By Nelson Abila
From the word go, let’s set some records straight.
There currently exist nothing in the most remote sense that we can call a Tinubonomics; which defines the scope, indicators and ramifications of President Tinubu’s economy policy and the shaping of the Nigeria of our dreams within the possibilities of the APC’s manifesto.
The declaration of subsidy removal at the inauguration of the Tinubu’s baby administration did not only strain an already tethering economy, it punctured the ‘tubeless’ tires of an already wobbling economic vehicle. The nation’s economy is currently at a standstill. There is no fix in view even as the president makes rather belated efforts in putting together his team. For a man determined to hit the ground running, his blueprint, including his team, for economic renewal, which encapsulate his renewed hope campaign agenda should already have been finalized even before the inauguration of his administration.
Within the scope of the audacity of hope, we would say it is not too late to resuscitate the dying economy, albeit the already huge costs and collateral damages to people, homes, families, communities and businesses. Will President Tinubu rise to the challenge?
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Is President Tinubu determined to make a mark? We would hazard a guess. Yes. For a man, who for more than three decades has been posing as the authentic heir to the Awolowo’s political dynasty in the Southwest, and a bearer of the torch of the progressive ideals in Nigeria, now is the time to cut to the chase, and leave all pretences. There is no better time to stand on the shoulder of the giant. Now is an appropriate time. We would recommend that President Tinubu appoints an Awolowo’s oracle. A man vast in the politics and policies of the Sage, who would be his sounding board on virtually all policies. He should at every of his consultation with his appointed Awo’s oracle ask what would Awolowo do is this situation. Though times have changed and they keep changing, knowledge, remains evergreen. Dear President Tinubu, do well to drink from the Awo’s fountain.
Will President Tinubu be very keen on emblazing the progressive symbols on his legacy? If he is keen on leaving a legacy and making no pretence to his avowal as a progressive, he should do well, to constitute an economic think-tank, made up of sound ‘progressive economists’ and ‘true liberals with conscience’. The team should help him to shed more light on all his economic policies, explore plausible options and give him more legroom and bolster his courage to truly renew the hope of Nigerians. I hope the president will not commit the same error as his predecessors. No single individual can make an economic think tank. Your inner economic team, shielded from the prying eyes of the public and appointed with no iota of vested political interest, is your sure way to leaving a mark and Nigeria better.
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The sure way to destroy a despair people, homes, families, communities and businesses is for the government of a developing economy to continue to listen to the failed advices of the Bretton Woods Institutions. Dear President Tinubu, there is a clear difference between non-inclusive economic growth and an inclusive economic development. Make your choice early on in your administration. Be the president, that does not just allow the poor to breathe, but a president that allows the poor to thrive, changing their trajectories and bringing more renewed hope to a despair people. The history of the global economy is riddled with stories of failed pretentious economic policies that the government of poor nations have been forced to swallow, albeit with no remedy for their economic malady. Watch your footsteps Mr President and set your gaze on alternative horizons. Horizons from where cometh better hope to be renewed again and again until we all have ‘life-in-abundance’ for every Nigerian.
While the declaration of President Tinubu at his inauguration – removing fuel subsidy by fiat – has proven to be a wrecking ball, it gave some of us who have hope in his renewed hope agenda a pause. Indeed, an unsalvageable situation requires pulling down a poorly built economic structure. An economic structure built on deceits, illegal rent seeking and outright pillage of the patrimony cannot sustain nor help to attain the least of the aspirations of our people. You are doing well, Mr President! But maintain the tempo and follow up in no time with appropriate rebuilding measures and plans. I am not talking about the empty palliatives. Palliatives within the confines of what have been implemented by economic hit men and women around the world never helped any poor nation or their people. Trillions of fictitious subsidy reinvestments have never helped Nigeria. Neither has any fake social protection policy which has been reeled out without proper care and desire, to alter the foundation of the poverty of the poor yielded any result. Mr. President, you cannot renew the economic hope of the poor by sharing money with the poor. Dubious social investment and cash transfer has never ended anyone’s poverty.
Fixing Nigeria and rebuilding the shattered economy requires only conscientious and courageous steps. Take a deep breath Mr President! In what bounds and reach do you expect the Nigerian economy to grow inclusively? What sectors and subsectors are there rooms for an inclusive economic growth, capable of generating millions of jobs annually?
The answers are obvious. Do not get over fixated on increasing tax and government revenue. Indeed, this is an area to take a closer look at, but there is no point beating a dead horse. Get back on the horse Mr President and set forth on a voyage to renew the hope of your people.
While Nigerians are groaning under the heavy burden of price inflation as a result of the subsidy removal on petrol, Mr President, do not just throw money at the problem, as we usually do. That would give you a zero sum game. Make a pointer of sectors and subsectors that will be the growth engine of a new and inclusive Nigerian economy. That is where the money should go. Do you desire to more than quadruple the GDP? Focus on tripling productivity across board for existing sectors and your pointers of the growth engine of a new and inclusive Nigerian economy. The booming population is an asset, Mr President.
While, it is good to be concerned about the foreign exchange, Mr President, your preoccupation in this regard should not only dismantle all forex policies that support the illicit and poorly built economy structure on which Nigeria has been hoisted since independence, your forex policies should set the pace for the new and inclusive Nigerian economy that we all desire.
As Nigerians eagerly await the constituting of your federal executive council, Mr President. please do well to set a clear charge for a midyear review of the national budget and in line with your renew hope agenda. The National Assembly is more than ready to support your aspirations for a renewed Nigeria.
Finally, Mr President! Nigeria can be fixed and a new Nigeria beckons. God’s grace President Bola Ahmed Tinubu.