ASABA/Nigeria: A financial expert and public affairs commentator, Mr. Tony Ishiekwene, has urged Nigerians to support President Bola Ahmed Tinubu’s economic reform agenda and consider granting him a second term in office, arguing that the difficult but far-reaching policies introduced since 2023 have begun laying the foundation for sustainable economic recovery.
Ishiekwene made the call while reacting to what he described as widespread misinformation and misconceptions surrounding the administration’s economic policies, particularly on social media, where debates over the president’s performance and prospects ahead of the 2027 general elections have intensified.
In a statement made available to journalists, the Chartered Global Management Accountant (CGMA) maintained that much of the criticism directed at the Tinubu administration ignored the precarious fiscal condition of the country when the president assumed office on May 29, 2023.
According to him, successive administrations had avoided implementing painful but necessary reforms despite mounting fiscal challenges that threatened the country’s long-term economic stability.
He argued that for decades Nigeria sustained what he described as an unsustainable economic model driven by fuel subsidies, foreign exchange interventions and heavily subsidised electricity tariffs, warning that the continued maintenance of such policies had placed enormous pressure on public finances.
Ishiekwene contended that while administrations from the era of former military president Ibrahim Babangida through successive civilian governments recognised the structural weaknesses in the economy, they lacked the political will to undertake comprehensive reforms.
He maintained that by the time President Tinubu assumed office, Nigeria’s fiscal position had deteriorated significantly, with government revenues being consumed largely by debt servicing obligations.
According to him, the country was spending about 97 per cent of its revenue on debt servicing, leaving little room for critical expenditures such as infrastructure, healthcare, education, security and social services.
The financial expert further argued that the removal of fuel subsidy, one of the administration’s most controversial policies, was not initiated by President Tinubu but had already been provided for in the 2023 budget signed by former President Muhammadu Buhari.
He said Tinubu merely implemented a policy direction that had already been adopted, adding that the president could have chosen to continue borrowing or printing money to sustain subsidies but instead opted for difficult reforms aimed at preventing a deeper fiscal crisis.
While acknowledging the economic hardship currently being experienced by many Nigerians, Ishiekwene described the situation as a temporary consequence of what he called a necessary economic restructuring process.
He argued that the burden on citizens would have been less severe if previous administrations had initiated similar reforms much earlier.
According to him, recent reforms in taxation, fiscal administration and public finance management were designed to strengthen government revenue and create a more sustainable economic framework for future growth.
Ishiekwene also defended the administration’s borrowing strategy, stating that current loans were being directed largely towards infrastructure development, including road construction, transportation networks, defence acquisitions and other capital projects, rather than recurrent expenditure.
He maintained that international financial institutions and development partners continued to support Nigeria because they had confidence in the country’s ability to meet its obligations and in the direction of ongoing reforms.
The commentator further pointed to what he described as positive macroeconomic indicators, including improved foreign reserves, stronger government revenues and increased allocations to states and local governments through the Federation Account Allocation Committee (FAAC).
According to him, higher allocations have enabled many sub-national governments to meet salary obligations, pay pensions more regularly and undertake infrastructure projects that were previously difficult to finance.
He noted that before the current administration took office, many states struggled to meet basic financial commitments, including the payment of workers’ salaries.
Ishiekwene warned against what he described as politically motivated campaigns aimed at discrediting ongoing reforms, insisting that abandoning the current policy direction midway could undermine the gains already recorded.
He therefore called on Nigerians to exercise patience and allow the reforms to mature, expressing confidence that the economic measures being implemented would ultimately restore long-term stability and prosperity.
“The macroeconomic indicators are already showing signs of improvement. What Nigerians need now is patience and a commitment to seeing these reforms through to their logical conclusion,” he stated.
He added that continuity in economic policy would be critical to consolidating the gains achieved so far and ensuring that Nigeria remains on a path of sustainable growth and development.
