Reforms Must Not Enrich Few At Expense Of Nigerians’ Prosperity — Abati

Former presidential spokesman and veteran journalist, Dr Reuben Abati, has warned that the benefits of President Bola Tinubu’s economic reforms must be widely shared among Nigerians rather than concentrated in the hands of a privileged few.

Abati said the ultimate purpose of economic reforms should be to improve the living conditions of ordinary citizens, warning that macroeconomic stability without corresponding improvements in household welfare could threaten the sustainability of the policies.

He spoke on Thursday in Abuja while reviewing a 526-page book titled Economic Diversification and Structural Transformation in Nigeria: The Past, The Present, The Future, authored by a four-term member of the House of Representatives, Abdulmumin Jibrin Kofa.

Speaking on the theme, Economic Diversification: Renewed Hope and Nigeria’s Future, Abati acknowledged the economic adjustments undertaken by the Tinubu administration but said persistent poverty, declining purchasing power and the rising cost of living remained major concerns.

He said although some economic fundamentals were undergoing corrections following government policy decisions, the benefits had yet to translate into widespread prosperity.

“The basic fundamentals within the economy may be going through a correction due to policy actions. Purchasing power is low. The country faces a cost-of-living crisis, and more should be done to support vulnerable Nigerians,” he said.

The former presidential spokesman said the central challenge for policymakers was to ensure that the economic sacrifices demanded of Nigerians did not exceed their capacity to endure hardship.

Quoting the author, Abati said: “Economic reforms can only endure if the speed of fiscal adjustment respects the threshold of human endurance.”

He noted that Kofa acknowledged the difficult nature of economic reforms, quoting him as saying that “True reform is never free” and “reform is rarely painless.”

According to Abati, the author identified sacrifice, resistance and balance as three critical elements in implementing difficult economic policies.

He explained that while citizens might be required to make sacrifices, resistance could emerge from organised labour, political groups and ordinary Nigerians struggling with economic hardship.

He said political leaders must therefore find ways to restore equilibrium, rebuild public confidence and balance immediate sacrifices against the anticipated long-term benefits of reforms.

Abati also warned against a situation in which the gains of economic restructuring benefited only a privileged minority while the majority continued to struggle with poverty.

“Certainly, the purpose of reform must not be the enrichment of a privileged minority at the expense of the people’s prosperity,” he declared.

He said the concern was particularly relevant as Nigeria pursued far-reaching economic adjustments amid pressure on household incomes and the purchasing power of citizens.

The reviewer explained that Kofa’s book provided an extensive examination of Nigeria’s economic history, the structural weaknesses that had undermined successive development programmes and the prospects of the Tinubu administration’s Renewed Hope Agenda.

He said the 526-page publication, divided into three parts and comprising 29 chapters, traced Nigeria’s economic journey from independence in 1960, assessed successive development plans and projected possible economic outcomes up to 2050.

According to him, the first section examined Nigeria’s economic history and the consequences of excessive dependence on petroleum revenue, while the second focused on the present economic environment and the Renewed Hope Agenda.

The final section explored the country’s economic future, the sustainability of ongoing reforms and the prospects for diversification, while an epilogue examined the creative economy as an emerging driver of growth.

Abati said the author examined the consequences of Nigeria’s dependence on crude oil, which left the economy vulnerable to fluctuations in international oil prices while weakening manufacturing and other productive sectors.

He added that the book applied the resource curse, Dutch disease and structural change theories to explain why Nigeria had struggled to convert its abundant natural resources into sustained prosperity.

On the Tinubu administration, Abati said Kofa identified fuel subsidy removal, foreign exchange unification, tax reforms, infrastructure development and investments in human capital as important components of the ongoing economic restructuring.

He quoted the author as describing the Renewed Hope Agenda as more than an electoral slogan.

“Renewed Hope is not simply a slogan; it is a policy narrative that links economic reform, productive investment and social development,” he quoted Kofa as saying.

Abati said the book also examined the government’s ambition to build a $1tn economy under the Renewed Hope National Development Plan for 2026–2030.

He explained that the author viewed the first phase of the administration’s reforms, covering 2023 to 2025, as an effort to stabilise the economy, while the second phase was expected to focus on structural transformation, productive expansion and diversification.

However, he stressed that the sustainability of the reforms would depend on institutional continuity and the ability to preserve policy gains beyond the tenure of any particular administration.

Abati also highlighted the book’s concerns about poor coordination among government institutions, saying inadequate collaboration between ministries, departments and agencies, as well as between federal and state governments, had repeatedly weakened economic development programmes.

He said stronger coordination was necessary to prevent duplication of projects, disputes over resources and poor public service delivery.

The reviewer further raised concerns about the effectiveness of performance monitoring and evaluation within government, particularly whether assessments of ministries and agencies had translated into corrective actions.

He identified agriculture and healthcare as critical sectors requiring sustained attention.

Abati cautioned against dismissing the book as political propaganda because of its extensive examination of Tinubu’s economic policies.

“This book is, however, not a political manual, not a campaign material, not a piece of propaganda, but it is arguably the most detailed interrogation of the Renewed Hope Development Plan introduced in 2023 yet to be written,” he said.

He acknowledged that some readers might disagree with the assumptions and data underpinning the book’s long-term projections but maintained that its research and analysis made it a valuable contribution to discussions about Nigeria’s economic future.

Quoting one of the author’s concluding observations, Abati said: “The architecture is sound, but the building remains under construction, and the Nigerian people are watching.”

He urged policymakers to ensure that economic reforms produced tangible benefits for citizens, adding that the success of Nigeria’s transformation agenda should ultimately be measured by improvements in the welfare of the population.

Abati commended Jibrin for combining his academic background, private-sector experience and legislative knowledge to produce the publication, which he recommended to policymakers, students of political economy, economic historians and other Nigerians interested in national development.