The current economic situation within the Nigeria federation is a testament to the reality of decadence that has been incubated over the years. For us to experience progress as a nation, the current economic retrogression must jolt us toward sporadic improvement.
Solution is in existence due to problem; Nigerians are faced with economic hardship with an average household facing poverty whereby daily consumption of basic amenities like food has become a luxury.
President Bola Tinubu has established an Economic Reformatory Programme such as the Economic Recovery and Growth Plan (ERGP) which aims to boost economic growth through objective investment and reforms.
The Nigeria Education Loan Fund (NELFund) which gives access to all students of tertiary institutions within the nation an education, with this no student will have an excuse of not completing his or her studies due to lack of funds; also, this gives students more access to higher education whereby they will have adequate information and knowledge about their respective courses of study.
On the aspect of high cost of living for an average Nigerian, this has to do with the reformatory process of President Tinubu’s administration which was birthed on Monday, May 29, 2023. President Bola Tinubu’s inaugural verdict on subsidy which he declared that “Subsidy is gone” led to an atmospheric change in the nation’s economic trajectory.
However, the essence of this decision by the president was as a result of government excessive spending on fuel subsidy. The federal government has been spending a lot on fuel subsidy with some members of a cabal diverting the funds for selfish aggrandisement. For proper accountability and openness, President Tinubu needed to take the timely decision for proper reformation.
For us to have a safer future and economic recovery as a nation, government ought to implement some policies that address urgent impoverishment in the land.
Based on statistics and information, an average Nigerian currently is in a state of economic backwardness due to corruption that has been going on in most sectors of the nation’s economy over the years.
In terms of refining petroleum products, Nigeria is experiencing a breakthrough through the Dangote Refinery; however the Nigeria National Petroleum Company Limited, (NNPCL) is left with the decision of ensuring adequate and constant supply of crude to the refinery.
Read also: Momodu on Tinubu’s reforms: No signs of light at the end of the tunnel
On Tuesday, October 1, 2024 which marked Nigeria’s 64th Independence Anniversary, in President Bola Tinubu independence address to the nation, a sentence that hit me was: “We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture.”
These are heavy words in which experts in English Language and Political Science would understand its objectives and usage.
“We found ourselves at a dizzying crossroads,” this is a metaphoric statement which typifies President Tinubu’s administration being in a state of making germane decision of life-saving approach about the plight of the nation, economic instability, insecurity, corruption and the likes.
“Where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture” the President was left with two options of either reformation for progression and prosperity or continuation of same prototype of governance and collapse, however the President decided to embark on a reformatory process which will later be of benefits for us as a nation.
Nigeria of today is endowed with energetic youths in which if given the privilege for advancement will scale greater heights, this led the president to declare 30-Day convocation of youths in order for the youths which is the future of Nigeria and which constitute 60 Percentage of the nation’s population to ventilate their views and idea about the current realities within the country.
Although for us to experience the targeted objectives of reformation which is making a change in terms of governmental policies, there will be a resistance by those benefitting from the “business-as-usual” in which if there is no reformatory process, there will be a total collapse of Nigeria.
The way forward now is for the government to ensure adequate distribution and accessibility to palliatives that can serve as anesthesia to the economic pain Nigerians are currently facing, although that will only be a temporary relief to the sufferings of an average Nigerian but it will go a long way in cushioning the effects of reformation of the current administration.
For a nation to experience the objectives and desires of reformation by government in power, there needs to be a legitimate approach by the people, this implies wider study of the reformatory process and objective criticism of it.
Nigeria under President Bola Tinubu has made some giant strides which many Nigerians are not acknowledging due to persistent economic turmoil and insecurity within the Nation territory.
We need to start seeing the good in the land for a prosperous Nigeria.
Akingbohungbe, author, reporter, Motivational Speaker, Leadership and consultant, writes from Ogun State Nigeria. Email: [email protected]
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