by Soji Bamidele.

President Bola Ahmed Tinubu’s economic policies have ignited a fierce national conversation that have polarized opinions among experts and ordinary Nigerians home and abroad.
While some argue that his policies will propel Nigeria towards economic prosperity, others are skeptical about their effectiveness.

President Bola Tinubu’s administration has been marred by controversy and criticism from Nigerians due to several policies implemented since taking office. One of the most contentious decisions was the removal of fuel subsidies, which led to a significant increase in transport costs and skyrocketing of essential commodities prices. The price of petrol rose drastically from ₦195 to ₦1000 per litre, causing widespread hardship among Nigerians.

Another policy that has sparked outrage is the delayed implementation of the new national minimum wage. Despite promises of an April 2024 rollout, labour unions on several occasions expressed dissatisfaction with the government’s handling of the issue before government reluctantly agreed to pay N70,000 only.

The performance bond signed by the Tinubu’s ministers, intended to enhance accountability, has also raised concerns about the government’s ability to tackle corruption.

Critics argue that Tinubu’s economic policies have exacerbated economic hardship and insecurity, making Nigerians poorer.

Furthermore, the government’s spending priorities have been questioned, with concerns about corruption and mismanagement of funds. The lack of transparency and accountability has undermined trust in the administration, leaving many Nigerians feeling uncertain about their economic future.

Overall, Tinubu’s administration has faced intense scrutiny and criticism for its policies, which have had far-reaching consequences for Nigerians. As the administration continues to navigate these challenges, it remains to be seen whether they will be able to address the underlying issues and restore trust among the Nigerian people

The removal of fuel subsidies,according to Tinubu’s government was expected to generate an additional ₦1.4 trillion in revenue for the government. However, the policy has had far-reaching consequences, contributing to Nigeria’s worst cost of living crisis in nearly 30 years. The inflation rate has surged to 34.19%, driven by the increase in fuel prices, which has had a ripple effect on the prices of other essential commodities.

The poor and vulnerable segments of society have been disproportionately affected, struggling to afford basic necessities and transportation in particular.

Nigeria’s poverty rate is estimated to be around 40.1%, with an estimated 33.3% of the labor force unemployed. The economic reforms introduced by the government have not addressed these underlying structural issues, and the removal of fuel subsidies has only exacerbated the situation.

Furthermore, the government’s spending priorities have been questioned , with critics pointing out that funds are being allocated to non-essential projects. For instance, the government has allocated ₦1.1 billion for the purchase of a presidential jet. This lack of transparency and accountability undermines trust in the government and its ability to manage the economy effectively.

The economic policies introduced by Tinubu’s administration also have significant human rights implications. The removal of fuel subsidies and the subsequent increase in prices of basic commodities have affected the right to an adequate standard of living, including the right to food, water, and healthcare. The government’s response to protests against these policies has been criticized for being heavy-handed and repressive.

President Tinubu’s economic policies have been marred by controversy and criticism. The removal of fuel subsidies without adequate compensatory measures has contributed to Nigeria’s cost of living crisis, and the lack of transparency and accountability in government spending has undermined trust in the administration. To address these challenges, the government must prioritize transparency, accountability, human rights, inclusive economic growth, and social safety nets.

Ultimately, the success of President Tinubu’s economic policies will depend on their ability to address the underlying structural issues facing the Nigerian economy.
To address Nigeria’s economic challenges, a multi-faceted approach is necessary,
Although the federal government’s, renew hope promise of 75,000 naira is part of a cash transfer program aimed at supporting vulnerable households. According to the Minister of Finance, Wale Edun, the program will provide 15 million households with 75,000 naira each over a period of three years.
This translates to 25,000 naira per month, which will benefit approximately 75 million people.

The program according to Edun is designed to help alleviate the hardship caused by elevated food prices and inflation.

The government has also taken steps to ensure transparency and accountability, requiring beneficiaries to have a National Identification Number (NIN), Bank Verification Number (BVN), or access to a mobile money account.

Additionally, the government has planned to provide an additional 60,000 metric tons of grains for food and feed mills, as well as a non-refundable grant of 50 billion naira to artisans, traders, and nano businesses.

In the medium term, diversifying the economy by investing in non-oil sectors such as agriculture, manufacturing, and services can help reduce dependence on oil exports. Investing in critical infrastructure like roads, bridges, and power generation can also improve the business environment and attract investment. Developing human capital through education and healthcare can create a skilled and healthy workforce. Encouraging private sector development through policies that support entrepreneurship and innovation can also drive economic growth.

In the long term, implementing structural reforms to address underlying economic challenges like corruption, inefficiency, and lack of competitiveness is crucial. Strengthening institutions like the judiciary, legislature, and executive can ensure accountability and good governance. Promoting regional development can reduce inequality and promote economic growth.

Ultimately, transparency and accountability in government spending and decision-making are essential. Encouraging citizen engagement and participation in economic decision-making can also ensure that policies reflect the needs of the people. Fostering international cooperation can attract foreign investment and promote economic growth, prioritizing environmental sustainability through green growth and reducing carbon emissions can ensure a prosperous future for generations to come.
Tinubu should as a matter of urgency must prioritize the needs of the most vulnerable segments of society, ensuring that the benefits of economic growth are shared equitably among all Nigerians. Only then can Nigeria truly prosper and become the promised land for all its citizens.

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