Tinubu’s Economic Reforms Not Working, Analysts Claim
President Bola Tinubu’s fuel subsidy removal and floating of the naira in the parallel market have failed to achieve the targeted goals.
Dr Ephraim Okenwa, founder, Lead Africa Network, stated this in Enugu during an interview on Wednesday. He said the fuel subsidy removal might have been well intended, ‘but ill-timed as Nigerians currently find it difficult to survive’.
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According to him, “President Tinubu’s New Year speech prides his reform initiatives. But if you match records with realities, those policies have failed. The cost of governance is still on the increase. Our federal lawmakers negotiate vehicles costing around N130m each. Tinubu gives false hopes.”
On the N5bn palliatives to cushion the impacts of the subsidy removal, Okenwa said, “How many people benefitted from it? And it has been expended. Our leaders enjoy themselves while the masses suffer. I think the time is ripe for the oppressed to raise their voices. Anyday they say enough is enough, it will be up for the oppressors. I doubt how many developed countries give cars to their lawmakers. Again, Tinubu should have made our refineries operational before removing the subsidies.”
Also speaking, Prof Chinweike Uba, an economist, said after reviewing Nigeria’s 2024 budget, Nigerians’ ‘only option are miracles’.
He said, “We need miracles. Looking at the budget parameters, this year’s budget is mismatched. We need to be careful and conscious of how we expend money this time around. The inflation rate is on the increase. This will only be abated if we begin to harvest our farm produce. But insecurity isn’t helping matters. We really have major roles to play as individuals.
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“Our woes are caused by the exchange rate volatility. The Central Bank of Nigeria is printing money and politicians mismanaging it! Economy doesn’t work that way. The subsidy was removed, but till date, we don’t know how much fuel we consume in this country.”
On the way forward, he said, “I don’t see any insight soon. States are more fiscally irresponsible. Until we change, we would remain where we are. Why can’t Nigeria encourage our textile industries and make it compulsory that our schools patronise them?”
