Chief Olu Falae, former Secretary to the Government of the Federation (SGF), an economist, elder statesman, and traditional ruler of Ilu-Abo in Akure North Local Government Area of Ondo State, is the Chairman of the National Executive Committee (NEC) of the Pan-Yoruba socio-political group, Afenifere. In this exclusive interview with The Nation’s TOSIN TOPE , he reflects on Nigeria’s 65 years of independence, President Bola Tinubu’s reforms, and the challenges of leadership, development, and security
How do you assess the country’s journey so far, 65 years after independence?
The truth is that Nigeria is still far below the level we expected it to be. Sixty-five years of independence, with all the oil money we have received and disbursed, should have brought us much farther than this.
Today, people are still being kidnapped on our streets. There is no running water anywhere. There is no central sewage system in most parts of the country. Farmers, especially in the southwestern part of Nigeria, have been virtually neglected.
There was a time when the state government and even the Federal Government supported farmers with subsidised inputs like fertilisers, insecticides, and improved seedlings. In Ondo State, we had an agricultural input company that made these available. That support no longer exists.
I recall when former Governor Olabode George served here in Ondo. He purchased over 100 tractors and distributed them to various local governments to help farmers. Today, you would hardly find five tractors still functioning. It is a sad picture.
I hope that the government will sit down and recognise that the real purpose of governance is to improve the condition of human beings, not just to generate statistics about GDP growth or revenue growth. At present, the welfare of the people is declining, not improving.
Would you say Nigeria has gotten it right?
Frankly, the achievements so far have been disappointing. Many African countries with smaller populations and far fewer resources have achieved more than Nigeria in education, transportation, health, and general development.
It is painful to admit that in Nigeria today, outside of Abuja, there is hardly any city with a functional central sewage system or a reliable central water supply. Many of our cities still have unpaved roads. This is a shame, 65 years after independence.
As an economist, how do you assess Nigeria’s economy under President Bola Tinubu’s administration?
It is encouraging that Nigeria’s Gross Domestic Product (GDP) is growing under President Tinubu’s administration. As an economist and banker, however, I must stress that what we are experiencing is growth without development.
What does this mean? GDP is increasing, government revenues are rising, but the welfare of ordinary Nigerians is declining. That is growth without development, and it happens when government programmes are not deliberately designed to improve the lives of people.
One of the saddest developments in Nigeria in the last 65 years is that we have abandoned proper development planning. I was once the Director of Economic Planning for Nigeria before becoming a Permanent Secretary. At that time, we had five-year development plans to guide policy and spending.
A plan imposes discipline. It prevents waste and ensures coherence. For instance, if you plan to develop a port, you must also plan the roads leading to it, so goods can be evacuated. If you plan to build schools, you must also develop industries to create jobs for graduates. Without a plan, you find the government building a port with no access roads or schools, and no job prospects for graduates. That is the tragedy we face today.
President Tinubu introduced major reforms, including fuel subsidies removal. Have these reforms improved things compared to past administrations?
To be frank, the reforms were necessary, and President Tinubu must be commended for the courage to implement them. Take fuel subsidy, for example. It was a huge drain on our economy. When Tinubu removed it, the price of petrol shot up to about N1,200 per litre. Many past governments avoided that decision because of the political consequences. But Tinubu went ahead, and that deserves praise.
However, the government could have taken some preparatory steps to cushion the effects of such a bold reform. The immediate hardship on the masses might have been reduced if measures had been put in place first.
Another example is the foreign exchange system. Before the reform, we had six different exchange rates: one for investors, another for people paying school fees abroad, another for travel, and so on. This allowed some people to buy foreign currency cheaply at one window and sell at another, becoming multi-millionaires without doing anything productive. Tinubu’s reforms are eliminating that abuse, and this will have long-term benefits.
Some Nigerians are applauding Tinubu for cutting off oil cabals through subsidy removal. What is your view?
No doubt removing the subsidy has weakened the cabals who were profiting from it. But the government must now pay attention to the ripple effects. For instance, when petrol rose to N1,200 per litre, transport fares also went up. However, now that petrol has come down to about N850 per litre—a reduction of more than 35 per cent—transport fares remain unchanged. Taxi drivers, lorry operators, and motorcycle riders still charge the same rates they charged when petrol was N1,200.
Why has the government not engaged transport unions to ensure fares are reduced in line with petrol prices? This is where leadership must show responsibility. If transport costs fall, everybody benefits—farmers, traders, schoolchildren, and ordinary citizens. It is a glaring example of how reforms must be managed to truly improve lives.
What is your take on the new student loan scheme introduced by Tinubu’s administration?
It is a welcome development, and Tinubu must be commended for the initiative. It has the potential to expand access to education. In the past, in the old Western Region, we were proud of our achievements in education, particularly. However, today, the system is virtually collapsing. Many graduates of our polytechnics and universities can hardly express themselves properly. The quality has dropped drastically, and most schools are dilapidated.
That said, we must also acknowledge some achievements. At independence, Nigeria had only one university—Ibadan. Today, we have hundreds of universities, polytechnics, and colleges of education. The growth in numbers is significant.
But my concern is not just about quantity. It is about quality. The system is churning out graduates, but the standard of training is low. The new student loan scheme is a step forward, but it must be complemented by a serious effort to improve the quality of education.
As Nigeria marks its independence, how do you rate security under President Tinubu compared to the past?
Sadly, the security situation remains very poor. In fact, there has been a catastrophic decline. Let me give you a personal example. As a boy, I travelled alone from Akure to Lagos to attend Igbobi College. I did that for five years, back and forth, without fear of kidnapping or banditry. But when I was 77 years old, already a grandfather, I was kidnapped on my farm here in Akure.
That experience sums up the collapse of security in Nigeria. Today, at 87, I cannot travel freely without fear. That is how much things have changed.
Are you saying security has completely broken down?
Yes, the breakdown is severe. But the solution lies in a different strategy. Security is fundamentally a local matter. If every community secures its territory, the whole country will be secure.
This is why I advocate decentralisation. Local leaders, traditional rulers, and community structures must take responsibility for protecting their people. The federal police cannot do it alone.
Here in Ondo State, we have Amotekun, which is part of this localised approach. In my own community, I organised traditional hunters into a disciplined group that works with the police. Most of the criminals arrested in our area in recent years were apprehended by these hunters, especially at night in the forests, where conventional police cannot operate.
This shows that security can improve if local structures are empowered. The government must adopt this approach nationwide.
How can Nigeria get it right and match developed nations?
Nigeria has everything it takes to succeed—oil, gas, bitumen, iron, gold, and many other resources. What we lack is visionary leadership.
We need leaders who can convert resources into jobs, wealth, and prosperity. But leadership alone is not enough. Every Nigerian must also play their part in improving their immediate environment. We cannot change the whole world, but we can change our surroundings.
So my message is: let us keep hope alive. We have no choice but to remain hopeful and continue working to build the Nigeria of our dreams.
