Economic Policies Have Wiped Out Nigeria’s Middle Class – Varsity Don

A professor of Public Sector Economics at the University of Lagos, Isaac Nwaogwugwu, has said the economic policies adopted by successive governments in Nigeria have wiped out the middle class.

Nwaogwugwu, who stated this yesterday as a guest lecturer at the 21st annual Adekunle Kukoyi Memorial Lecture, organised by the Nigerian Institution of Surveyors (NIS), Lagos Branch, held in Lagos, said that poorly designed and inconsistently implemented macroeconomic policies had failed to deliver the promised benefits.

The lecture was themed “Nigeria under the Grip of Tax Reforms: Exploring the Politics, Economics and Geospatial Dimensions of the Act.”

According to him, although the overarching objective of the federal government’s tax reforms is to streamline the tax system, reduce multiple taxation and the high cost of collection while boosting revenue generation, the reforms have instead imposed sustained hardship on citizens.

The tax policy expert noted that what was initially presented as short-term pain has become a permanent feature of the nation’s socio-economic landscape, stressing that repeated reforms have failed to correct deep structural imbalances in the economy.

“The many reforms of the federal government have eradicated the middle class,” Nwaogwugwu said, adding that macroeconomic policies have not produced the expected outcomes due to poor policy design, inconsistency in implementation and corruption.

Nwaogwugwu, who identified key reform objectives to include diversification away from oil dependence, economic growth, job creation, increased income, a rise in non-oil revenue and overall improvement in citizens’ welfare, argued that these goals remain largely unmet.

He called on the government to inject more funds into the economy to stimulate growth and enable micro, small, medium and large-scale businesses to thrive, insisting that a vibrant, productive sector is critical to restoring the middle class and achieving inclusive growth.

Earlier, the Acting Surveyor-General of Lagos State, Mr Olalekan Odupe, said the state government remained committed to supporting governance reforms through reliable geospatial infrastructure and data-driven solutions that promote fiscal sustainability, urban development and national growth.

Also speaking, the Chairman of the Nigerian Institution of Surveyors, Lagos Branch, Adedeji Olanrewaju, described the lecture theme as timely, noting that it addresses pressing issues in leadership, good governance, integrity, and socio-economic development.

The event also featured the presentation of prizes to winners of the Adekunle Kukoyi Memorial Lecture Essay Competition for secondary and tertiary institutions, and was attended by members of the Kukoyi family, surveyors from Lagos, Ogun and Oyo states, women and young surveyors, as well as students.