Analysts have expressed worry that five months after President Bola Ahmed Tinubu took over the reins of government, life is getting more challenging by the day, and there appears to be no solution from the government.
The annual inflation rate accelerated for a sixth month to 24.08% in July 2023, the highest since September 2005.
Some analysts who spoke to Daily Independent said it was unfortunate that the president’s team seemed to be bereft of ideas on how to turn the economy around, urging them to put on their thinking caps as things are getting out of hand.
Prof John Ebhomien, a former World Bank economist, in his reaction to the nation’s tottering steps so far, stated that “the perceived confusion in the financial sector by some elements was as a result of poor monetary and fiscal policies of past administrations. Sincerely speaking, this will take some time to overcome.”
Prof. Ebhomien, an All Progressives Congress (APC) chieftain and former consultant to the United Nations Office on Project Services, also recalled that “the heartbreaking policy of naira redesign and its poor implementation by the Godwin Emefiele’s Central Bank, created serious confusion in the financial sector.”
The former World Bank/ International Monetary Fund (IMF) economist and financial management expert continued, “This problem was compounded by high-interest rates, high foreign exchange rates and inflation, which have been on the high side.”
“All hands must be on deck. There must be probity and accountability in all sectors. It is a collective responsibility.”
Ambassador Dr Kalu Ofon Emmanuel, the Lagos State Chapter President, International Human Rights Protection Service, Florida, USA, in his reaction, stated: “It is unfortunate that the Nigerian citizens have been thrown into the valley of financial suffocation.
“Five months after Tinubu set off the confusion in the financial sector, he appears bereft of ideas on how to halt it. Too bad!
“I think he can still contain the fast worsening situation if he can do the right things at the right time and avoid hovering sycophants around him.
“If he can listen and implement professional financial advice being given to him on how to improve the nation’s economy and alleviate gross poverty and suffering of the masses, that will be a plus for him.”
Dr Victor Mathew, a security expert and public affairs analyst, said: “From the way things are going, I have my greatest doubt that the President and his team can reverse or remedy the very bad situation.”
Dr Mathew, the Executive Director, Kingdom Advocacy Network, lamented: “President Tinubu put forward initial wrong foots without proper thinking.
“I strongly believe that removing fuel subsidies and floating the Naira at the same time was very wrong. The Dollar now at the parallel market is trading for over N1000. That is unprecedented.”
Dr Rexkennedy Saltlove, another public affairs analyst and human rights advocate, warned that things are getting out of hand, even as he expressed doubt that Tinubu and his team could get the nation out of the current economic mess.
“He seems overwhelmed and distracted, maybe due to the issue of the baggage he carries and the pending Supreme Court cases,” he said.