Lagos, June 2, 2025 – Bayo Onanuga, a Presidential Spokesman, says Nigerians will soon begin to experience reduction in the cost of living when the effects of the economic reforms start to materialise.
Onanuga said this on Sunday while speaking with journalists in Lagos.
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 stated.
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 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.
