The hardships trailing economic reforms introduced by the President Bola Tinubu’s administration have been described as Temporary sacrifices for long-term prosperity.
This was the position adopted by stakeholders, including civil society organizations and youth associations, at a a one-day intellectual discourse on the state of the economy and the Renewed Hope Agenda, in Abuja.
Speakers at the event noted that the economic reforms implemented by Tinubu are on the right track, despite the temporary hardships they have caused.
The event, which was organised by the Beyond Boundaries Legacy Leadership Initiative, BBLLI, in collaboration with the Civic Centre on Economic Reforms, Policies, and Planning, featured experts and stakeholders for a discussion on the theme, ‘Between Austerity and Prosperity: Nigeria Yesterday, Today, and Tomorrow’.
An economist and Secretary General of the Renewed Hope Ambassadors Network, RHAN, a coalition of civil society groups, Dr. Opialu Opialu Fabian, stressed that the reforms are necessary for Nigeria’s development and will ultimately lead to prosperity.
He noted that Nigeria was once a rich nation but became poor due to mismanagement and lack of planning. According to him, Tinubu’s Renewed Hope Agenda invoves taking bold steps to introduce reforms to enable Nigeria recover from its past mistakes.
He highlighted key reforms to include removal of fuel subsidy, unification of the exchange rate and the review of the Electricity Act.
Opialu observed that public sector reforms, the review of solid mineral policies and the introduction of the student loan scheme have complemented the reforms.
Speaking further, he noted that although the reforms have caused short-term pains such as inflation and the attendant reduction in disposable income and high cost of living, the gains will far outweigh the pains in the long run.
According to him, already, the reforms have resulted in medium-term effects such as reduction in fuel pump price, the introduction of the Presidential Initiative on Compressed Natural Gas, and an increase in foreign reserves.
“The reforms have attracted over $30 billion in foreign direct investment and have led to improved security and a drastic reduction in the spate of insecurity.
“The government should do more to educate Nigerians on the reforms and their effects. This will help to prepare the minds of the masses for the need to make temporary sacrifices for the sake of long-term prosperity.
“The economic reforms of President Bola Ahmed Tinubu are on the right trajectory notwithstanding the temporary hardship.
“It is a price we all have to accept for the Nigeria of our dreams. The most equipped generation to carry this cross is ours and the time to do it is now,” he noted.
He stressed the need for appropriate government agencies to educate Nigerians on the effects of the reforms, “both the good and the not too palatable ones, so as to prepare the minds of the masses to the need to fast before feasting”.
DAILY POST reports that some prominent politicians, including former vice president Atiku Abubakar, Labour Party presidential candidate in 2023, Peter Obi, ex-River State governor, Rotimi Amaechi, and Bauchi State governor, Bala Mohammed, have criticised Tinubu over the reforms introduced by his government.
Amaechi, who conteated the All Progressives Congress, APC, primary with Tinubu in the 2023 election, said he would have handled the removal of fuel subsidy differently as President.
The former minister said he would remove fuel subsidy with social housing and job creation as cushioning measures.
