National Orientation Agency (NOA) has asked Nigerians to adjust to the country’s present economic reality with the hope that ongoing economic reforms by President Bola Tinubu will soon yield bountiful fruits.
Speaking at a media parley organised by the Kwara state council of the NUJ, the director general of the agency, Mallam Issa Onilu, cautioned Nigerians not to live above their means as part of measures to cope with the situation.
The NOA boss, who said that every reform is usually accompanied with pains, added that people should believe the Renewed Hope Agenda of the present government to turn the present economic pain to socioeconomic gains as soon as possible.
Onilu, who admonished Nigerians to be constructive in their criticism of the ongoing economic reforms in the country, said that there are noticeable factors that should give people hope.
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“It’s just that Nigerians are not paying attention to impacts of the reform and changes. There’s improved road network, improved education funding, less strike action by academic unions because financial resources has been made available.
“President Tinubu has paid N900 billion to offset pension since he assumed office”, he said.
He said that Tinubu is committed to natural and systematic solutions, unlike previous administrations, saying that failure to rebuild the economic structure could lead to catastrophic consequences.
He elaborated on the impact of the government’s decision to phase out subsidies, noting that it has resulted in significant revenue savings that have been reinvested into the economy.
Previously, approximately N800 billion was allocated to states for distribution. However, with the removal of subsidies, an excess of N2.3 trillion has been disbursed to the states.
This shift has led to improved debt management and a noticeable boost in market activity.
As a result, investors are increasingly interested in opportunities within Nigeria.
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