… Says good intentions not enough

A United States of America based entrepreneur and chieftain of the opposition Action Democratic Party (ADP), Chris Emejuru, has faulted economic policies of President Bola Ahmed Tinubu, saying some decisions taken were hurting Nigerians.­

Emejuru said the current administration may have good intentions towards the policies, adding that good intentions are not enough but having compassion is critical in leadership.

 

In a statement made available to newsmen on Sunday in Abuja, titled “Nigeria at a crossroads,” the Action Democratic Party (ADP ) chieftain said the removal of fuel subsidy in it’s entirety was not the best solution for the Nigerian economy.

 

According to him, the removal of fuel subsidy was intended so that re-allocated funds could go towards improvements in health, education and other important sectors of the economy while liberation of foreign exchange would allow for more private sector growth with intentions to create job opportunities for the masses within Nigeria.

 

“These policies have had some positive effects, but the question remains: Why is poverty still the dominant issue in Nigeria?

 

“It made things worse. The increase in petrol (gas) has impacted food prices, rent, transportation, and critical sectors of the economy which has left millions more in poverty. It should have been done gradually by providing safety nets like affordable or alternative access to transportation, or easier access to grants and other assistance within the agricultural or food supply chain making food less expensive.

 

“And policies that provides incentives within the manufacturing and construction industry to lower rent and pursue more affordable housing initiatives. Steps like these if implemented properly, would have eased the burden of many Nigerians suffering from this crisis. Planning and organization is vital.”

 

On the liberation of foreign exchange, Emejuru said it had some good developments.

 

“It reduced bottlenecks and gave investors more confidence and certainty. But from the perspective of the average Nigerian, their lives have not gotten better. As of today, forex is hovering around N1,400 to $1. For many Nigerians who used to have the means to travel abroad, pay school fees, or import goods for their business, they no longer can do so.

 

“What I have always proposed is a Managed Float. This is where market forces don’t purely decide the exchange rate but where there is a peg making it an equal playing field for all.

 

“The recent tax reforms enacted don’t hurt SME’s but where are the practical benefits? Yes there are exemptions but true harmonization and implementation so that Nigerians feel like they are not being cheated are crucial to the expansion of jobs and opportunities. More investment in the digital economy would benefit Nigerians more than reforms that have good intentions.”