By Alliance for Economic Research and Ethics
Nigerians should be honest enough to acknowledge progress when progress has been made and courageous enough to say when progress has not yet become prosperity.
The Tinubu administration deserves credit for taking decisions that many Nigerian governments postponed for years. The removal of the petrol subsidy, the movement toward a more market-based foreign-exchange regime, the abandonment of monetary financing of fiscal deficits, the rebuilding of external reserves, and the tightening of monetary policy were politically costly measures. They imposed pain, but they also confronted distortions that had been quietly weakening the foundations of the Nigerian economy.
This is not a small achievement. Reform is easy to announce and difficult to sustain. In Nigeria, every attempt to correct an entrenched distortion is immediately tested by politics, public anger, vested interests, institutional weakness, and the daily pressure of survival. The Tinubu administration has nevertheless stayed the course on several of the most consequential elements of the macroeconomic reset.
What Deserves Recognition
