sunday, Onanuga said that while the immediate impact of the reforms may not yet be fully visible, the long-term benefits are beginning to take shape and will soon be felt by all Nigerians.
According to him, President Tinubu’s administration has introduced vital structural changes and tackled longstanding challenges that previous governments failed to address.
“The President started with clear policy direction and implementation,” he said. “Many reforms have already been executed, laying solid foundations for future economic growth.”
Onanuga emphasized that it is premature to fully evaluate the administration’s performance after just two years in office. He explained that policy impacts are typically assessed over a decade or more.
Citing the period before fuel subsidy removal, Onanuga recalled severe fuel shortages due to financial constraints faced by the Nigerian National Petroleum Company (NNPC).
“NNPC couldn’t afford to import fuel because it owed suppliers $6 billion and the government owed NNPC ₦4 trillion,” he noted. “Now, the situation has changed.”
Addressing Nigeria’s borrowing practices, he explained that borrowing is a common global practice, even among developed countries like the U.S.
“Nigeria is rich in resources, but not necessarily in liquid cash. Borrowing allows us to fund large-scale infrastructure like the coastal highway,” he added.
Onanuga also discussed the recent currency devaluation, saying it follows standard economic practices.
“Countries like the UK and the US have devalued their currencies in the past. It’s a universal principle, not unique to Nigeria,” he said.
He pointed to increased local production and improved disposable income as early signs of progress. Companies like Nestle and Nigerian Breweries, which initially struggled, are now sourcing materials locally and returning to profitability.
“Many people are now profiting from agricultural exports such as cocoa and Zobo. There are real opportunities for those who seize them,” Onanuga said.
He concluded by urging Nigerians to look beyond negative narratives and understand the broader context of the government’s economic strategies.
“We must allow people to see the full picture — not just gloom. There is light at the end of the tunnel,” he said.
