The Empty Promises of Nigeria’s Political Elite: A Look at Tinubu’s Disastrous Economic Policies
Minister of Interior Olubunmi Tunji-Ojo’s recent plea for patience with President Bola Tinubu’s economic policies exposes the profound disconnect between Nigeria’s political elite and the harsh realities faced by ordinary citizens. As Nigerians struggle with unprecedented inflation, crippling fuel prices, and a precipitous decline in living standards, the government’s call for more time is not just hollow – it’s insulting.
The Bitter Fruits of “Bold” Decisions
Tunji-Ojo lauds Tinubu’s removal of the fuel subsidy as a “bold decision,” painting it as a necessary step to cure Nigeria’s economic ills. However, this characterization ignores the immediate and devastating impact this policy has had on millions of Nigerians. The subsidy removal, far from being a panacea, has instead:
Sent transportation costs soaring, affecting everything from daily commutes to the price of food in markets.
Triggered a domino effect of price increases across all sectors of the economy.
Pushed countless Nigerians, already living on the edge, into abject poverty.
The minister’s comparison of this policy to a “surgical process” is apt, but not in the way he intends. It’s a surgery performed without anesthesia, leaving the patient – the Nigerian people – in agony.
The Naira Float Fiasco: A Self-Inflicted Wound
Compounding the fuel subsidy disaster is Tinubu’s catastrophic decision to float the Naira. This move, touted as a way to stabilize the currency and attract foreign investment, has instead:
This led to a massive devaluation of the Naira, eroding the purchasing power of ordinary Nigerians overnight.
This caused import prices to skyrocket, further fueling inflation in an import-dependent economy.
Failed to significantly attract the promised foreign investment, leaving Nigerians to bear the brunt of the policy’s failure.
Widened the gap between official and black market exchange rates, creating opportunities for corruption and arbitrage.
The Naira’s freefall has turned the dream of economic stability into a nightmare of financial uncertainty for millions. Savings have been decimated, businesses are struggling to stay afloat, and the cost of essential imported goods – from medicines to raw materials – has become prohibitive for many.
A Legacy of Mismanagement
While Tunji-Ojo correctly points out that Nigeria’s current economic woes are the result of decades of mismanagement, this acknowledgment does little to address the immediate crisis. The Tinubu’s disastrous economic policies, rather than offering relief, have dramatically worsened the situation:
Increased taxation in various sectors, further burdening an already struggling populace.
Skyrocketing electricity bills, make power even more inaccessible for many.
The removal of multiple subsidies that, despite their flaws, provided some cushion for the average Nigerian.
These policies, implemented in rapid succession and without adequate safety nets, have left many Nigerians feeling not just abandoned but actively betrayed by their government.
The Fallacy of Patience
The minister’s appeal for more time ignores the dire urgency of the situation. For millions of Nigerians, there is no more time to give. Families are starving, businesses are shuttering en masse, and the social fabric of the nation is fraying at an alarming rate. The government’s call for patience in the face of such immediate and severe hardship is not just tone-deaf – it’s a recipe for social unrest.
The Right to Protest
Tunji-Ojo’s subtle discouragement of the planned August protests is particularly alarming. Peaceful protest is not just a right but a vital tool for citizens to express their grievances in a democracy. By framing protest as unpatriotic or premature, the government risks further alienating an already desperate populace and potentially inciting the very unrest it seeks to avoid.
A Call for Immediate Action and Policy Reversal
Instead of asking for more time, the Tinubu administration must focus on immediate relief measures and policy reversals:
Reconsider the Naira float policy and implement measures to stabilize the currency without placing the entire burden on citizens.
Reintroduce targeted subsidies to alleviate the impact of fuel price hikes on the most vulnerable.
Implement robust and widespread social welfare programs to cushion the impact of economic reforms.
Address the root causes of inflation, including tackling corruption and improving domestic production.
Engage in genuine dialogue with citizens, labor unions, and civil society organizations to find collaborative solutions.
Tinubu’s Disastrous Economic Policies: Time for Real Leadership and Course Correction
President Tinubu may not be a magician, as Tunji-Ojo points out, but he is the elected leader of Nigeria. Leadership in times of crisis requires more than asking for patience or stubbornly adhering to failing policies – it demands decisive action, empathy, and the courage to admit when strategies are not working.
As Nigerians prepare to take to the streets in August, the government must listen to their grievances rather than dismiss them. The path to economic recovery cannot be paved with the suffering of the very people it’s meant to serve. It’s time for the Tinubu administration to demonstrate that it truly understands the plight of ordinary Nigerians and is willing to take immediate, concrete steps to alleviate their suffering – even if that means admitting failure and reversing course on its most touted economic policies.
The clock is ticking, and Nigerians’ patience is not just running out – it has been exhausted. The time for real leadership and a fundamental reevaluation of economic strategy is now before the situation deteriorates beyond repair.
Reference
Tinubu Not A Magician, Needs Time To Solve Economic Issues – Minister published in Channels