Nigeria – Five months into President Bola Ahmed Tinubu’s tenure, Nigeria’s economic woes are deepening, with experts expressing concern over the lack of viable solutions from the government.
The nation’s annual inflation rate has been on a relentless climb, hitting 24.08% in July 2023, the highest since September 2005. Analysts and experts are increasingly worried about the worsening economic situation and the apparent absence of a concrete plan from the government to address it.
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Speaking to the Daily Independent, some experts voiced their concerns, noting that the president’s team appears to be struggling to navigate the challenging economic landscape.
Prof. John Ebhomien, a former World Bank economist and an All Progressives Congress (APC) chieftain, explained that the financial sector’s perceived confusion is a consequence of poor monetary and fiscal policies from past administrations. He emphasized that overcoming these challenges will take time.
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The heartbreaking policy of naira redesign and its poor implementation by the Godwin Emefiele’s Central Bank created serious confusion in the financial sector,” Prof. Ebhomien stated. He pointed out that high-interest rates, foreign exchange rates, and inflation have exacerbated the problem.
He emphasized, “All hands must be on deck. There must be probity and accountability in all sectors. It is a collective responsibility.”
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Ambassador Dr. Kalu Ofon Emmanuel, the Lagos State Chapter President of the International Human Rights Protection Service, Florida, USA, expressed his disappointment at the current financial situation in Nigeria. He believes that President Tinubu can still make a positive impact by heeding professional financial advice and implementing measures to improve the economy and alleviate the suffering of the masses.
Dr. Victor Mathew, a security expert and public affairs analyst, expressed skepticism about the President’s ability to address the economic crisis. He highlighted the initial policy decisions regarding fuel subsidies and the Naira’s floating as problematic, resulting in the soaring exchange rate.
Dr. Rexkennedy Saltlove, a public affairs analyst and human rights advocate, shared his concerns about the nation’s deteriorating economic situation. He expressed doubts about President Tinubu’s ability to steer the nation out of the current economic challenges, citing potential distractions related to pending Supreme Court cases.
As Nigeria grapples with economic difficulties, experts, and citizens alike are looking to the government for effective policies and actions that can alleviate the hardships faced by the people and steer the nation toward a path of economic recovery. The challenges are significant, but decisive measures and a commitment to sound economic management could make a difference in the lives of Nigerians.
