Nigeria’s Economy: Wike Defends Tinubu’s Policies Amid Criticism
In a recent appearance on Channels Television’s ‘Politics Today’, Nyesom Wike, the immediate past Governor of Rivers State, came to the defense of President Bola Tinubu’s economic policies. Wike’s statements were in response to criticism from former Minister of Transport, Rotimi Amaechi, who alleged that the current government has completely destroyed the country’s economy. According to Wike, President Tinubu inherited an economy that was on the brink of collapse, and his policies, although challenging, are necessary to revive the nation.
Wike emphasized that President Tinubu took over the reins in May 2023, after eight years of his party man, Muhammadu Buhari, being in office. Upon assuming power, Tinubu immediately removed the fuel subsidy and later floated the naira, two decisions that have led to a significant rise in the cost of living. These policies have been met with widespread protests and criticism, with many accusing the government of mishandling the economy. However, Wike countered that the removal of the fuel subsidy, in particular, was a necessary step, as it was widely regarded as a scam.
"He took over an economy that was gone, totally gone," Wike said. "Nigeria was ready to be buried. Luckily, it has not been buried. Someone came and said, ‘No, I will not allow you to be buried’." Wike also pointed out that the removal of the fuel subsidy has had a positive impact on state governments, which now have more funds to work with, despite the challenges posed by the hike in fuel prices from around N200 to about N1,000 per litre.
The debate surrounding President Tinubu’s economic policies highlights the complexities and challenges faced by the Nigerian government as it attempts to navigate the country’s economic woes. As the nation continues to grapple with the consequences of these policies, it remains to be seen whether they will ultimately lead to economic growth and stability. One thing is certain, however: the road to recovery will be long and arduous, requiring difficult decisions and a collective effort from all stakeholders. As Wike aptly put it, "He came and said, ‘I will not allow this again. It has to go’." Only time will tell if this bold approach will pay off.
