By Eric Elezuo
Amid excruciating hardship faced by Nigerians since the advent of the President Bola Tinubu-administration, the government has continued to issue policy reforms that seem to continue to impoverish the populace. But feelers from the Presidency has remarked that the harshness of the policies notwithstanding, Nigerians are heading towards Eldorado, and have every cause to be happy.
This therefore, posits the question whether Nigerians are happy with the economic policies of the Tinubu administration.
Making a case for the policies, which have seen to high inflation rates, inability of the naira to compete in the capital market and dearth of excess liquidity for rainy day mandates, Tinubu and many of his lieutenants, on many and separate occasions, have stoutly defended the policies, giving the economy a clean bill of health and suggesting that Nigerians are happy considering what they claim lies ahead as dividend.
Earlier in the month, at the All Nigeria Editors Conference (ANEC) of the Nigeria Guild of Editors (NGE) with the theme: “Economic growth and development strategies in resource-rich country” held in Yenagoa, Bayelsa State, Tinubu, represented by his Minister of Information and National Orientation, Alhaji Mohammed Idris, vigorously defended the economic policies of his administration declaring that it is yielding the desired fruits.
Before about 300 editors, Tinubu said his administration took a bold step to end the ruinous fuel subsidy regime that deprives Nigeria from investing in critical physical and social infrastructure and the foreign exchange regime that was prone to unimaginable levels of arbitrage and abuse.
“While oil remains a significant source of revenue for Nigeria, we are investing heavily in other sectors to diversify our economy for sustainable growth.
“The launch of the Presidential Initiative on CNG is a deliberate strategy to harness our abundant gas resources.
“This is to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for our citizens.
“This initiative has unlocked close to $200 million in private sector investments in the last one year,” he said.
He added that “You can also access funds from the Bank of Industry at a single-digit interest rate for the development and expansion of your business.
“Our goal is to ensure that the benefits of growth reach every Nigerian, especially those who have been marginalised.
“The Social Investment Programme has been retooled to ensure economic relief is provided for our most vulnerable groups systematically and transparently. At the last count, 25 million Nigerians received N25,000 under the Conditional Cash Transfer.”
In the same vein, the Minister of Finance, Wale Edun, added that non-implementation of economic reforms by past administrations is the reason Nigerians are in pain, discomfort, and difficulties under Tinubu’s reforms.
Speaking at the launch of ‘Federal Civil Service Policies and Guidelines on Rewards’, Edun stressed that despite the pains and discomforts and difficulties experienced by Nigerians due to the policies, the successes and gains are coming through.
“After 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed, and yes, the reforms were so long overdue that it caused an element of pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.
“Market-based pricing of foreign exchange was fully in place. The result was immediate benefit to the federal coffers, to the state coffers, and to the local government coffers because an amount of 5 percent of GDP is what goes to subsidies,” he said.
But the defence of the government and its agencies and cronies notwithstanding, situations and reports have proved that Nigerians are far from happy with the policies as hunger and untold hardship continue to be the order of the day.
“It is a fact that the National Bureau of Statistics’ October 2024 headline and food inflation figures rose to 33.88 percent and 39.16 percent, respectively, weakening the purchasing power of many Nigerians,” An economic analyst told The Boss.
Also, the National Association of Nigerian Students (NANS) has joined their voice in calling for a review of the policies, which have become a harbinger of hunger and economic hardship in Nigeria, saying that citizens are dying.
The group made the call via a statement signed by the Clerk of the Senate, NANS headquarters, Abdulyekinn Odunayo.
According to Odunayo, Nigerians have been subjected to unwarranted impoverishment and hunger since President Tinubu assumed office, urging him to espouse a policy capable of revamping the economy of Nigeria.
He noted that fuel subsidy removal and floating of the country’s currency done simultaneously by the Tinubu-led government have further sunk Nigeria into the economic abyss, heightened hunger and raised the cost of living of millions of Nigerians.
Odunyo pointed out that many Nigerians had hoped that the economic mess created by the administration of former President Muhammadu Buhari would be cleared by the incumbent administration, but the country had only witnessed skyrocketing increase in prices of food and other essential commodities.
He observed further that students in the country had not been spared of the present precarious economic situation as many could no longer continue their education pursuit.
“There is an urgent need by the administration of President Bola Ahmed Tinubu to put measures in place to arrest hunger, poverty, impoverishment going on in the country. Nigerians are seriously groaning under the heavy burden of the present parlous economic situation. The nation has not had it this bad.
“The dual swords of Damocles of fuel subsidy removal and float of naira have stabbed Nigerians at their hearts. Many families can no longer feed even once in a day, let alone three times a day. Free falls of our currency against the dollars and other international currencies have capped the sufferings of Nigerians.
“As representatives of the Nigerian students, we are making a passionate call on the president to tailor and rev up his economic policies to provide short term, medium term and long term reliefs for Nigerians. Things need to improve as many Nigerians are finding it difficult to survive,” the statement read.
Also condemning the policies and expressing how unhappy and frustrated Nigerians have become, the leadership of the People’s Redemption Party (PRP), speaking through its National Chairman, Falalu Bello, in a statement in Abuja titled ‘President Tinubu, Your Policies Killing Nigerians’, made a passionate appeal to the president to reconsider.
He condemned the Federal Government’s assertion tgat there are no alternatives to the ‘harmful’ policies, arguing that it was a contradiction to the basic tenets of economics, which advocate for the exploration of alternatives in addressing socio-economic challenges.
He said, “Such statements, especially coming from someone of his status (Vice President Shettima) in the current administration, are not only misleading but also indicative of a severe disconnect from the realities faced by ordinary Nigerians today. The population has been urged to endure these difficult times with the promise of relief on the horizon.
“However, we see no tangible evidence of this assurance in the actions of President Tinubu, his cabinet or the broader government apparatus. Instead, we witness a continuation of profligate lifestyles, excessive spending and the dissemination of dubious economic statistics that do little to alleviate the suffering of the Nigerian populace.”
The PRP Chairman reminded Tinubu that Nigerians are suffering, and are not happy with him as a person and his administration, generally except there is a recalibration to prioritize citizens’ welfare.
“We strongly urge Tinubu to recalibrate his approach, implement a governance framework that prioritizes the welfare of citizens, and embrace homegrown policies that reflect the realities of our people rather than succumbing to externally imposed, anti-people measures that stifle progress.
“It is imperative that we act swiftly. Our nation is at a critical juncture, with time running out for meaningful intervention. Mr. President, it is time to act decisively for the sake of the nation’s future. Let us rescue our people from the grip of despair so that you may indeed dance before the music comes to an end,” he said.
Perhaps, the most effective evidence of the feelings of Nigerians regarding the Tinubu Policies, is reflected and summarized ìn the statement issued by the leading opposition party, the Peoples Democratic Party (PDP), and signed by the Chairman of the PDP Governors’ Forum and Governor of Bauchi State, Senator Bala Mohammed, after a meeting of stakeholders in Jos, Plateau State.
The Communique, which promises genuine hope for Nigerians, reads “The Forum empathizes with Nigerians who are groaning under the oppressive economic hardship foisted on the nation by the policies and decisions of the APC-led Federal Government.
“The Forum calls on the President to urgently review both macroeconomic and fiscal policies that will address the welfare and well-being of Nigerians.
“The Forum wishes to pledge that all PDP Governors will continue to aggressively pursue policies and programs that will reduce the hardship and ensure progress and development.”
“The Forum notes the concerns of Nigerians, PDP founding fathers, elders and members of our great Party of seeming divisions within the ranks and files. The Forum wishes to state categorically that it remains resolute in its determination to ensure unity and cohesion of this great Party that Nigerians have come to trust as the best platform for democratic governance.
“The Forum is constrained to accept the latest postponement of the National Executive Council (NEC) of the Party in empathy with our colleague, H.E. Governor Eno Bassey, whose late dear wife will be buried on the same day earlier scheduled for NEC. Once again, the Forum wishes to commiserate with our colleague and pray that God will grant him and the family the fortitude to bear this irreparable loss.
“The Forum is strongly advising the NWC to call NEC by the first week of February 2025 to allow for elaborate consultations with critical stakeholders of the Party. The period between November and February is to address the existential problems confronting the Party, with a deliberate timeline of activities within the period under review to address issues of leadership and litigations confronting the Party.
“The Forum notes with concern the rape of democracy in Edo Governorship elections. It is clear to everyone with a conscience that INEC manipulated results in favour of the APC candidate when, in fact, the majority of lawful votes were won by the PDP candidate, Mr. Asue Ighodalo. Meanwhile, we are still examining the documents in the Ondo elections, where the APC manipulated results after openly buying votes. The Forum calls on the judiciary to save Nigerian democracy and the National Assembly to look into our electoral laws to make it difficult for institutional sabotage of the will of the people.
“The Forum recognises the good work that the majority of members of NASS are doing. NASS is therefore called upon to critically interrogate all bills to ensure fairness, equity, national balance and even development nationally.
“The Forum commiserates with the Government and people of Plateau State on the recent Katako market fire incident, which destroyed properties worth millions of Naira. The Forum also commiserates with the Government and people of Jigawa State on the recent tanker expulsion whereby scores of people lost their lives, and several others were injured.
“The Forum expresses its gratitude to the Government and People of Plateau State for not only hosting the meeting but extending to all the participants the hospitality for which Jos is reputed. In particular, the meeting commends the Government of the State for the visible and laudable transformation in social services, tourism and transportation that have taken place and ensures all Nigerians look forward, with GENUINE HOPE, to the replication of this not only presently but after 2027 when the party would reclaim its rightful position in the Nigerian political scene.”
In Brazil at the G20 Summit, during his interaction with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, President Bola Tinubu has stressed that he is committed to reducing the “hardship” resulting from the implementation of his administration’s ongoing reforms in Nigeria.
“I assured IMF Managing Director Kristalina Georgieva @KGeorgieva during our meeting that our economic reforms are already yielding positive results. Our administration remains committed to reducing the hardship that has resulted from the implementation of these reforms, while also protecting the most vulnerable in Nigeria.
“Social safety nets, education, investments in infrastructure, and inclusive growth are key to our agenda,” Tinubu stated.
He also acknowledged the hardship associated with his policies but promised to reduce its effects on Nigerians.
He outlined that while his government is fast-tracking investments in several sectors, discussions are ongoing regarding stakeholders’ tax awareness and compliance responsibilities.
BACKGROUND
Nigerians relapsed to a worse form of hardship May 29, 2023, when Tinubu while making his inaugural speech declared that “subsidy is gone”. Ever since, the President has unleashed one reform after another that further pushes Nigerians towards the brinks of collapse while being repeatedly urged to be patient with the administration as they drive the nation towards economic growth.
Following the removal of the fuel subsidy, tariff on essential items including electricity, have been hiked, prices of goods and services have skyrocketed, naira has been floated, causing more hardship, but Tinubu stressed that the pain is temporary.
But on the streets of Lagos, Kano, Ibadan, Jos, Maiduguri, Enugu, Kaduna, Minna, Damaturu, Owerri, Port Harcourt, Yenagoa, Aba, Calabar, Osogbo, Akure, Abakiliki, Bauchi and more, the story remains the same; hunger, depravity, hopelessness, gloom and uncertainty.
“Nigerians may not know if there would light at the end of the tunnel, but the truth remains that as at today, 18 months after the the coming of Tinubu and his policies, Nigerians are not happy,” a respondent summarized.
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