The editorial’s tone feels unduly harsh on President Tinubu, and it oversimplifies the complex interplay between economic reform and political restructuring. While the call for restructuring is valid and necessary, dismissing Tinubu’s focus on the economy as misguided overlooks the realities of governance in a nation like Nigeria. The economy is the bedrock of society; as Karl Marx famously said, it is the superstructure that influences all other aspects of life, including politics. Is that notion no longer relevant today?
In truth, the relationship between the economy and political structures is not one of simple cause and effect. Each influences the other in profound ways. To suggest that restructuring should come first, or that Tinubu’s economic efforts are a waste of time, fails to appreciate the complexities involved. Economic reforms, especially in a country facing severe financial challenges, are crucial. They lay the groundwork for any meaningful political change. Without a stable economy, restructuring efforts could be undermined by social unrest and instability.
Moreover, the editorial gives short shrift to the time it takes for economic policies to bear fruit. Tinubu has made bold moves, such as removing subsidies and floating the naira, which are not without their challenges, but they reflect an understanding of the immediate need to stabilize Nigeria’s economy. It’s too early to dismiss these efforts as failures.
It’s also important to recognize the political realities that any leader faces. Implementing restructuring requires building consensus across a deeply divided society. The editorial assumes that Tinubu has abandoned his commitment to restructuring, but it’s more likely that he is navigating the complex political landscape with a strategic, phased approach.
Furthermore, it’s worth noting that Punch Newspapers has often appeared more like an opposition party than a neutral observer, consistently finding fault in Tinubu’s administration. This persistent negativity has damaged their credibility. A credible newspaper should hold leaders accountable, but it should also be fair and balanced, recognizing achievements where they exist instead of always searching for faults.
Criticizing Tinubu for not prioritizing restructuring over economic reform is shortsighted. Both are essential, and both require time, effort, and careful planning. The editorial’s strong stance does a disservice to the nuanced and challenging task of governing a nation like Nigeria. The real question is not which comes first, but how both can be pursued effectively in tandem. Tinubu deserves a more balanced assessment, one that recognizes the difficulties of his position and the importance of addressing both economic and political issues together.
Dear Femi, your response to Punch editorial on Tinubu’s economic policy and restructuring made an interesting reading and I do agree with you that it might make sense to first stabilise the economy before talking of restructuring. But without being a pessimist, I can’t see how the economy can stabilise the way things are at the moment. Because of time I will dwell on a few reasons why I am of this opinion.
In the first place, from my little knowledge, two policies drive the economy of any country and both complement each other. One of these policies can NEVER revive an ailing economy. These are the monetary and fiscal policies. The people at the CBN are trying the best they can on the monetary policy with little or nothing on the fiscal policy, where the executive arm of government comes in.
The people on the fiscal side are contributing nothing to the economy. The Ministry of Agric and Food Security that should spearhead food production is almost non-existent. The Ministry of Trade and Investment that should take the lead in export promotion has gone to sleep. Where is the new Ministry of Blue Economy that should explore the marine resources that we have? Where is the Ministry of Solid Minerals that should exploit our land resources. These are the people on the fiscal side. Their score cards in the past 15 months of this regimes are there for everybody to see
We are running an over-bloated bureaucracy gulping scarce resources with little to show for it
Corruption has become so pervasive that it has become the rule rather than the exception.
How much is each legislator taking home every 30 days and what is their contribution to national development?
We have spent over 1.5 billion dollars on TAM for our 4 refineries in the past 10 years and yet no single litre of fuel comes out of them and we have staff still collect exorbitant emoluments (I am our own Mighty will have something to say on this.
Over 400 barrels of crude oil disappear to thin air on a daily basis without any solution in sight. Yet we are crying for FOREX.
We said subsidy is gone, yet we are now paying more that what we were paying on subsidy on what we now call under-recovery.
NNPC became a limited liability company and with the Petroleum Industry Bill, we are still control the price of petrol.
Need I continue? Maybe another day. My final take is: Will this economy ever recover?
Response to Akinjayeju
Your response to my piece raises some valid points about the structural and policy challenges that Nigeria faces, which deserve thoughtful consideration. However, it’s crucial to recognize that while the fiscal side’s shortcomings are evident, attributing the current economic instability solely to these issues oversimplifies a more complex situation.
Your concern about the inadequacy of fiscal policies, like those involving the Ministries of Agriculture, Trade, Blue Economy, and Solid Minerals, highlights a critical aspect of governance. There’s no doubt that these sectors are underperforming, and their revival is essential for broader economic stability. However, the argument that the economy cannot recover under the current circumstances assumes a static approach, where failures in governance mean total stagnation. Yet, economic policies, especially monetary reforms, are dynamic and can, over time, lay the foundation for broader reforms.
Economic stability is not solely about immediate output from ministries or the curbing of corruption—it’s about creating an environment where private sector confidence can grow, investments can be secured, and gradual systemic changes can take root. Tinubu’s initial reforms, such as subsidy removal and exchange rate adjustments, though painful, are early steps toward this long-term vision. Dismissing these actions because immediate results are not visible overlooks the intricate web of challenges Nigeria is grappling with.
You mention corruption and mismanagement of resources as significant roadblocks—and you’re absolutely right. The challenge of corruption is daunting, and it’s part of why fiscal reforms have lagged. Yet, resolving these systemic issues is not a one-step process; it requires sustained political will and reforms that are sometimes unpopular and difficult to implement swiftly. It is not that the executive arm is contributing nothing—it’s that their efforts are, unfortunately, undermined by deeper institutional failures that require time, strategy, and, indeed, political restructuring.
Your skepticism about the economy’s potential for recovery is understandable, given Nigeria’s current state. However, this view can become self-fulfilling if it leads to a dismissal of any incremental progress. The economic difficulties Tinubu’s administration faces are not entirely of its own making but are compounded by decades of entrenched structural issues. Economic reform and restructuring are intertwined and must be pursued together, albeit at different phases of governance.
The real challenge—and opportunity—lies in balancing immediate economic stabilization with long-term structural reforms. The fiscal side, with its myriad inefficiencies, must be addressed urgently, but this cannot be seen in isolation from the broader economic landscape. Tinubu’s strategy, though imperfect and still unfolding, deserves a chance to prove its merit. As you pointed out, it’s about complementing monetary and fiscal policies, not pitting one against the other.
The question isn’t whether this economy will ever recover but rather whether we have the collective patience, strategy, and political will to drive both economic reform and restructuring simultaneously. While criticism and skepticism are vital for accountability, they must be balanced with constructive engagement that recognizes the complexities at play and the potential for gradual progress in the face of daunting challenges.
Response to Segun
Your response to the rejoinder is well-anchored and cuts through the troubling issues with clear, relatable examples. However, to further articulate these concerns, here’s a more refined take:
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**Response to Punch Editorial on President Tinubu’s Economic Policies**
Your evaluation is sharp and strikes the right chord in addressing the Punch editorial’s evident departure from objective journalism. It’s clear that the newspaper, in its relentless pursuit of opposing every move by President Tinubu, has compromised its role as a responsible voice of the fourth estate, trading in propaganda rather than reasoned analysis. This persistent one-sidedness only distorts the public discourse at a time when Nigeria desperately needs sober, balanced reflection.
That said, the intersection of politics and economics is not lost on us; they are inseparable, each influencing the other in profound ways. The recent fiscal autonomy granted to Local Government Councils is a testament to this, highlighting how political decisions can shape economic outcomes. However, we must admit that the effectiveness of such policies remains to be seen, as their real-world impact is still unfolding.
Beyond the Punch editorial, there are deeper, more pressing concerns about the current administration’s direction. The seeming resurgence of World Bank and IMF-style prescriptions in our economic management echoes the painful memories of the 1980s structural adjustments. The removal of the fuel subsidy, though initially accepted as a necessary evil, coupled with the sharp devaluation of the Naira, has delivered a crushing blow to both the economy and the lives of everyday Nigerians. And as if that were not enough, further increases in fuel prices and the looming threat of electricity subsidy removal signal an even more precarious future.
What we are witnessing now is beyond the anticipated belt-tightening; it’s an economic chokehold. Even those once shielded from the harsh realities of Nigeria’s economic landscape are feeling the sting. When filling up a vehicle becomes a luxury, and the rising costs of essentials like passports and power bills feel like a continuous punishment, it’s hard not to question the sanity of the current trajectory. Is there a limit to how much hardship Nigerians are expected to endure?
Yet, the disconnect between the ruling class and the citizens is glaring. While millions are forced to navigate a daily struggle for survival, those in power appear insulated, carrying on with extravagant choices that underline a lack of empathy and understanding. It begs the question: is this the governance Nigerians voted for?
Surely, there must be a way to manage this economy with more foresight, sensitivity, and innovative thinking. A path that addresses the pressing issues without consigning the population to unnecessary suffering. We are told to endure, but how much longer before the pain outweighs the patience? Perhaps what is needed is not just the will to enact reforms but the wisdom to carry them out with a human face.
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