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By pig-headedly pursuing and implementing the concept of ‘’market forces’’ in economic reforms the Tinubu administration is bound to inherit the flaws and negative consequences of that model.We were told the withdrawal of subsidies were to allow ‘’market forces’’ determine the ‘’real price’’ of petroleum products in the country and that the subsidies being paid sustains inefficiency and blocks resources needed to provide social services like health, infrastructure and educational development.
It is similar also with the tax regime under the administration’s market reforms. Like the monetary policies, the fiscal regime is prohibitive and counterproductive to businesses and individuals. Businesses that are struggling to cope with high operating costs now have been slapped with value added taxes on goods and services. Many businesses have collapsed under this policy.
Essentially Tinubu’s economic reforms are predatory, narrow and an abdication of responsibility. It is predatory because it offers him the opportunity to embark on the capture of the Nigerian economic structure using policies and programmes that aid this exercise.
Let us be clear about it, Tinubu’s reforms are not structured or meant for economic development of Nigeria. The World Bank and IMF from where President Tinubu got the approvals for the franchise of economic capture of Nigeria will encourage him to continue to step his foot on the pedal because it serves the economic interests of their principals.
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