While Tinubu’s reforms are a positive step forward, these shouldn’t plunge citizens further into poverty or violate the rule of law.
Rather than reducing spending, the government must improve and reallocate spending while growing revenue. Revenue-to-GDP was also one of the lowest in the world at secen per cent in 2021.
Tinubu and his team say they’ll pay attention to growing tax revenue. Observers have discussed the possibility of him applying the ‘’ to Nigeria’s finances, in reference to the increase in the state’s internally generated revenue through taxation under his tenure as state governor. Welfare considerations aren’t the only reason to exercise caution in implementing these reforms. Consumption has typically accounted for over 70 per cent of Nigeria’s GDP and reduced consumer power can affect economic growth.
There are also the enormous tasks of boosting Nigeria’s productivity, productive capacity and growing and diversifying its exports away from crude oil. Persistent insecurity exacerbates an already difficult situation. These challenges require many reforms and measures pushed through with strong and sustained political will over time.
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