By Abbati Bako,Political strategist and Alumni of Kent-Uni the UK’s European Uni
The suggestion for withdrawal of tax reforms from the National Assembly came from Northern Governors, traditional rulers and during the 144 NEC’s meeting, led by Vice President Kashim Shettima. But it seemed that the Presidency don’t want what the political and economic stakeholders called upon. In a democratic setting, the core principle is that elected representatives, including state governors and other stakeholders, serve as the voice of the people.
Their primary responsibility is to fulfill the desires and needs of their constituents (voters). This fundamental concept is crucial in evaluating President Tunubu’s economic reforms. Democratic system is about doing what the voters want, not necessarily what the leader wants.
The World Bank and IMF have been advocating for economic reforms, but it’s essential to consider the unique contexts and experiences of various nations. Countries like China, India, UAE, Saudi Arabia, and other emerging markets have successfully adapted and implemented reforms over the past 40 years, providing valuable lessons. President Tunubu’s government should learn from the other global Southern Hemisphere as mentioned above. Nigeria currently has joined 20 global economic emerging nations and an attachment to BRICS; must learn from 20 economic emerging nations on how they succeeded economically.
*Key Considerations for Effective Economic Reforms and Development:
1. Fiscal Discipline:
Implementing sustainable fiscal policies to promote economic stability
2. Investment in Human Capital:
Prioritizing education, healthcare, and skill development
3. Strategic Diversification Encouraging economic diversification to reduce dependence on a single sector
4. Inclusive Growth:
Fostering equitable economic growth and social development.
By embracing these principles and learning from international best practices, President Tunubu’s economic reforms can cater to the needs and aspirations of the Nigerian people. This requires a delicate balance between economic growth, social welfare, and political stability.
The International Monetary Fund (IMF) emphasizes the importance of structural reforms to boost long-term growth prospects, particularly in the context of global economic challenges.
By understanding the social acceptability of these reforms and engaging in open dialogue with stakeholders, President Tunubu can ensure that his economic agenda resonates with the people.
Ultimately, the success of President Tunubu’s economic reforms hinges on their alignment with the people’s desires and Nigeria’s unique development needs. Remember that the election year 2027 is around the corner. If care is not taken the APC’s success can’t be ascertained. Economic precarity, aridity and hardship is still trending in Nigeria.
Conclusively, this writing states that President Bola Ahmed Tunubu’s government should try to make sure that the current negative economic situation in the country has been solved ASAP.
Abbati Bako,political strategy and communication consultant, IPRC Nigeria, formally State Electoral Commissioner @Kansiec, formally Special Adviser to the Governor in Kano State and Researcher in International Politics/Globalization Policy @Skyline-UNÂ and currently Treasurer @Kano Chamber of Commerce
