The Bola Ahmed Tinubu administration within its first few days in office announced far-reaching reforms to reposition the economy on a footing of sustainability.
The interesting aspect of these reforms in fuel subsidy removal and unification of the exchange rate is that they were points of convergence in the manifesto of the three leading presidential candidates during the campaigns. The implication is that Tinubu, Abubakar Atiku and Peter Obi all promised to take these steps if elected. This discourse reviews the feasibility of these reforms and how it should be managed to avoid unnecessary pain and hardship on the majority of the population.
In terms of sequencing, there is a controversy on whether the reforms should have been announced first before agreements and decisions on measures to ensure that the reforms succeed. Sequencing and timing are critical issues in any reform agenda because reforms must come at a time when they have good public support and understanding, and clear measures to harness their upsides whilst minimising their downsides.
If palliative measures like public buses fuelled with cheaper energy sources are part of the decisions, local vehicle manufacturers and assemblers should have been contracted to start their production by now and they would be put into service in phases. This would not be one off demand but institutional measures and policies put in place to ensure that this continues.
If we are to use the money from the World Bank to distribute cash to the poor, it is time to bring out the social register into the public domain. It is not enough to plan to reach 10 million families and 50 million persons in all, Nigerians need to know how we arrived at these people.
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