Breaking free from toxic policies: Nigeria’s path to economic prosperity

Asuku S. Audu

President Tinubu’s recent address fell short of providing tangible solutions to the pressing issue of hunger and economic hardship gripping the nation. Despite the lofty promises, the speech lacked concrete measures to alleviate the suffering of millions of Nigerians struggling to make ends meet.

The absence of immediate relief measures has left many wondering if the government truly grasps the urgency of the situation. Instead, he offered a vague promise of ‘a ray of hope at the end of the tunnel,’ implying that we must endure the present suffering with the hope of a better future – if we survive to see it.

One had expected the President to outline specific, tangible steps to address the pressing issues, such as:

– Revitalizing our refineries to reduce dependence on imported fuel

– Reversing the recent electricity tariff hike, which has further burdened already struggling citizens

– Addressing the humongous salaries and allowances of political officeholders, which are excessively high and bear no relation to the country’s economic reality. By doing so, the government can demonstrate its commitment to fiscal responsibility, equity, and the welfare of the Nigerian people.

– Implementing measures to stimulate economic growth, create jobs, and increase food production

The absence of such concrete plans raises concerns about the government’s ability to effectively tackle the country’s pressing challenges.

The question on everyone’s mind is: whose economic agenda is President Tinubu advancing? The answer, much like the President’s economic plans, remains unclear. However, one thing is certain – the influence of the International Monetary Fund (IMF) and World Bank looms large. It’s widely believed that their policies have perpetuated economic hardship and inequality in many countries.

To break free from this cycle, President Tinubu must distance himself from the perceived ‘toxic policies’ of these global financial institutions, which prioritize debt repayment and economic liberalization over social welfare and domestic development. Instead, he should focus on creating a homegrown economic agenda that prioritizes the needs and aspirations of the Nigerian people.

By doing so, President Tinubu can ensure that Nigeria’s economic growth benefits all citizens, not just a select few.

While President Tinubu may be boasting about his administration’s increase of the minimum wage from N30,000 to N70,000, the reality is that the purchasing power of this new wage is severely diminished by the skyrocketing prices of food and essential commodities. The wage hike, although a positive step, is largely negated by the ever-rising cost of living.

Until the President implements effective economic policies to urgently address the soaring prices of basic necessities, the promised “Eldorado” remains an unattainable dream for most Nigerians. The harsh truth is that the current minimum wage is barely enough to cover the basic needs of many households, leaving little room for savings, investment, or economic mobility.

Furthermore, President Tinubu must take bold steps to drastically cut the cost of governance across all arms of government. The current opulent expenditure on political officeholders and government institutions is unacceptable, especially when contrasted with the stark poverty and struggling livelihoods of millions of Nigerians. Those at the helm of affairs cannot continue to indulge in extravagance while the poor struggle to afford even a single meal a day.

Only by taking such bold measures can the government demonstrate its commitment to the welfare of the Nigerian people and ensure that those in power are not living at the expense of the poor.