Na Economy we go chop?
By Ademola H Adigun
A childhood friend of mine called me two days ago. He has relocated to USA. He is doing well there. He complained about how Tinubu's policies destroyed his business here. Specifically the unification of the exchange rate. Ironically he supported Tinubu, when I did not. He is disappointed at the outcomes. He was surprised that I am now a Tinubu policies defender. He asked why?
Anyone that has been a friend here or followed me for over 5 years will testify that I have advocated for the removal of fuel subsidies. I have also advocated for FX unification. I urged Buhari to remove fuel subsidy. I supported GEJ when he attempted to do it. You can check my timeline for relevant posts on such matters if you care. Why will someone that has the guts to do what is right and necessary not get my support? Someone said "kini big deal in signing a document and why is that an achievement we celebrate" If it was no big deal, we would have done so since 75 a year after subsidies were introduced following the Yom Kippur war.
His royal highness SLS had frequently made calls for the removal of arbitrage in the fx market. The videos are all over. He was CBN governor when he made those calls. If it were easy to do, someone else would have done it before BAT. I praise leaders that make tough decisions. It is a BIG DEAL.
Did the decisions increase and deepen poverty? Oh yes. About 50m people became poorer from both decisions. But 180m more have a chance of surviving and having an economy than was potentially possible before those decisions. We were stuck in the mud. A trait I find commendable about BAT is not blaming the past. Have you heard him blame his predecessor that he helped install anyway for any challenge? He has not.
I then asked my friend whom he will support for the next elections. He paused and could not think of anyone. Removing sentiments, none of the aspirants has communicated any message on how they plan to turn things around. Will they bring back subsidies? Will they allow 5 exchange rates and use all our savings that we don't have to defend a Naira that had crashed and was propped artificially by money printing back? They will not. Somebody had to do it. It is done.
Now the state police Bill is in the states, another passion of mine. I do not think it is a magical bullet that will solve all the security challenges but it is a step towards the solution. Another courageous decision and a needed one.
I get amused when I see people that should be investing their money offering money to anyone that can point out 15 things or 30 things BAT has done to improve lives of people. These are economic illeterates that have no clue on what governance is and what it is supposed to be. Even if you cared to engage them, it would be like describing an ocean vessel to one that has never seen a canoe. Use your money to better your lives not on silly infantile asinine rubbish.
There are plenty challenges and life is difficult for many. There is hunger in the land. Real hunger. With the tax reforms, oil and gas fiscal adjustments, some form of fiscal federalism and real efforts at tackling corruption using policies rather than hounding people after the fact, I see hope. You don't have to. I write from my sight, it does not have to be yours. We stand on different pedestals.
If elections were held today, I would be asking Tinubu to continue.
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