Tinubu's Reforms: Temporary Pains, Lasting Gains?

Bayo Onanuga, a seasoned journalist and Special Adviser to President Bola Tinubu on Information and Strategy, has come out in support of the government's economic reforms. Speaking in an interview, Onanuga stressed that while the reforms may be causing temporary hardships, they will ultimately lead to lasting gains. This message aligns with Tinubu's consistent stance that reforms cannot be implemented without their attendant pains. The President has always shown empathy and promised to ensure that the benefits of the reforms trickle down to ordinary Nigerians. In fact, just recently, he launched a $3.5 billion ward-centric programme aimed at addressing some of the problems of living and productivity.

Onanuga believes that the President understands the problems of the high cost of living and is doing everything in his power to alleviate it.

The government removed fuel subsidy, but introduced a cheaper, five times cheaper, alternative in the form of Compressed Natural Gas, CNG. Many commercial buses and taxis have converted to using CNG, benefiting from reduced operating costs. Even one of Onanuga's own cars is running on CNG, saving him money in the process. With the high cost of living arising from the reforms, Onanuga is confident that Nigerians will weigh the benefits against the temporary pains and give the APC the benefit of the doubt in the 2027 elections.

The APC may be facing an uphill battle in the 2027 elections, given the hardships caused by the economic reforms. However, Onanuga is optimistic that voters will be swayed by the positive side of the reforms. He points to the successes achieved by the President, including the country's improved economy, increased reserves, stable exchange rate, trade surpluses, and thriving stock market. The All-Share Index, for instance, has risen more than five times since 2023, making Nigeria's stock market the best in the world in terms of returns to investors.

Onanuga also highlights the government's efforts to support the most vulnerable members of society. The $3.5 billion ward-centric programme, for instance, aims to address some of the problems of living and productivity. Additionally, the government has introduced free vocational education, provided stipends to students, and paid pensioners about 10 times what they were previously receiving. These efforts demonstrate the government's commitment to the welfare of its citizens.

The government has also introduced CrediCorp to support small businesses, and has increased the minimum wage to ease the burden on workers. Furthermore, the Ministry of Humanitarian Affairs has spent billions of naira sending money to vulnerable Nigerians, benefitting millions of households. Onanuga believes that these efforts will earn the APC the respect and support of voters in the 2027 elections.

In his interview, Onanuga also touched on the President's efforts to save the country from financial collapse. When Tinubu took over, the country was on the brink of bankruptcy, with the sole fuel importer, NNPC, having problems paying suppliers of refined products. There was even fuel scarcity in May 2023. The Central Bank of Nigeria, CBN, was also struggling to remit money earned by foreign airlines, amounting to over $800 million. The country's net reserves were less than $4 billion, and there were problems with ways and means, which had accumulated to about N30 trillion.

Tinubu's swift action to address these issues has paid off, with the country now boasting $52 billion in reserves.

With the economy on the mend, Onanuga is confident that the APC will receive the benefit of the doubt from voters in the 2027 elections. While the temporary hardships caused by the reforms may weigh heavily on some voters, he believes that they will ultimately see the positive side of Tinubu's administration. As the country looks forward to the 2027 elections, Onanuga's endorsement of the APC will be closely watched by Nigerians and international observers alike.

'If President Tinubu had failed to institute the reforms, the country would have headed for bankruptcy,' Bayo Onanuga said.

The APC's chances in the 2027 elections are uncertain, but Onanuga's endorsement gives the party a boost. With the economy on the mend, improved reserves, stable exchange rate, trade surpluses, and a thriving stock market, the APC may have the edge it needs to win the elections. However, the temporary hardships caused by the economic reforms may sway some voters against the party. As the elections approach, Nigerians will be watching closely to see whether Onanuga's endorsement will translate to a win for the APC.