The administration of President Bola Tinubu claims that Nigerians are enjoying the lowest cost of living in Africa. Bayo Onanuga, Special Adviser to the President on Information and Strategy, made this announcement on Sunday. Despite the hardships caused by the inflation resulting from the removal of fuel subsidy at the beginning of President Tinubu’s presidency, Onanuga admitted that the administration’s reforms would cause “immediate pains,” but would eventually lead to prosperity in the medium and long terms.
Onanuga was responding to recent comments by Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the last election, who argued that President Tinubu’s poor response to the nation’s challenges was setting the stage for a prolonged and deeper economic crisis. Onanuga, however, rejected Atiku’s assertion, saying that “recent comparative cost of living indices show that Nigerians still enjoy the lowest cost of living in Africa.” He also refuted Atiku’s claims that the private sector is shrinking and that multinational companies are leaving the country in droves.
Onanuga acknowledged that the economy was weak when President Tinubu came into power and said that it needs a complete overhaul. He added that reputable local and international agencies that understand the situation have commended the administration, having seen a policy trajectory that is positive, realistic, and sustainable. The administration has also embarked on comprehensive fiscal and tax policy reform that will drive speedy recovery and spur economic growth. Therefore, the administration’s detractors cannot stop the serious work of nation-building already set in motion by President Tinubu.