ECONOMIC change and development do not occur because top government officials always talk about it in public spheres. They also do not happen because some feudal clerics sermonise about it from their transactional altars. Neither do they come because some idle monarchs can pray for it in their immobile shrines.
Change and development do not respond to rhetoric and empty prayers. Truth be told, what we are going through in Nigeria today is not economic reform, it is economic deformation. To this end, the new year message of the president carries no hope. It is actually empty and without substance. Hope is built on something and currently there are no measurable and concrete moves to address the situation we are facing. Our economy, for now, is rudderlessly sailing on troubled waters.
2024, for most Nigerians, was obviously a chequered year characterised by unmitigated suffering and nightmares introduced by ominous and leprous economic reform that stripped Nigerians of their purchasing power. The bogus, or rather over-bloated 2025 budget is to restore hope, at least that is what we were told. But I am afraid, it may end up in the pocket of top government officials. It is supposed to be an opportunity for us to rewrite this narrative. However, the government’s track record raises concerns about its ability to manage such an ambitious fiscal plan effectively.
What hope can the new year bring with a 2025 budget of 47.9 trillion naira that is ominously laden with a deficit of 13 trillion naira and inflation currently at 34.6? In 2024, the projected growth of 3.68% GDP was only theoretically achieved. In reality, I doubt if we achieved 2% growth. More people are dropping into poverty on a daily basis.
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The over 70 people that died in Ibadan, Abuja and Anambra in December 2024 while scrambling for free food to grab and run away with, according to the Senate President, are still fresh in our minds. At what point between that time and now, did the economy start showing prospects of recovery? What are the new policies that informed the position of the Vice President when he spoke in Lafia, Nasarawa State during the distribution of tractors and sharing of relief items to victims of the 2024 flood disaster at the Government House? What was President Bola Ahmed Tinubu relying on when he tried to encourage us to put our hope on nothing?
The track record of government since May 29, 2023 leaves Nigeria with great concerns about its ability to bring a meaningful change. We were shocked to see the Senate President praising the performance of 2024 budget, which he admitted was only 50% implemented.
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We entered 2025 under the weight of an economic crisis exacerbated by missteps in policy execution. The removal of fuel subsidies and the unification of the exchange rate in 2023 were intended to stabilise the economy. Instead, they exposed vulnerabilities in governance. Nigerians no longer rely on government fiscal plans. Down through the years, the fiscal plans have been undermined by inefficiencies, corruption, and a lack of strategic focus.
The so-called reforms, if that is what they are, have triggered economic crisis. Industries are closing down because of their inability to source scarce foreign exchange. We are completely becoming an import-dependent economy and cost of imported items have gone sky high because of high cost of foreign exchange. In all these, the ordinary Nigerians that have been pauperise due to the policies now bear the brunt. Some families cannot afford to use electricity in the day time because of the high tariff. Most families go to sleep in darkness with empty stomach.
A nation cannot borrow money for recurrent expenditure and debt servicing and expect growth to take place. Our debt profile is currently at 134 trillion naira. Years of political instability, economic mismanagement, and corruption have left citizens sceptical of governance promises.
For many Nigerians, these reforms have come at too great a cost, disproportionately impacting the vulnerable while political elites remain insulated from the consequences. When economy improves in Nigeria, it is only the elites that feel it; it does not translate to better standard of living for the common people. The everyday Nigerian never understands what government meant when they talk of economic growth and improvement. It is annoying when the phoney sermons of the economy will heal very soon and Nigeria will soon become Eldorado are spoken by deceitful government officials.
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2024, for most Nigerians, was obviously a chequered year characterised by unmitigated suffering and nightmares introduced by ominous and leprous economic reform that stripped Nigerians of their purchasing power. The bogus, or rather over-bloated 2025 budget is to restore hope, at least that is what we were told. But I am afraid, it may end up in the pocket of top government officials. It is supposed to be an opportunity for us to rewrite this narrative. However, the government’s track record raises concerns about its ability to manage such an ambitious fiscal plan effectively.
We will start believing and trusting government when we see policies delivering tangible outcomes that are measurable due to prudent, efficient, transparent and honest management. We borrowed so much last year and we have 13 trillion deficit in 2025 fiscal plan.
We have been told that there is nothing bad in borrowing. But we all know that when you borrow for consumption, you are not making any progress. While borrowing to finance growth is not inherently problematic, it must be accompanied by policies that ensure economic expansion outpaces debt accumulation.
A nation cannot borrow money for recurrent expenditure and debt servicing and expect growth to take place. Our debt profile is currently at 134 trillion naira. Years of political instability, economic mismanagement, and corruption have left citizens sceptical of governance promises.
We are not going to start 2025 by believing empty promises that holds nothing.
