Tinubu’s economic policies hurting Nigerians, ADP chieftain alleges

Chris Emejuru, a chieftain of the Action Democratic Party (ADP) and a U.S.-based entrepreneur, has voiced strong criticism of President Bola Tinubu's economic policies. He argues that while the reforms were initiated with positive intentions, their implementation has significantly worsened the living conditions for many Nigerians.

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Good intentions alone are insufficient without policies that adequately cushion their impact on citizens.

Emejuru acknowledged that the removal of fuel subsidies was intended to free up resources for vital sectors like healthcare and education, and the liberalization of the foreign exchange market aimed to boost private sector growth and job creation. However, he contends that good intentions are insufficient without adequate measures to mitigate the impact on citizens. He specifically pointed to the complete removal of fuel subsidies, suggesting a phased approach with social safety nets would have been less burdensome.

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The increase in petrol prices has affected food prices, rent, transportation and other critical sectors of the economy, leaving millions more in poverty.

The increased petrol prices have, according to Emejuru, driven up costs for food, rent, and transportation, pushing millions into poverty. He proposed that the government should have introduced measures such as affordable transportation alternatives, easier access to grants for farmers and food supply chain businesses, and incentives for the manufacturing and construction sectors to promote affordable housing. "Planning and organisation are vital. Proper implementation of these measures would have eased the burden on many Nigerians," he stated.

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Planning and organisation are vital. Proper implementation of these measures would have eased the burden on many Nigerians.

Regarding the foreign exchange market, Emejuru recognized that liberalization has reduced distortions and improved investor confidence. Nevertheless, he asserted that the average Nigerian has yet to see any benefits. With the exchange rate around N1,400 to one U.S. dollar, he noted that traveling abroad, paying for foreign school fees, or importing goods has become increasingly difficult for many. Emejuru advocated for a managed float exchange rate system, giving the government some control while allowing market forces to operate. He also commented on tax reforms, stressing the need for effective implementation and better policy harmonization for businesses and citizens to experience tangible benefits, and called for increased investment in the digital economy to create jobs.

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The average Nigerian had yet to experience the benefits of the policy.