A public affairs analyst and chieftain of the Action Democratic Party, ADP, Chris Emejuru, has criticised President Bola Ahmed Tinubu over his economic policy reforms.
In a statement on Sunday, Emejuru said Tinubu’s policies, including the removal of fuel subsidy and the floating of the naira, are hurting Nigerians.
According to him, although the reforms were introduced with good intentions, they have had a negative impact on Nigerians.
“These policies have had some positive effects, but the question remains: Why is poverty still the dominant issue in Nigeria?
“They made things worse. The increase in petrol prices has impacted food prices, rent, transportation, and other critical sectors of the economy, leaving millions more in poverty. It should have been done gradually by providing safety nets such as affordable or alternative means of transportation, easier access to grants, and other forms of assistance within the agricultural and food supply chain to make food less expensive.
“There should also have been policies that provide incentives within the manufacturing and construction industries to lower rents and promote more affordable housing initiatives. Steps like these, if implemented properly, would have eased the burden on many Nigerians suffering from this crisis. Planning and organisation are vital.
“The reforms reduced bottlenecks and gave investors more confidence and certainty. But from the perspective of the average Nigerian, their lives have not improved. As of today, the exchange rate is hovering around N1,400 to the dollar. For many Nigerians who once had the means to travel abroad, pay school fees, or import goods for their businesses, that is no longer possible.
“What I have always proposed is a managed float. This is where market forces do not solely determine the exchange rate, but where there is also a peg, creating a level playing field for everyone.
“The recent tax reforms enacted do not hurt SMEs, but where are the practical benefits? Yes, there are exemptions, but proper harmonisation and effective implementation, so that Nigerians do not feel they are being cheated, are crucial to expanding jobs and opportunities. More investment in the digital economy would benefit Nigerians more than reforms that merely have good intentions,” he stated.
