Economic experts have expressed concerns about the growing hardship faced by Nigerians, urging the President Tinubu-led administration to reassess its economic reforms. The reforms, including the floating of the Naira, removal of fuel subsidies, and increasing interest rates, have negatively impacted households and businesses.
Experts argue that these policies have led to increased costs of living, transportation, and doing business. They emphasize the need for the government to consider the social implications of its policies, particularly the exchange rate, which has risen from N520/$ to N1592/$.
Paul Alaje, a senior economist, described the floating of the Naira as a “wrong decision” given Nigeria’s import-dependent economy. He advocated for a stable exchange rate of around 900-1000/$.
Yusuf, from the Centre for Private Enterprise, stressed the importance of balancing economic and social objectives. He suggested tweaking policies to reduce the social cost and improve access to education, healthcare, and other essential services.
Ishaq Ibrahim, an Abuja-based economist, warned that increased revenues may not translate to improved economic conditions if not prioritized in critical areas like education, healthcare, and infrastructure. He also highlighted the need to address unemployment, inflation, and currency devaluation to ensure economic growth benefits citizens.
Overall, experts urge the government to reassess its economic reforms and prioritize social welfare to alleviate the growing hardship faced by Nigerians.
