Zacch Adedeji and the Common Man

The elusive concept of Nigeria's "common man" has resurfaced in discussions about President Bola Tinubu's economic reforms. Zacch Adedeji, executive chairman of the Nigeria Revenue Service (NRS), directly addressed the question of why the "common man" isn't yet enjoying the fruits of these reforms, despite improvements in macroeconomic indicators.

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Are these beneficiaries not the “common man”? Who then is the “common man” not benefitting from economic growth and improved revenue?

During a TV interview, Adedeji presented a case that the "common man" is indeed benefiting. He pointed to a doubled minimum wage, increased financial allocations to all 36 states and 774 local government areas, and the prompt payment of salaries and arrears by state governments. Furthermore, he highlighted the millions of students receiving support through NELFUND and job creation spurred by infrastructure spending, asking if these beneficiaries were not the "common man."

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He was forceful and emphatic in his responses to the questions, citing data as evidence that the economy has made encouraging progress with the reforms.

Adedeji forcefully countered claims that Tinubu's policies were akin to "voodoo economics." He used data to assert that the economy has progressed positively under the reforms. The author, however, acknowledges that while these reforms were inevitable and necessary, their impact on ordinary Nigerians, the "common man," is undeniably harsh. The negative consequences are felt across the board, but disproportionately affect those at the bottom of the economic ladder.

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Whenever I have had to comment on Tinubu’s hard-hitting economic reforms, I always concede that they were inevitable and necessary, but I also highlight the impact on the ordinary Nigerian, whom we generally refer to as the “common man”.

Drawing on previous arguments, the author emphasizes that removing fuel subsidies and liberalizing the foreign exchange market inherently involve pain. Promising "reforms without tears" is likened to making an omelette without breaking eggs. The piece concludes that two years of intense hardship may have led to relative macroeconomic stability, evidenced by a stabilized currency and a moderated inflation rate, but the immediate suffering remains a significant factor.

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Let’s stop fooling around: economic reforms always come with hardship.