Buhari has not shown boldness and valour on the economy
President Buhari is a general but he has not shown boldness and valour on the economy. Punting (hopelessly kicking a ball in American football due to inability to advance via three downs) the date to remove fuel subsidy to June 2023 shows that our president is not leading the way many had expected. The next president will arrive in May/June 2023 and will ask Nigerians to give him time, thereby shifting the date to [pick your date].
Very unfortunate that no one wants to make tough decisions in Nigeria - look at fuel subsidies, look at implementation of Stephen Oronsaye report, etc. These are calls that will transform the economy. But every elected leader is afraid!
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My Response to a comment: The biggest waste in Nigeria is subsidy. It consumes close to 30% of your national budget. If you are talking of waste, do not be fixated on senator's salaries, etc (those make up less than 0.001% of the budget). Subsidy is the demon den where the vultures gather. If you cast them out, you liberate Nigeria. Who has these subsidy licenses? Who would not like to get one? Buy something at 452, sell at 165 or so, and someone covers the extra for you doing nothing but having a special license. Please pay attention to what kills Nigeria.
Comment : Prof I don't believe the issue is about removal of the subsidy, but the obvious consequences of removal, with inflation at its highest, high unemployment and underemployment among several other issues, how would people cope with the removal. It could lead to breakdown of law and order if not well managed, Nigerians need to see actions that will cushion the impact of subsidy removal first.
Member follow up: Then June 2023 all you listed would have been resolved? Many of us don't even want the fundamentals that held us down to change.
My Response: "Then June 2023 all you listed would have been resolved? " - a great question. Hope Samuel will have time to answer then. Nigeria is a place where people waste 30% of the national budget on subsidy, another 40% on debt servicing (partly due to subsidy) and yet people are arguing that subsidy can stay. Subsidy is killing Naira. Nigeria has hundreds of module refinery licenses. The irony is that subsidy is the reason none is working.
If you remove that, the price may go up, but supply will come to equilibrate it. My fund, Tekedia Capital, will invest in a refinery, as we will see opportunity. Others will do the same and over 6-18 months, the nation will attain equilibrium. Other African countries with no subsidy have not collapsed. Subsidy in Nigeria is a loophole for corruption and must be closed!