Our strategies to bring down food, medication costs – Presidency

The Presidency yesterday gave itself a pass mark in the management of the economy two years after President Bola Ahmed Tinubu took over the mantle of leadership, saying the reforms have started yielding results. The Presidential Media Team at an interactive session in Lagos yesterday also disclosed that efforts are being intensified to bring down […]

The Presidency yesterday gave itself a pass mark in the management of the economy two years after President Bola Ahmed Tinubu took over the mantle of leadership, saying the reforms have started yielding results.

The Presidential Media Team at an interactive session in Lagos yesterday also disclosed that efforts are being intensified to bring down the cost of food and medication for Nigerians.

Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga who spoke with newsmen alongside other members of the media team insisted that Nigeria’s economy has become an investor’s delight on account of the macroeconomic reforms carried out by the Tinubu-led administration two years ago.

The twin-reforms around subsidy removal and the flotation of the currency, the presidential aide stated, were imperative to get the economy back on track by stopping the wastage associated with payment of subsidy on the premium motor spirit (PMS) otherwise known as petroleum which was not benefitting the common man.

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While acknowledging the challenges triggered by the policy in terms of high cost of food and other commodities like medications, Onanuga stated that the president remains committed to easing the pains of Nigerians and ensuring that the gains of the reforms were felt by the common man.

He disclosed that the federal government had concluded a plan to set up a Medipool, a special purpose vehicle that would buy drugs in bulk to sell to people at cheaper rates. 

According to him, “We’ve set up a company that would buy drugs and other medical equipment in bulk and make them available at cheaper prices.”

Similarly, he stated that the federal government is investing in agriculture to bring down the cost of food, adding that prices of food would continue to come down as inflation is easing.

Onanuga stated that going by the reforms of the President, Nigeria’s economy has become “An investor’s delight,” adding, “Nigeria is now investable.”

“When you look at the capital market, the All Share Index (ASI) is now an all-time high. Some of the listed companies paid over N1 the as dividend, which shows that something is going right. We are also increasing foreign reserves,” he added.

The presidential spokesman stated that amidst the cries of hunger in the economy, the government has created enormous activities which people are tapping into through various initiatives.

“Some people are making it good under this economy. There’s a paradigm shift in the economy, the driving force is the market. Many problems you see today were created before Tinubu came into office,” he added.

Also speaking, Special Adviser, Media and Public Communication to the President, Sunday Dare stated that it would be unfair to judge the administration of the President in just two years.

“There is nothing anyone can do in two years. The president never inherited a perfect economy,” he stated, adding, “It takes between four to eight years before real policies can take root and sprout

“This second year is a tracking system where we can point out development in key areas. This president is taking on challenges avoided by other Presidents and we are seeing the results of the reforms,” he added.