The Special Adviser on Media and Information Strategy to President Bola Tinubu, Bayo Onanuga, says Nigerians will soon feel a reduction in the cost of living as the effects of the administration’s economic reforms begin to materialise.

Speaking to journalists in Lagos on Sunday, Onanuga noted that President Tinubu has laid strong economic foundations and taken bold decisions that previous governments avoided. He said the positive impact of these reforms would gradually reflect across various sectors of the country.

Onanuga explained that while two years may be too short to fully assess the reforms, policy experts often evaluate long-term outcomes over 10 to 12 years. He acknowledged that the early phase of Tinubu’s tenure saw major reforms, including subsidy removal, which was necessary to resolve structural issues in the oil sector.

“There was no fuel because the NNPC had no funds to import. They were owed billions. The President addressed that crisis head-on,” he stated.

Addressing criticism over borrowing and currency devaluation, Onanuga clarified that such measures are global economic practices, with countries like the US and UK employing similar strategies. He assured that borrowed funds were being used for infrastructure projects such as coastal roads, many of which were not initially in the national budget.

He also cited an increase in local production, improved disposable incomes, and renewed corporate profitability as signs of a rebounding economy. Companies like Nestle and Nigerian Breweries, he said, are now sourcing materials locally and reporting profits.

“People are exporting cocoa and even Zobo. Opportunities are opening for those who can tap into them,” he added.

Onanuga urged the public to view the economy with context and avoid spreading despair. “We must show people that there’s light at the end of the tunnel,” he said, emphasising that Nigeria has abundant resources but limited immediate liquidity.