In the aftermath of recent economic challenges, driven by the removal of fuel subsidies and the decision to let the naira’s value fluctuate freely, Nigeria’s financial situation has deteriorated significantly. These changes, introduced by President Bola Tinubu’s administration, have led to a sharp decline in the naira’s value, sparking widespread protests across the country.
A former governor of Kano State, Ibrahim Shekarau, has called on the Tinubu-led administration to reassess its economic strategies and acknowledge the errors made.
Nigeria’s economy has suffered a significant blow due to the policies enacted by the current government. The removal of the fuel subsidy and the free-floating naira policy, both of which were key initiatives of President Tinubu’s administration, have resulted in a steep decline in the naira’s value, leading to severe economic hardships for many Nigerians.
In response to the growing discontent, Shekarau emphasized the importance of the government acknowledging its mistakes and revisiting its policies. He highlighted the need for a thorough review to identify and correct the errors that have contributed to the current economic crisis.
“As we often say in education, true learning happens when we learn from our mistakes,” Shekarau commented. He urged the government to carefully examine its actions, asking, “Where have errors been made? What mistakes occurred? Which policies are causing this crisis of hunger, skyrocketing living costs, and inflation at 40 percent?”
Since President Tinubu’s declaration that “the subsidy is gone” during his May 2023 inauguration, the cost of petrol has nearly tripled, exacerbating inflation. According to the National Bureau of Statistics (NBS), inflation reached 34 percent in June 2024, making basic necessities unaffordable for millions of Nigerians.
While Tinubu has taken steps to mitigate the effects of these economic policies, including signing a new minimum wage bill and introducing various relief measures, the public remains dissatisfied. In early August 2024, thousands of Nigerians took to the streets across various cities, protesting against the harsh living conditions.
Among the demonstrators’ demands was the reinstatement of the petrol subsidy, a move that Tinubu has firmly rejected. Despite the public outcry, Shekarau believes that the administration must recognize its missteps.
He stated, “The government must admit to the wrongs that have been done, the errors that have occurred, and the assumptions that were taken for granted. Now is the time to pause and address these issues.”
