NewStats: 3,261,743 , 8,174,981 topics. Date: Friday, 30 May 2025 at 11:14 AM 6k2j2h

AFTER one year in the saddle, the time for talking and making promises about the economy is over for President Bola Tinubu. Now is the time to deliver on his avowal to strengthen and rebuild the economy through the private sector.

The Nigerian economy is battling stormy headwinds. Glaring hyperinflation, acute electricity shortages, high energy costs, steep debt servicing, chronic unemployment, divestment of multinationals, shabby infrastructure, and low wages feature prominently. Although Tinubu inherited most of them, he can revitalise the economy by significantly reducing the footprints of the government in business.

Hinting at an economic revamp by strengthening the organised private sector at the third edition of the Nigeria Employers’ Consultative Association summit in Abuja, the President reiterated that he has embarked on economic reforms since he assumed office.

In his Inaugural Speech, he cancelled petrol subsidies. Then, his istration merged the naira exchange rates. In April, the government cancelled subsidies for Band A electricity consumers.

Coincidentally, the reforms have not instigated economic revival. As the naira depreciates to record levels, energy costs have spiralled out of control. At 40.66 per cent, food inflation is at a 30-year high. The exchange rate is N1,500 per $1 from N464/$1 in May 2023. Nigerians do not feel the touted reforms.

Surprisingly, Tinubu, who comes from a private sector background, is falling back on the failed system of public control of the commanding heights of the economy. His predecessor, Muhammadu Buhari, was unrepentantly statist and ruined the economy. Tinubu should discard this archaic economics.

Between 1979 and 1990, British Prime Minister Margaret Thatcher changed contemporary economics by privatising major public assets. These included British Steel, Rolls Royce, British Airways, Britoil, British Energy (nuclear), British Telecomm, British Gas and British Airport Authority.

So, it is naïve that Tinubu has failed to consolidate his initial reforms by unleashing the productive power of the private sector to rebuild the tattered economy. The fuel subsidy crisis arose principally because the four public refineries with a combined nameplate of 445,000 barrels per day were under government control. Two of them have missed several deadlines to re-commence fuel production.

Consequently, Nigeria depends naïvely on fuel imports though it is a major crude exporter. Olusegun Obasanjo privatised two of the refineries in 2007 before the dubious reversal by his successor, the late Umaru Yar’Adua.

Indeed, government ownership of business has delivered only corruption, inefficiencies, and cronyism. Nigeria spends $28 billion annually on fuel imports, per Blackgold Energy Authorities. Therefore, Tinubu should embark on the transparent privatisation of the refineries. This strengthens the OPS.

All the 132 refineries in the US belong to private operators. In the UK, the six refineries are privately owned. It is a safe path for Nigeria. This will reignite Nigeria’s flagging foreign direct investment. At minus $187 million, it entered negative territories in 2022, per UNCTAD.

Nigeria has struggled vainly to kick-start its manufacturing sector since 1978 when it commissioned the Ajaokuta Steel Company. Imprudently, every istration prefers government ownership. Nothing has worked. Nigeria is losing money ($4 billion in annual steel imports) and jobs heavily. By selling Ajaokuta, Tinubu will boost the economy via the private sector.

The Bureau of Public Enterprises said Nigeria realised N550 billion from the privatisation and commercialisation of 142 public assets as of 2018. In the 18 years to 2018, the government realised $7.8 billion in FDI by selling 53 public assets. So, another path to reinforce the OPS is privatising the seaports, the airports, rails, and the Transmission Company of Nigeria.

Tinubu can elevate the economy by delivering on his tax reform plan. There are more than 60 tax heads. The plan is to reduce this to nine. This should be done expeditiously.

The government should divert the savings from privatisation to infrastructure and concentrate on security.

https://punchng.com/economy-time-for-talking-over-for-tinubu/

IMPORTS ARE POVERTIES INVITED---by DANGOTE.

COWS ARE NOT CITIZENS OF NIGERIA ---by AKPABIO.

TINUBU MUST REGULATE AND CONTROL SEP-SOCIAL, ECONOMIC AND POLITICAL SECURITY OF NIGERIA.
TINUBU MUST REGULATE AND CONTROL PRE-POLICING, RESOURCING AND ELECTIONEERING MOVEMENTS OF NIGERIA.

TINUBU MUST TAG THE NAIRA, REGULATE PRICES AND CONTROL NIGERIA. THAT'S WHAT WE ELECT HIM TO DO.

If some people said they can see anything good in you ( this government), just give them a hug as life can be so difficult for the blinds to see

IMPORTS ARE POVERTIES INVITED---by DANGOTE.

COWS ARE NOT CITIZENS OF NIGERIA ---by AKPABIO.

TINUBU MUST REGULATE AND CONTROL SEP-SOCIAL, ECONOMIC AND POLITICAL SECURITY OF NIGERIA.
TINUBU MUST REGULATE AND CONTROL PRE-POLICING, RESOURCING AND ELECTIONEERING MOVEMENTS OF NIGERIA.

TINUBU MUST TAG THE NAIRA, REGULATE PRICES AND CONTROL NIGERIA. THAT'S WHAT WE ELECT HIM TO DO.

ORISA37
GOD BLESS NIGERIA.

Give Tinubu 40years, he will achieve nothing. This are just mere rehtoric.

“E think say na statistic we go chop”

What are Nigerians now chopping after he dismissed statistics?

So far there as not been a single good positive or "whatever adjective you desire" about this Tinubu government, not a single one.

Note this is coming from someone that ed him so he beta buckle up because nothing he as accomplished is deserving of a second term.

helinues:
If some people said they can see anything good in you ( this government), just give them a hug as life can be so difficult for the blinds to see

For his ers, they are still campaigning.
Truth died since APC got to Aso Rock.
Every critic is termed Ipob or Obidients.
Those who ed Buhari are the same people ing Tinubu now, and they have one mandate and that is to "attack".

Buhari closed Nigeria's borders, his excuse was that we should grow our food. Hell was let loose.

Prices of goods climbed out of reach of ordinary people whom he claimed to be helping and hunger set in.
But those who were born to suffer kept clapping for him even though they were still buying from the same market.

And every sane Nigerian was praying for the expiration of Buhari's tenure.

Our eighth-year compensation was now this one who did not fail in the only promise he made during camping which was to start from where his predecessor stopped.

In one statement he announced the end of fuel subsidy and here we are today. The same people who didn't see any wrong in Buhari.

Sometimes I wonder if it would not be better to reverse the closure of Nigeria's borders so that goods especially food that are in short supply can come into Nigeria through the borders instead of smuggling.

Is it possible to fly a jumbo jet with a motorcycle engine? Absolutely not!

Tinubu has no capacity to move Nigeria forward, neither does he have the legitimacy.

Tinubu’s failure is already irreversible and I am so happy that no matter what he does, he cannot bring Nigeria back to May 2023, how much more of improvement!

helinues:
If some people said they can see anything good in you ( this government), just give them a hug as life can be so difficult for the blinds to see

Tinubu government has brought nothing but shame, pain and agony even to his most avid ers.

Georgry:


Tinubu government has brought nothing but shame, pain and agony even to his most avid ers.

Are you going through any of the listed above?

Some idiats whole up this morning to attack the messenger.

The drug baron is helpless. All the borrowed money is wasted on prostitutes from the Caribbean.

Suffer no dey tire you?!

They need to sell those government owned assets through a fair and transparent process. Whether Tinubu and the thieves he sorrounds himself with are capable of doing this is a major question.

By selling the assets, the government will signal to international investors that it is committed to reforms. It will also enable Nigeria obtain an injection of forex which will further assist in stabilising naira.

Additionally, I don't see how they can get away without getting a large forex loan to stabilise the naira.

Lol!

I have this feeling that government of the day knows what to do to get this great nation working, but hell no, they'd rather continue with the game of musical chairs and round and round they'd keep going in circle with no tangible thing to boast of.

Hdhd

U can't give what you don't have.
A failure begat failure.
Tinubu is the worst thing to happen to any country

We are hungry sha

Egbe ooo

Fellow Nigerians,
Happy Tinubulation.

Letlovelead1:
We are hungry sha

You and who sir?

Please be specific.

He's too incompetent

Hh

The zombies