Tinubu Should Look At His Policies Again -By Ibrahim Mustapha Pambegua

Since the outbreak of covid-19 pandemic in 2020 with its attendant negative consequences that shattered the economy of the world, including Nigeria, various policies have been put in place to stabilize the economy by the immediate past administration of Muhammadu Buhari. The federal government had rolled out intervention policies to absorb the shocks associated with the pandemic. The post covid-19 period witnessed how the three tiers of governments struggled to cope up with low revenues. There was massive cases oil theft occasioned by crashing of the price of oil at international market which seriously affected government revenues generation. Added to this, was the spike of insecurity in North-West states where ravaging bandits held sway, abducted farmers and disrupted farming activities resulted in food insecurity or crises. The post covid-19 era has been a tale of woes for the successive government. In a bid to meet up with its financial obligations, Buhari government embarked upon loans collection spree and incurred trillions of naira public debts.

After the government had existed power on May 29,it was estimated that, the country’s total domestic and foreign debt stood at 77 trillions naira. While the Tinubu administration might have inherited collapsed economy, his “Subsidy is gone” speech pushed cost of living to peak. Premium motor spirit (petrol) is a product that tied up the country’s economy. Even before the removal of petroleum subsidy, whenever the price of the product jumped up, there was corresponding raised of price of good and services in the market. One had imagined how the economy could fair with the sudden subsidy removal. The removal of Subsidy came not too long when the Bureau for public statistics(NBS) released a damning report on multi-dimensional poverty index The report has placed 133 millions Nigerians who are living below the poverty line. The Tinubu’s twins policies of subsidy removal and liberalization of forex have failed to provide temporary relieve to Nigerians. Since May, when he was inaugurated and unceremoniously declared total removal of petroleum subsidy, Nigerians have been groaning in hardship. Food inflation has reached 24%, the highest record since 2005.

The decision by the Apex Bank to lift ban for the importation 41 items include: rice, meat, butter etc. which elicited mixed reactions is like being a “Kobo wise but penny fool”. During the last Eight years of Buhari’s regime, Nigerians witnessed rice revolution in the country. Through the CBN’s Anchor borrowers program, many rice farmers in Kebbi, Taraba, Kano, Ebonyi and Delta State were fully empowered. The local production of rice increase tremendously leading to the establishment of many paddy rice companies across the country. Sadly, the Tinubu new policy on lifting of ban is capable of eroding the gains recorded by the last administration. Instead of relying on importation which kills our local production, government should diversify the economy, enhance security and infrastructure, and adopt viable monetary policies. This will contribute to the economic growth and eradication of poverty in the country. Economic history gives substantial evidence that agricultural revolution is necessary for economic growth and development, particularly in developing nations like Nigeria. The Nigerian economy’s fundamental problem stems from the government’s failure to prioritise the agricultural sector in favor of an oil-based monoculture.

Agriculture was the foundation of the Nigerian economy prior to the discovery, exploitation, and exportation of oil, which gave rise to an over reliance on oil revenues for economic expenditures. Between 1955 and 1969, agricultural exports accounted for around 72 per cent of the nation’s gross domestic product (GDP) before falling to 35 per cent due to the oil shocks of the early 1970s (CBN, 2002). Between 1940 and 1950, Nigeria was one of the world’s leading exporters and producers of several important agricultural products. In 1960, records indicate that the export of agricultural products in Nigeria accounted for more than 75 per cent of the country’s overall exports. This has altered in recent years, since Nigeria’s economic growth and development are now exclusively dependent on oil export earnings, which account for over 95 per cent yet contribute less than 25 per cent to the real gross domestic product (RDGP). This excessive reliance on oil has impacted the market dynamics and economic growth and development of the nation. The Tinubu administration should unlock the Agriculture sector potentialities through review of the last administration’s Anchor borrowers program. There is the need for government to focus on granting low interest loans to farmers, subsidize agriculture products such as fertilizers, pesticides and farms implements. There is no gainsaying the facts, Insecurity has hampered farming activities in the country. Government should develop effective security policies aimed at resolving farmers/herdsmen crises and above all nipping into bud the menace of banditry in northern Nigerian.

For the rising cost of living in Nigeria, it is a pressing issue that requires immediate attention and collective action. The Tinubu’s administration needs to implement effective policies that will address inflation, stabilize the economy, and support sectors that directly impact the lives of the most vulnerable such as agriculture. Additionally, individuals and organizations of means should step forward and contribute through philanthropy, job creation, and investments in local industries. Empowering the population through education and skill development is also crucial for long-term solutions.

By working together, the government and all persons of means can alleviate the burden on the people at the bottom of the socioeconomic ladder, provide them with opportunities for economic stability, and contribute to the overall well-being and development of Nigeria as a whole. It is only through collaborative efforts that we can create a more equitable and prosperous society for all Nigerians.

Ibrahim Mustapha Pambegua, Kaduna state. 08169056963.