It is no longer news that President Tinubu, who promised Nigerians renewed hope, is now being referred to as “T Pain” by many in less than two years of his administration. His reforms, which focus on the long-term economic prosperity of the country, have brought hardship to the common man. Leaders have failed Nigerians in the past, which has led to a lack of trust in the government, making people doubt that the hardship is short-term and worth the sacrifice, especially as the promised interventions have not arrived promptly. However, at the 30th Nigerian Economic Summit (#NES30) in Abuja on Monday, October 14, 2024, the Vice President of the World Bank, Mr Indermit Gill, said that Nigeria’s current reforms have to be sustained for the next 10-15 years in order to transform its economy and become an engine of growth in Sub-Saharan Africa.
“Without the reforms of the current administration, the federal government might have soon started defaulting on its financial commitments like salaries and debt servicing, which would have been catastrophic.”
During his campaign, President Tinubu said he would make bold decisions for the betterment of Nigeria. In his 2024 Independence Day speech, he stated that Nigeria must reform for progress or collapse. For the common man on the street, this may not make sense; when the cost of living rises, the default reaction is to blame the current government. Therefore, Nigerians need to be better educated on the economy inherited by the current administration, where we are now, and the future prospects in light of the consequences of maintaining the current reforms. Just as it is required in change management, those impacted by the change should be properly engaged.
Read also: Hardship: Ndume says Tinubu implementing reforms blindly
When President Tinubu’s government came into power, the economy was in a state of comatose. The country’s debt service to revenue ratio was 97 percent with an uncleared forex backlog of over $6 billion. How can a country survive like this? Something drastic had to be done—President Tinubu directed the removal of fuel subsidies and the floating of the naira, which has saved the government money but has caused hardship for Nigerians due to the resultant inflation. The government has promised to invest these savings in infrastructure and the development of critical sectors of the economy.
Without the reforms of the current administration, the federal government might have soon started defaulting on its financial commitments like salaries and debt servicing, which would have been catastrophic. Nigeria has a revenue problem that must be solved urgently by optimising oil production and diversifying the economy in line with President Tinubu’s Renewed Hope Agenda. Getting debt relief will also go a long way. It is also important to implement cost-efficiency measures and eradicate corruption. None of this can be achieved without the right cabinet in place, with properly communicated deliverables.
President Bola Ahmed Tinubu promised Nigerians renewed hope, not pain. According to him, the hardship being experienced is short-term and a sacrifice Nigerians need to bear for a better tomorrow. However, some of the current backlashes could have been prevented with prompt implementation of intervention programs and policies. The government should continuously educate Nigerians on its programs and achievements. President Tinubu has dared to do things differently. I would rather call him “T-Hope” because of his “renewed hope agenda” for Nigeria.
Kenechukwu Aguolu ([email protected])
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