Nigeria is currently experiencing widespread protests caused by dissatisfaction with rising living costs, poor leadership, and limited opportunities. These demonstrations are just one piece of a broader wave of discontent spreading across Africa, impacting multiple nations, as Nigeria is no exception; they are actively participating in this movement, expressing their dissatisfaction and calling for reform. President Bola Tinubu attempted to alleviate concerns and instil confidence in his recent address. Regrettably, the speech lacked a definitive strategy to tackle the underlying issues causing economic hardships across the country.
Despite the president’s efforts to sound reconciliatory, the absence of precise solutions to the key problems failed to convince many citizens. The highly anticipated speech was supposed to address ways to lower the expenses of running the government and alleviate financial pressure on the public. However, it fell short of providing practical answers or showing a genuine dedication to implementing significant reforms. The president’s speech removed the essential problems, creating a disconnect between what the people hoped for and what the government offered.
Current national budget prioritises luxury over vital commercial reforms.
The 2024 Budget of Renewed Hope has caused frustration for failing to address the economic crisis effectively. Instead of making necessary cuts, it allocates more funds to ongoing expenses, including over $150,000 for Sports utility vehicles (SUVs) for more than 450 lawmakers and about $38 million for the presidential air fleet and related costs. These allocations have drawn criticism as the country struggles with major economic difficulties. Many view the budget as excessively lavish, prioritising luxury over essential economic reforms and increasing public discontent amid a financial downturn.
For example, Argentina’s recent reforms under President Javier Milei have been a significant learning opportunity. He was elected in 2023, and Milei has prioritised slashing costs to tackle the nation’s economic challenges. His strategy of cutting $20 billion from Public Sector expenditures, cutting operational costs, and ending political privileges has been exemplary. Milei has displayed a solid dedication to financial discipline and openness by choosing to fly Economy class instead of using the presidential aircraft.
Urgent action is required for various economic sectors nationwide.
However, the country could learn from Argentina’s strategy of cutting Subsidies and raising taxes to create financial excess, which could guide future economic policies. In April 2011, the Oronsaye Report proposed a series of suggestions to cut governance costs through agency mergers, redundancy elimination, and operational streamlining. However, efforts to implement these recommendations have faced challenges, including bureaucratic pushback, conflicting political agendas, and financial limitations. Over ten years later, the objectives outlined in the report have yet to be fully achieved, underscoring the ongoing challenge of implementing significant reforms.
Furthermore, the suffering citizens are demanding concrete steps rather than just symbolic gestures. The Nigerian National Petroleum Company Limited (NNPCL) and oil Revenue management must be handled transparently, and other critical issues, like the oil and gas sector, which is crucial for foreign currency, need immediate attention. Likewise, persistent instability in the farming industry is still affecting food production and prices. Food Inflation stands at 40.87 percent, leading to a total inflation rate of 34.19 percent, so urgent actions are required to tackle these economic challenges.
Related Article: Tinubu urged Nigerians to end the protest
Overall, the country’s people are demanding well-defined and practical strategies to tackle the region’s urgent issues. The president must present a thorough and detailed plan for addressing the challenging demands, even if they appear daunting. It is crucial to take clear and bold steps to regain the public’s confidence and show a dedication to real advancement. Establishing defined goals with outlined initiatives and timelines is critical. The government can rebuild community trust by promoting transparency and enforcing responsibility. By putting in determined and genuine work, the leadership can drive beneficial transformations and pave the way for a better, more secure future for every citizen nationwide.