As President Bola Ahmed Tinubu marks two years in office, the Presidential Media Team has said that recent government policies under BAT have opened new economic opportunities for Nigerians and foreign investors, despite prevailing economic challenges.
Speaking at a media parley in Lagos on Sunday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, alongside the Special Adviser on Media and Public Communications Sunday Dare defended the administration’s economic direction, stating that tough decisions such as fuel subsidy removal and the floating of the naira were designed to encourage competition and unlock market potential.
“Everything is not all bad for the economy,” Onanuga told journalists. “Some Nigerians are actually doing well. People are taking advantage of the devalued currency to export agricultural products like cocoa, sorghum, and even Zobo (hibiscus). These exporters are making significant gains.”
He explained that the high interest rate and inflation should be seen in the context of a larger economic shift. “There is a paradigm shift happening. We are moving to a market-driven economy. If you produce water and people stop drinking water, you innovate. That’s how markets work,” he said.
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Onanuga noted that the administration’s policies are based on globally accepted models such as the “willing buyer, willing seller” principle, particularly in the foreign exchange market. “This is how economies function around the world. We’re just aligning with global standards,” he added.
The team also highlighted improvements in federal revenue distribution to states. “Sub-national governments are receiving more allocation than before, and many governors have confirmed this,” they said.
Responding to criticisms about fluctuating fuel prices, Onanuga said that market liberalization was working. “Prices are becoming competitive. Importers and marketers are adjusting. This is what happens when the market is allowed to play its role,” he stated.
He also shared stories of Nigerians who have capitalized on the economic shift. “One man left his bank job to engage in agro-export. He’s doing very well. Another group is exporting Zobo and making money. These are the hidden success stories.”
The media team maintained that the economy is not in crisis but in transition, and those who can adapt are already reaping the benefits.
TRIBUNEONLINE