There are differing opinions on the policies of the current administration, particularly those associated with President Tinubu. Some believe that some of these policies have not been well-thought-out. However, there are countermeasures in place to manage the resulting challenges,Dailytrust report.
It appears that the government’s current focus is not solely on the economy but on establishing and stabilizing its governance. Two notable policies have been implemented: the removal of petrol subsidies, which has led to inflation, and the harmonization of the foreign exchange market. These policies have significant implications for public finance, inflation, and foreign exchange stability.
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However, the government has not yet demonstrated a strong commitment to focusing on broader economic issues. During ministerial clearances in the Senate, none of the ministers, including the one designated for finance and economic planning, articulated specific macroeconomic targets or policies aimed at addressing issues like employment and poverty reduction.
Concerns are raised about the government’s intervention programs, especially since the removal of fuel subsidies three months ago. It is suggested that the government should articulate clear poverty alleviation programs with specific targets and timelines. Such programs should be outlined in a white paper, ensuring transparency and accountability.
Regarding the N5 billion palliative fund, some question whether it will be sufficient, considering that governors are aware they must repay it. The suggestion is made to create a fund aimed at reducing the prices of essential goods, which would have a more sustainable impact on poverty alleviation.
The discussion touches on various economic challenges, including currency floating, foreign exchange management, and the government’s ability to influence the market with limited reserves. It is suggested that the government should have a global plan to stabilize the economy and manage reserves more effectively.
In conclusion, while there are concerns about the government’s economic policies and interventions, the discussion emphasizes the need for clear, well-structured, and sustainable poverty alleviation programs, as well as more effective management of economic challenges.
