…urges Tinubu to Reverse Harmful Economic Policies to Avoid Uprising
Two prominent economists, Dr. Paul Alaje and Prof. Remi Aiyede, have urged President Bola Tinubu to immediately reverse his administration’s economic policies, which they say are worsening the living conditions of Nigerians.
They caution that continuing on this path may lead to an uprising, similar to the one in Kenya.
Dr. Alaje, Chief Economist at SPM Professionals, and Prof. Aiyede, a lecturer at the University of Ibadan, spoke on the popular monthly interview discourse, Boiling Point Arena, held on Sunday night on Zoom and broadcast live on Sweet 107.1FM.
The program was hosted by media professional, Dr. Ayo Arowojolu, and featured a keynote address by Oba (Dr) Adetoye Alatise, the Gbegande of Ososa-Ijebu, on the topic “Nigeria and the Debt Trap – How Unbridled Borrowing is Pushing Nigeria to Insolvency and the Way Out”.
Dr. Alaje and Prof. Aiyede warned that the removal of petroleum subsidy without sustainable economic measures has already taken a toll on Nigerians.
They criticized the government’s “visionless economic policies” and “unbridled borrowing,” which has pushed Nigeria to the brink of insolvency.
“The inflation rate in Nigeria is increasing on a monthly, if not daily basis and has now increased by about 34%,” Dr. Alaje said.
“Food inflation is now already 40%. We do not need any soothsayer to raise the alarm that we are already walking on eggshells. We need to quickly find policies that will reduce the impact on the people.”
Prof. Aiyede criticized the Tinubu administration’s economic policies as “unorthodox and visionless,” decrying the many manifest inconsistencies and trial-and-error measures that have impacted negatively on the economy.
“Tinubu really has to go back to the drawing board. What I see causing hardship to virtually all Nigerians is a government that is just floating. They are like seamen and not navigators.
The seaman just wants to float so that he can occupy office and enjoy the presence of the ship on sea, whereas a navigator is supposed to lead the ship to a particular destination.”
The experts emphasized the need for policies that reduce the impact on the people, warning that further pressure could lead to violence and unrest.
They urged the government to learn from the Kenyan uprising and the ENDSARS protests in Nigeria, and to prioritize the well-being of the people.
“We cannot even meet the simple requirements of obtaining further loans in order to earn money from crude oil production because that has been mortgaged,” Prof. Aiyede added.
The economists’ warnings come as Nigeria faces a huge national debt to international creditors, including the World Bank and IMF.
Dr. Alaje noted that the Central Bank of Nigeria’s decision to increase interest rates has also had a negative impact, leading to higher inflation instead of reducing it.
“When you raise interest rates in an inflationary period and a country not productive and that is highly dependent on money devaluation as major source of income, rather than seeing inflation going down, unfortunately, inflation will go up,” he explained.
The experts called on President Tinubu to take a cue from the Kenyan uprising and prioritize the well-being of the people. “He should go beyond looking for omnibus solutions.
He should keep his promises, which ought to truly renew hope and not dash our hopes as we see it presently,” Prof. Aiyede said.
