As lawyer faults policies
President Bola Tinubu’s economic reforms have started bearing fruits, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu; and former Osun State lawmaker under the All Progressives Congress (APC), Olatunbosun Oyintiloye, have said.
While Bagudu said the measures had restored faith in the country’s economy, Oyintiloye appealed to Nigerians not to give up on Tinubu’s administration.
“The reforms have restored confidence in the economy,” Bagudu told Nigerian Television Authority in an interview monitored at the weekend, stating that foreign investors had renewed their interest in Nigeria as a result of the reforms.
He said though the removal of petrol subsidy had caused some pain, the policy had increased the quantum of funds available to the three tiers of government to invest in critical infrastructure that would regenerate the economy. He added that before May 29, 2023, government finances were fragile.
“The payment of subsidies affected the quantum of revenue available to all the layers of government so much so that the economy was at a standstill.
“The reform measures that were taken were in tandem with the Renewed Hope Agenda and the eight priority areas of the Tinubu administration to regenerate confidence in the economy and provide resources to invest in the productive sector,” he said.
Noting the objectives of the reforms had been achieved, the minister pointed out that government at all levels, federal, state and local government, had acquired more capacity to support the economy.
He added: “FG has expanded social investment support to ensure that those who are at the lower end of the income strata of the society, who are affected by the reforms, are helped to cope.”
All the sectors that will enable the gains to be achieved, including agriculture, infrastructure, and security, have seen more funding.”
On his part, Oyintiloye, while speaking with newsmen, yesterday, described Tinubu as a true democrat, who would fulfil all his electoral promises for the prosperity of Nigerians
Oyintiloye said various economic policies by the President, such as fuel subsidy removal, and unification of naira, among others, which might have created a bit of discomfort, would form a strong foundation upon which a prosperous Nigeria would be built.
He said: “There is no doubt that Nigerians are facing hard times, but this is not deliberate and it is not a sign of failure on the part of the President.
“For us to enjoy a prosperous Nigeria, we must be ready to sacrifice a little and that is what is currently happening.”
BUT a lawyer and public affairs analyst in Calabar, Cross Rivers State, Fidelis Onyebueke, raised concerns over Tinubu’s policies, particularly the removal of oil subsidies.
Speaking in an interview with journalists in his Chambers in Calabar, Onyebueke said the adverse effects of such decisions called for a more empathetic leadership approach in addressing Nigeria’s challenges.
“I am convinced beyond doubt that it was not part of his written speech,” he said and highlighted widespread hunger and suffering among the populace as key among the side effects of the policy.
He also flayed the allocation of expensive cars to legislators by the President and the rising dollar rates even as he queried the state of Nigeria’s refineries.
