President Bola Tinubu’s ambitious moves to remove the fuel subsidy and float the naira in the parallel market have fallen short of their intended goals, according to experts. Dr. Ephraim Okenwa, founder of Lead Africa Network, expressed concerns over the timing of the fuel subsidy removal, deeming it ill-timed as Nigerians struggle to cope with the challenges it presents.
Okenwa criticized Tinubu’s New Year speech, asserting that the proclaimed reform initiatives have failed in reality. He highlighted the persistent increase in the cost of governance, citing extravagant expenditures by federal lawmakers, who negotiate for vehicles costing around N130 million each. Okenwa questioned the effectiveness of the N5 billion palliatives intended to ease the impact of the subsidy removal, emphasizing the apparent gap between the promises made by leaders and the hardships faced by the masses.
Prof Chinweike Uba, an economist, scrutinized Nigeria’s 2024 budget and declared that miracles seem to be the only option for the nation. Uba expressed concern about the mismatched budget parameters, urging caution in expenditure due to the escalating inflation rate. He attributed economic challenges to exchange rate volatility, criticizing the Central Bank of Nigeria for printing money without proper management.
In addressing the way forward, Uba emphasized the need for a shift in focus toward agriculture to combat inflation, though acknowledging the hindrance posed by insecurity. He also criticized the fiscal irresponsibility of states and advocated for a change in attitude to propel the nation forward. Uba questioned why Nigeria cannot prioritize its textile industries and make it mandatory for schools to patronize them, suggesting a potential avenue for economic growth.
