10/02/2024
In just about seven months, the present administration seem to have completely wrecked the economy. I have tried to refrain from commenting because we Nigerians brought this upon ourselves, the same people that voted out of sentiment or collected money before voting have started demonstrating that the prices of commodities have gone haywire and barely affordable. Tinubu removed fuel subsidy on assumption of office in a mono economy and the resultant effect is over 300% rise in the cost of goods in the market, so called floating of the naira in an import dependent economy. These are good policies but timing is obviously very wrong as there were no modalities put in place to cushion their effects, they only wanted more money to spend while advising Nigerians to brace up for hardship and endure for the so called better days ahead.
If you watched the economic team appearing before the senate, you will discover that they've got practically no solution to the nosedive of the naira and the increased cost of goods. The CBN governor was even reading from a prepared script just to answer practical questions about monetary policies of the CBN. They were even bringing suggestions on how Nigerians should avoid spending the dollar, a government that ought to provide practical solutions, you'll weep watching these guys if you expected any solution from them.
Whoever that is close to this government should advise them to reverse the fuel subsidy removal, that we're not ripe for it or they should be prepared for the implosion that is coming ahead, because Nigerians will soon march on the streets and it won't be funny. We will not be the first nation to ignore IMF and World Bank on fuel subsidy reversal, how can they determine how our country is run, what exactly is their interest.
