Presidential Media Team led by Mr Bayo Onanuga has said that the federal government has succeeded in achieving macro economic stability that will enable government economic policies translate into increase welfare for Nigerians. Speaking to Business, News and Political editors in Lagos, the leader of the team said that both the multilateral financial institutions of IMF and World Bank group have acknowledged the improvement in Nigeria macro economic indices and the now prevailing conducive business environment. He said with this, several investors are now beaming their lights on the Nigerian economy seeking where to invest. He said with the investment opportunities in solid minerals, oil and gas, agriculture etc, government policies will soon achieve the critical mass for all Nigerians to benefit from. He said that the removal of oil subsidy has lead to stability in fuel supply as the president has said that market forces should be allowed to play in the sector. He said that Nigeria has been able to arrest the smuggling of petroleum products out of the country. According to him if the President had not made the move at inauguration of this administration to remove fuel subsidy, the oil cabals would have frustrated the move as it was with previous administration.
Bayo Onanuga said that Nigerians will soon begin to experience reduction in the cost of living as the effects of the economic reforms start to materialise. He said the positive effects of this administration would soon be felt across the nation, adding that two years is not sufficient to fully measure the administration’s achievements. “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,” he said. He said while the positive effects of the President’s actions over the past two years were gradually trickling down, a significant paradigm shift had occurred in the economy, addressing many pre-existing problems. Onanuga said there was no regular supply of petrol across the nation before the removal of petrol subsidy. “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 anymore.”
Onanuga said borrowing is a common practice by governments globally, with even countries like the U.S. engaging in it. Nigeria has abundant resources that we are harnessing, but not as much readily available money as people might think,” he said. The presidential adviser said the borrowed funds were not being squandered, but rather used for their intended purposes. He said there were some large-scale projects like the coastal roads that necessitate external financing due to their immense benefits.
Mr Onanuga said that the positive effects of Mr Tinubu’s policies would soon be felt across all segments of the nation. He highlighted that Mr Tinubu had not only introduced progressive reforms but had also tackled challenges that previous administrations avoided. He added that two years is an insufficient yardstick to fully measure the administration’s achievements, noting that policy experts typically assess the impact of policies over a period of 10 years to 12 years. “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,” he said.
He acknowledged that while the positives of the president’s actions over the past two years were gradually trickling down, a significant paradigm shift had occurred in the economy, addressing many pre-existing problems. Mr Onanuga, while referring to the situation before the subsidy removal, said, “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.” Addressing concerns about borrowing, Mr Onanuga clarified that it is a common practice globally, with even countries like the U.S. engaging in it. Nigeria has abundant resources that we are harnessing, but not as much readily available money as people might think,” he explained.
He stressed that borrowed funds were not squandered but rather used for their intended purposes, citing large-scale projects like the coastal roads that necessitate external financing due to their immense benefits.
Regarding currency devaluation, Mr Onanuga explained that it is a universal economic principle, citing instances where even the UK and the U.S. have resorted to it. “Even UK and the U.S. at some point devalued. These are economic principles that are universal and cannot be changed because it is Nigeria,” he asserted. He added that the government had made tough decisions and simultaneously created opportunities through infrastructure development, noting that many ongoing road constructions were not initially part of the budget. Mr Onanuga further said that Nigeria had seen an increase in production and a rise in disposable income. He pointed to companies like Nestle and Nigerian Breweries, which initially faced challenges but were now sourcing materials locally and reporting profits.
“This economy has opened up opportunities in many sectors for Nigerians and those who can really exploit it. And they are making money,” he emphasised, giving examples of individuals making deals from exporting agricultural products like cocoa and even Zobo. According to him, many companies are now investing and producing in Nigeria, and these positive shifts will soon become evident and tangible for all Nigerians. Mr Onanuga stressed the importance of public understanding of the economic context, saying, “We don’t do our people any good when we keep on pushing stories of gloom and doom without allowing them to see the truth, without allowing them to see the context, and without allowing them to know that there’s actually light at the end of the tunnel.”
