Tinubu’s Special Adviser on Media Assures Nigerians of Imminent Cost of Living Reduction Amid Economic Reforms
The Special Adviser on Media and Information Strategy to President Bola Tinubu, Bayo Onanuga, has given Nigerians a strong reason to be hopeful about an upcoming reduction in the cost of living. Speaking on Sunday, June 1, 2025, in Lagos, Onanuga explained that the positive impacts of the current administration’s economic reforms are beginning to take shape across various sectors of the Nigerian economy. This, he assured, would soon translate into improved livelihoods and relief for ordinary Nigerians struggling with inflation and economic hardship.
Clear Policy Directions and Reform Implementation
Onanuga emphasized that from the very start of President Tinubu’s tenure, there were clear policy directions and a strong commitment to implementing reforms. Unlike previous administrations, which he suggested had overlooked many pressing issues, the Tinubu government has been focused on tackling long-standing challenges head-on. “The President’s years in office began with clear policy directions and implementation. A lot of reforms have taken place across sectors. The President has laid down many fundamentals that would ensure growth,” Onanuga stated confidently.
This underscores the government’s methodical approach to reviving the economy by focusing on foundational issues such as energy, infrastructure, and fiscal discipline, which had been neglected for years.
Why Judging the Administration’s Performance After Two Years Isn’t Enough
The Special Adviser also highlighted an important point about assessing the government’s performance. He argued that looking at progress within just two years does not fully capture the scale or success of the reforms underway. He reminded journalists and Nigerians that economic reforms of this magnitude typically take a decade or more before their full impact can be seen.
“Policy experts usually evaluate the outcomes of major reforms over a decade or more,” Onanuga said. This is an important reminder for Nigerians to temper expectations, recognizing that sustainable economic transformation is a long-term process rather than an overnight miracle.
The Fuel Crisis and NNPC’s Financial Challenges: A Heavy Burden Inherited
Onanuga then shed light on one of the most pressing crises the Tinubu administration inherited — the near-collapse of the Nigerian National Petroleum Company Limited (NNPC) and the resulting fuel shortage. He explained the gravity of the situation when the government took over, revealing that the NNPC was deeply indebted and financially incapacitated.
“There was no fuel. Many stations were saying no fuel, no fuel. What was happening at that time was that the NNPC had reached the bottom point. It had no money to import fuel, it claimed that it was owing suppliers about six billion dollars and the government was owing it about four trillion dollars. So, it could not import any more,” Onanuga detailed.
This explanation provides critical context to understand why the fuel subsidy removal became a necessity and why it caused initial hardship, but also sets the stage for the reforms aimed at stabilizing the fuel supply and restoring fiscal balance.
On Borrowing: A Common Practice Even Among Developed Countries
Addressing concerns about Nigeria’s borrowing habits, Onanuga made an important clarification: borrowing to finance development and economic activities is a global norm, not a practice unique to Nigeria.
“Nigeria has abundant resources that we are harnessing, but not as much readily available money as people might think,” he explained. He further pointed out that borrowed funds are being used prudently, especially in key infrastructure projects, citing the coastal roads project as a prime example of how borrowed capital is creating tangible improvements.
This reassures Nigerians that debt is being managed strategically to build critical infrastructure that will ultimately support economic growth and improve quality of life.
Currency Devaluation: A Standard Economic Measure Worldwide
Onanuga also defended the administration’s decision to devalue the Nigerian Naira, emphasizing that currency devaluation is a normal economic practice employed by many countries during challenging times.
“Even UK and the US at some point devalued. These are economic principles that are universal and cannot be changed because it is Nigeria,” he asserted.
This statement seeks to demystify and normalize the economic decisions made by the Tinubu government, highlighting that such measures are sometimes necessary to correct imbalances and stimulate exports.
New Opportunities for Economic Growth Beyond Budgeted Projects
While acknowledging the tough policy decisions made, Onanuga pointed out that the administration has simultaneously created new economic opportunities that were not originally part of the national budget. He mentioned ongoing infrastructure projects that have been initiated beyond initial government planning, reflecting a dynamic and proactive economic strategy.
Rising Production and Improving Disposable Income: Signs of Progress
Onanuga gave tangible examples of progress in the economy, noting that production levels in Nigeria are rising and disposable income is gradually improving for many Nigerians. He highlighted the recovery of major companies such as Nestle and Nigerian Breweries, which had initially faced operational challenges due to supply chain issues but have since bounced back by sourcing materials locally and regaining profitability.
“This economy has opened up opportunities in many forms for Nigerians. Those who can really exploit it. And they are making money,” he said.
He further mentioned the growing export market for agricultural products like cocoa and Zobo, which are helping farmers and entrepreneurs earn foreign exchange and contribute to economic diversification.
Why This Matters for Nigerians
Bayo Onanuga’s statements provide a clear and optimistic roadmap of where the Nigerian economy is heading under President Tinubu’s administration. The reforms targeting fuel supply, currency stabilization, infrastructure development, and boosting local production are all critical for reducing the cost of living and creating sustainable economic growth.
For everyday Nigerians, the promise of a lower cost of living means relief from the current pressures of inflation and scarcity. The government’s focus on long-term reforms suggests that Nigeria’s economic future will not just rely on short-lived fixes but on structural changes that make the economy more resilient.
By understanding the economic challenges the Tinubu administration inherited and appreciating the complexity of the reforms underway, Nigerians can engage more confidently with the government’s vision. This detailed insight from the Special Adviser on Media, Bayo Onanuga, affirms that the efforts made today will gradually translate into real improvements in the cost of living and overall economic well-being for Nigerians across the country.
