PRESIDENT Bola Tinubu is likely telling himself that Nigerians whose lives have been upended by his Britton woods economy policies need to be patient and make more sacrifices for the economy to recover. In a recent speech, as usual, the President emphasized that Nigeria cannot achieve meaningful development if citizens want everything to be free. Really? Is this what Mr. President is telling himself?
If that’s true, it means he’s aware that many Nigerians are frustrated with the escalating living expenses – ineffective governance, and scarcity of opportunities – leading to protests demanding clear solutions for economic hardship. That, in itself, should have been a healing balm if there’s sincerity of purpose and honesty of intention by President Tinubu, whose new alias is now “T-Pain”.
The healing should start from listening to his critics, who argue that his economic reforms lack a human face and are “half-cooked.” The 2024 budget, labeled the “Budget of Renewal,” has been criticized for not addressing the root causes of economic hardship and instead asking struggling Nigerians to be patient with the rising cost of living.
A few of the major concerns include unnecessary recurrent expenditures. Earlier in the year, the government allocated significant funds for SUVs for lawmakers and the presidential air fleet while struggling to address food inflation and insecurity in the agricultural sector. Besides, there is a lack of transparency in the whole business of governance. Nigerians have been calling for clear plans to address critical issues, such as the management of oil revenues and the situation at the Nigerian National Petroleum Company Limited (NNPCL) that has remained opaque.
Nigeria’s foreign direct investment (FDI) has taken a hit amidst the economic downturn. In 2023, FDI fell by 19.4% to $377.4 million, down from $468.1 million in 2022. This decline is largely attributed to major multinational companies like Shell, GlaxoSmithKline, Procter & Gamble, Unilever, and Sanofi exiting the country due to unfavorable business conditions.
The economic instability has led to a decrease in investor confidence, resulting in reduced foreign investment inflows. In fact, Nigeria’s foreign investment inflows have dropped by 26.7% in 2024, regrettably. President Tinubu has been addressing the nation to the effect that he is aware of Nigeria’s economic crunch and avoidable poverty – at the same time – he has not taken immediate action to address the crippling economic crunch and endemic poverty plaguing our nation despite its vast available resources.
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The question is, how much longer can Nigerians wait for the infrastructural decay, namely, the crumbling roads, inadequate transportation systems, and neglect of public infrastructure, before they’re attended to? Is the government aware that the unremitting joblessness and soaring unemployment rates, particularly among youths, are fueling desperation and social unrest in the country? How does the government hope to archive the “Renewed Hope” agenda with the hollow sermon of “we’re on top of the situation” while criminality, terrorism, and banditry are threatening national stability?
The other point is, how is the government handling healthcare paralysis or the collapsed healthcare systems, inadequate medical facilities, and shortage of professionals? Where is the government mechanism in place to checkmate pervasive graft, embezzlement, and nepotism stifling economic growth in the public service? Or can we say the government is not emboldening ethnocentrism, divisive politics, ethnic tensions, and social fragmentation through the political patronage system? It is unacceptable that Nigeria, with its immense wealth, tolerates such widespread suffering amongst its citizens.
Nigerians are yet to see any framework of the economic reforms of this administration where the government claimed to be implementing policies to promote economic diversification, job creation, and inclusive growth. The government must be seen to be investing in roads, transportation, and public infrastructure. Healthcare revitalization is also a major challenge. It’s time for President Bola Ahmed.
Tinubu to listen to the cries of Nigerians who are craving visionary leadership. We implore you to rise above partisan interests and tackle these pressing issues. Posterity wouldn’t be kind to Tinubu if what we get from is pain, anguish and sorrow.
Erasmus Ikhide contributed this piece via: trojan.newsng@gmail.com.