The economic reforms implemented by President Bola Ahmed Tinubu have been praised for being on the right track, despite the temporary hardships they have caused.
According to Dr. Opialu Opialu, who spoke at a one-day intellectual discourse on the state of the economy and the Renewed Hope Agenda, the reforms are necessary for Nigeria’s development and will ultimately lead to prosperity.
The event, which was organised by the Beyond Boundaries Legacy Leadership Initiative (BBLLI) in collaboration with the Civic Centre on Economic Reforms, Policies, and Planning, brought together experts and stakeholders to discuss the theme “Between Austerity and Prosperity: Nigeria Yesterday, Today, and Tomorrow.”
Opialu, who assessed the economic reforms of President Tinubu, highlighted the country’s past, present, and future, noting that Nigeria was once a rich nation but became poor due to mismanagement and lack of planning.
However, with President Tinubu’s Renewed Hope Agenda, he said the country is taking bold steps to introduce reforms and recover from its past mistakes.
Opialu said President Tinubu’s administration has implemented several key reforms, including the removal of subsidies on premium motor spirit, exchange rate unification, and a review of the Electricity Act.
These reforms, according to him, have been complemented by public sector reforms, a review of solid mineral policies, and the introduction of a student loan scheme.
While these reforms have caused short-term pains, such as inflation, a reduction in disposable income, and a high cost of living, Opialu noted that the gains will far outweigh the pains in the long run.
Opialu also highlighted the medium-term effects of the policies, which include a reduction in the pump price of premium motor spirit, the introduction of the Presidential Initiative on Compressed Natural Gas, and an increase in foreign reserves.
Additionally, the reforms have attracted over $30 billion in foreign direct investment and have led to improved security and a drastic reduction in the spate of insecurity.
Opialu concluded that the economic reforms of President Tinubu are timely and welcome and that the government should do more to educate Nigerians on the reforms and their effects. This will help to prepare the minds of the masses for the need to make temporary sacrifices for the sake of long-term prosperity.
“The economic reforms of President Bola Ahmed Tinubu are on the right trajectory notwithstanding the temporary hardship,” he said. “It is a price we all have to accept for the Nigeria of our dreams. The most equipped generation to carry this cross is ours and the time to do it is now.
“It is my view that the various reforms are timely and welcome and that the Government should do more through the appropriate agency to educate Nigerians on the reforms, its effects, both the good and the not too palatable ones, so as to prepare the minds of the masses to the need to fast before feasting”.
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