OPINION BY SIMON KOLAWOLE: ‘Them belly full (but we hungry)’ | TheCable
opposition figures are impressed with his speed in announcing the end of petrol subsidy, which he followed up by moving to eliminate the multiple exchange rates. The World Bank and the International Monetary Fund are obviously incredulous that a Nigerian leader could do these two things in quick succession. The consensus seems to be that Tinubu is in the right direction and if he sustains the reforms, the Nigerian economy should be on sound footing in a couple of years.
As if things are not bad enough, electricity tariffs are set to go up again. Of course, you can make a compelling and logical case that the privatisation of the power sector means tariffs have to be commercially viable. Otherwise, the power companies would go bankrupt. Sound reasoning. After all, the multi-year tariff order allows for tariffs to be reviewed regularly to reflect inflation and exchange rate changes . We have often delayed or suspended MYTO “to protect the poor”.
The sad truth is that our false confidence as an oil-rich country has ruined us for decades and we have refused to make the necessary adjustments. When oil prices nosedive, we continue to spend money and take debts hoping that the market would soon bounce back.
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