The Presidency has assured Nigerians that the economic reforms implemented by the administration of President Bola Ahmed Tinubu will soon begin to yield tangible benefits across sectors, particularly in reducing the overall cost of living and stimulating production-driven growth.
Special Adviser on Media and Information Strategy to the President, Bayo Onanuga, made this known during a press briefing in Lagos on Sunday.
He stated that although economic adjustments have created short-term hardship, the foundational policies introduced since President Tinubu assumed office are strategically positioned to drive long-term stability and prosperity.
“President Tinubu’s time in office began with clear policy direction and swift implementation. A lot of reforms have taken place across various sectors, and he has laid down fundamentals that will ensure sustainable economic growth,” Onanuga said.
According to him, several of the structural challenges that were neglected by previous administrations have now been addressed, including the unsustainable fuel subsidy regime and inefficiencies in the foreign exchange market.
He pointed out that the fuel subsidy system had become financially unviable, with the Nigerian National Petroleum Company (NNPC) reportedly owing suppliers $6 billion and the federal government indebted to the NNPC to the tune of N4 trillion.
“There was no fuel. Many stations had shut down. NNPC had reached a breaking point. The subsidy system was collapsing. The government acted swiftly to stop the bleeding,” he said.
Onanuga also addressed concerns over Nigeria’s rising debt profile, explaining that borrowing is a globally accepted fiscal instrument used to support capital projects.
“Even advanced economies such as the United States borrow to finance development. The key difference is in how the funds are utilised. In Nigeria’s case, the borrowed funds are tied to critical infrastructure like the coastal roads,” he noted.
He further explained that currency devaluation, while difficult, is part of broader economic corrections, citing instances where countries like the UK and U.S. implemented similar measures.
“These are universal economic principles. Devaluation is not exclusive to Nigeria. It is a market response to underlying conditions,” he added.
The presidential aide said that the ongoing reforms have already started triggering positive indicators, including increased local production, higher export volumes, and rising corporate performance.
He cited firms such as Nestle and Nigerian Breweries, which were previously impacted by macroeconomic shocks but have now resumed profitability through localisation of raw material sourcing and operational efficiency.
“This economy has opened up opportunities for many Nigerians. Those who understand the direction are already benefiting from increased export potential — from agricultural products like cocoa to Zobo,” he said.
Onanuga stressed that the impact of reforms should not be judged within a short window. “Two years is not enough time to assess structural economic changes. Globally, experts evaluate the full effect of reforms over 10 to 12 years,” he noted.
He also criticised the negative media narratives surrounding the economy, urging Nigerians to focus on the long-term vision.
“There’s no value in pushing stories of doom without providing context. There is light at the end of the tunnel. What we have today is a nation undergoing correction and redirection,” he said.
While the reforms have yet to translate into full relief for all Nigerians, the Presidency maintains that a paradigm shift has begun. With rising disposable income, increased production, and private sector adaptation, the federal government believes the economy is on a trajectory toward recovery and resilience.
Economic observers are expected to monitor inflation trends, exchange rate stability, and sectoral performance in the coming quarters as further indicators of the reforms’ impact.
