A former member of the Presidential Economic Management Team, Prof. Akin Iwayemi; a former Director-General, Nigerian Institute of Social and Economic Research (NISER), Ibadan, Prof. Olu Ajakaiye; a former Budget Adviser to the National Assembly of Nigeria and former Commissioner for Finance and Economic Planning in Oyo State, Prof. Ademola Ariyo; an Economics scholar at the University of Ibadan [UI], Prof . Olawale Ogunkola; a renowned policy analyst and social commentator, Prof. Olabode Lucas and others have called on President Bola Tinubu to tailor his economic reforms towards the peculiarities of Nigeria and strike a balance between economic growth and social welfare for suffering Nigerians.
The professors, who are mostly first-class and seasoned economists from the University of Ibadan, made the call during the 33rd anniversary of the Resurrection Morning Star Society, Chapel of the Resurrection, University of Ibadan, Oyo State . The programme had the theme: ‘’Nigerian Economy – Is there Light at the End of the Dark Tunnel?’’
The professors, who said the current reforms of the Tinubu administration were necessary to redirect the economy, however, pointed out that every policy must have a human face and take cognizance of the environment.
Ogunkola, the guest lecturer and former Dean of the Faculty of Social Science of UI, said reforms must be tailored towards the peculiarities of the country.
He said: ‘’The economic reform initiatives have the potential to promote economic growth, attract investments and improve infrastructure but the reforms have also led to increase in fuel prices, inflation, and hardship for many Nigerians. While the reforms aim to liberalise the economy and reduce the dependence on oil, their impacts on the most vulnerable populations and the overall effectiveness in achieving sustainable economic development remains contentious issues.
‘’Ultimately, the success of these reforms will depend on the government’s ability to balance economic growth with social welfare –at both micro-economic and macro-economic levels – and address the concerns of Nigerians who are struggling’’.
Ogunkola also urged the Federal Government to let Nigerians know the blueprint of its reforms and communicate its policies to Nigerians effectively.
Also speaking, Prof. Iwayemi, who is a former President of the Nigerian Economic Society [NES], said the government had the responsibility to take care of the underprivileged by pursuing inclusive and social policies that would address their needs.
The professor noted that there must be policies to support the poor to become rich in the future, adding that it was imperative to tailor policies towards the peculiarities of the country.
‘’Nigeria is unique. So, we have to tailor what we want to do to reflect our culture and environment. We are not the same. One cap cannot fit all’’, Iwayemi said.
Ajakaiye, who was the chairman of the occasion, noted that every reform comes with a cost.
‘’The cost will always come first while the gains will come later. It is always natural for the people to complain about the pains of reforms. Whether people will be able to endure the cost or not, depends on the communication between the government and the people as to the time and kind of the time the benefits are likely to come in’’, the former DG of NISER said, however pointing out that: ‘’The context of Nigeria should not be ignored in adopting policies that might have been proposed by anybody from anywhere. So, when you are bringing policies into society with already weak infrastructure, high unemployment, weak government machinery and corrupt systems, you must nuance that kind of policy to take care of that reality so that the cost will not be too high in order for the people to appreciate it when the benefits come’’.
Similarly, Prof. Ariyo emphasised that reforms and policies must have a human face, saying outside statistics would not help. ‘’There must be a mix of social welfare and reforms’’, the first-class economist said.
In his remarks, Prof. Lucas, who is the President of the Resurrection Morning Star Society, said the programme was to educate Nigerians on the economy by bringing top and seasoned economists to give ‘’the true picture of the state of our economy’’.
Continuing, the professor said: ‘’People are suffering. People can tighten their belt when they know that the future is bright. If you want to reform the economy and remove the subsidy, the money should not be spent on consumption but be invested in production and job creation’’.
On his part, the Assistant Chaplain 1, Ven. Tope Falusi, prayed for light at the end of the day, asking God to give President Tinubu and policy makers the wisdom to take right decisions that would reset the country.
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