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While the administration of President Bola Tinubu marks his medium term, the national president of the Democratic Party of the action and former candidate for the presidency, Eng. Yabagi Yusuf Sani, described the economic reforms of the government as bold and fundamental, but without the structure necessary to protect the ordinary Nigerians with growing difficulties.
Sani made the observations while speaking at the forefront, a current business program on Eagle 102.5 FM, Ilese-Ijebu, Wednesday.
According to him, the president’s economic project is strongly capitalist in orientation and cannot take into account the socio-economic realities of Nigeria.
“What Bola Ahmed Tinubu is trying to do is manage a capitalist economy highly oriented in a substantially weak and scarce environment. This is the real problem,” said Sani.
While recognizing that some of the president’s decisions – such as the removal of fuel subsidies and the currency unification – are theoretically valid, the leader of the ADP has insisted that the policies have not yet produced a significant improvement in the life of the majority.
“I will say that it is a mixture. The reforms introduced by President Tinubu are undoubtedly daring, fundamental and difficult. In the long term, they can produce the desired results, but at this moment, they are hurting ordinary people,” he added.
Sani, who piloted the ADP flag in the 2019 and 2023 presidential elections, criticized what described as a disconnection between political declarations and effective implementation.
“Governments are always noisy in political declarations, but the problem lies in implementation. I have not seen anything that convinces me that this administration will end up in the good books of the Nigerians, economically speaking,” he said.
The president of the ADP observed that while the president took the praisable steps in the reshuffle of the leadership of the Central Bank at the beginning of his mandate, other decisions – such as the reshuffle of anticipated cabinet and recent changes at the National Petroleum Company Nigerian Petroleum Limited (NNPCL), are motivated politically motivated.
He questioned the sincerity of the government’s approach, accusing him of giving priority to the political convenience on institutional integrity.
“The government is playing policies with critical institutions. The programs may seem surprising, but their impact on the Nigerians is just visible,” Sani said, referring to persistent unemployment, to the offer of irregular electricity and “pro-elite” policies.
The former presidential hope warned that the government reform agenda is becoming increasingly disconnected from the harsh realities faced by the Nigerians.
“When Tinubu entered office two years ago, about 103 million Nigerians lived below the poverty line.
Today, that number has increased to 129 million. This means that almost 25-30 million additional people have slipped into poverty largely due to the removal of fuel subsidies, “he said.
Sani also sentenced the recent increase in electricity rates, describing the 200 % increase as unjustifiable in the midst of a widespread economic discomfort.
“The increase made unbearable pressure on both citizens and businesses,” he said.
He warned that, unless the administration led by Tinubu aligned his policies with the practical needs of the Nigerians, the audacity of his reforms may not be enough to conquer the trust of the public.
“It doesn’t matter how ambitious these policies can appear, if they do not reflect the needs of the people, the government risks losing the trust of citizens who claim to serve,” he warned.
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