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Onanuga: Federal Government Policies Creating More Opportunities for Nigerians
@Source: thisdaylive.com
Eromosele Abiodun
Special Adviser to the President on Information and Strategy, Bayo Onanuga has stated that President Bola Ahmed Tinubu policies have opened new economic opportunities for Nigerians and foreign investors, despite prevailing economic challenges.
Oanuga who highlighted some of the president’s policies said despite praises from Nigerians, the International Monetary Fund (IMF) and other organisations, the president is working assiduously to improve the welfare of the critical mass of the nation’s population.
He stated this during a chat with newsmen in Lagos alongside the Special Adviser to the president on Media and Public Communications, Sunday Dare and the Presidential Media Team.
The team 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.
According to him, “Everything is not all bad for the economy, 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 interest rate and inflation should be seen in the context of a larger economic shift adding that, “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.”
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 liberalisation was working stressing that, “Prices are becoming competitive. Importers and marketers are adjusting. This is what happens when the market is allowed to play its role.”
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.
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