By Ike Okonta
President Bola Tinubu’s first two policy initiatives were to remove petrol subsidy and further devalue the Naira. Interestingly these policies had been pushed by the World Bank’s representatives in Nigeria for several years but were ignored by former President Buhari.
The immediate effect of President Tinubu’s move was high inflation. The Manufacturers Association of Nigeria is also complaining that its members can no longer import inputs because of the devalued Naira.
Further, unemployment is growing and the petrol subsidy removal and Naira devaluation have worsened the trend.
Economic policy is primarily local. You look at your condition before adopting policies to correct anomalies. But that is not what Bola Tinubu is doing. Nigeria has been implementing the World Bank inspired Structural Adjustment Programme since 1986 and it has led to massive de-industrialisation, unemployment and the destruction of such critical social sectors as health care, education and public housing. The situation is now so bad that a mid-level university lecturer earns the equivalent of one hundred dollars per month!
The verdict on Tinubu’s present economic policies is the thousands of young Nigerians who are now migrating to Europe and Northern America in search of better opportunities.
I do not think anything good can come out of Bola Tinubu’s economic policies. He is doing what World Bank officials tell him to do and as we all know World Bank policies have never worked anywhere in the world.
Fellow Nigerians let us come together and make Bola Tinubu a one-term President.
Dr Ike Okonta shared this on his Facebook page.