By Tajudeen Balogun
President Bola Tinubu has been advised to sustain his ongoing policy reforms, with the clear advice that any attempt to act otherwise will be an error.
The warning formed the parting short of the “Financial Times” editorial, which was shared by Special Adviser on Information and Strategy to the President, Mr Bayo Onanuga, on Wednesday.
The New Diplomat reports that FT editorial follows ongoing preparation to mark Tinubu-led administration’s two years in the saddle, due on Thursday, May 29, 2025.
The FT in its editorial titled: “Nigeria’s Shock Therapy: Why President Tinubu Should Press On”, the editorial which chronicles the administration’s economic policies, from inception, explained that as Nigeria’s election cycle edges towards 2027, Tinubu may be tempted to slow the pace of change.
It warned: “That would be a mistake. He should forge ahead, with the overriding aim of making ordinary Nigerians – not just investors – feel the benefits of shock therapy.”
Against this background, the FT wants the President to tackle inflation – still running at 24 per cent – with more urgency, noting that food is the biggest driver, while State governments need to increase supply by providing farm inputs, security and better access to markets.
The editorial suggested further: “Second, it must build on tax reform by achieving its stated aim of doubling the ratio of tax collected to 18 percent of GDP. Some of that should be spent on woefully neglected schools and clinics – even more urgent given foreign aid cuts. That will bring benefits of its own but, just as importantly, will also help to establish a social contract, which has been dangerously lacking.
“Third, and perhaps most crucial, the government must confront banditry and terrorism with the same single-mindedness as it did distorted monetary policy. The army needs cleaning up as urgently as the central bank”.
While applauding the Central Bank for stopping what it called the printing of money to pay for government profligacy, it alleged that politicians still spend too much, often on fripperies such as extravagant presidential jet, etc.
The FT posited: “Investors do not live in constant fear of a devaluation and can readily access dollars. That may eventually help Nigeria to diversify, but shorter term, it is positive that oil production has recovered from a nadir of 1mn barrels a day to nearly 1.5mn last month. Oil theft has been reduced, and local companies are squeezing more out of marginal fields.
“That so much has been achieved by a government stuffed with cronies – and, to be fair, one or two competent technocrats – shows how much could be achieved if Nigeria really got its act together…”
The New Diplomat reports that FT is a London based newspaper printed in a broadsheet, with a focus on business, economy, and current affairs. It is also a digital newspaper with offices in the UK, United States, and Europe.
