Tinubu’s Reforms Will Soon Ease Hardship, Says Presidential Aide Bayo Onanuga

Bayo Onanuga, Special Adviser on Media and Information Strategy to President Bola Ahmed Tinubu, has assured Nigerians that the administration’s economic reforms will soon begin to ease the rising cost of living.

Speaking to journalists in Lagos, Onanuga said the reforms already implemented are beginning to yield positive results and will gradually improve the lives of Nigerians.

“The President’s years in office began with clear policy directions and implementation,” he said. “A lot of reforms have taken place across sectors. The President has laid down many fundamentals that would ensure growth.”

Onanuga noted that although it’s still early to fully measure the long-term success of Tinubu’s policies, the impact of some key decisions is already becoming evident. He stressed that real economic transformation often takes years to fully materialize.

Reflecting on the situation Tinubu inherited, he pointed to a near-collapse in the fuel supply system, saying the NNPC was heavily indebted and unable to import fuel due to unpaid subsidies and obligations.

“Before subsidy removal, fuel was scarce. Many filling stations were dry because the NNPC lacked the funds to import fuel. It was owing suppliers about $6 billion, and the government owed it around ₦4 trillion,” he said.

Onanuga also addressed concerns about the administration’s borrowing, stating that infrastructure projects like the Lagos-Calabar Coastal Highway require external financing, a practice common in developed nations.

He defended the recent currency devaluation as a necessary economic tool, noting that even the UK and the US have used similar strategies in the past.

“Currency devaluation is not unique to Nigeria. It’s a global economic principle,” he said.

Highlighting signs of recovery, he mentioned companies like Nestle and Nigerian Breweries, which are now sourcing raw materials locally and returning to profitability. He also cited opportunities in export businesses such as cocoa and zobo as examples of the economy opening up for those ready to seize them.

“We must offer a balanced perspective. There’s no benefit in spreading constant doom when progress is also being made. Nigerians should know that there’s light at the end of the tunnel,” Onanuga concluded.