Former Kano State Governor, Ibrahim Shekarau, has called on the Bola Tinubu-led administration to review its economic policies and openly acknowledge any mistakes that have contributed to the nation’s current economic challenges.
Since the removal of fuel subsidies and the floating of the naira, both key policies of the Tinubu administration, Nigeria’s economic situation has deteriorated. The naira has experienced a sharp decline in value, leading to widespread public discontent and protests across the country.
Shekarau, speaking on Channels Television’s Politics Today on Friday, emphasized the need for the government to critically reassess its approach. “As we say in the teaching profession, the best learning comes from recognizing and learning from your mistakes,” the former governor stated.
He urged the government to take a step back and identify areas where errors may have been made. “The government should evaluate what pronouncements or policies have been enacted that are contributing to this crisis of hunger, high cost of living, and a staggering food inflation rate of 40%,” Shekarau said.
Since President Tinubu’s declaration in May 2023 that “subsidy is gone,” the price of petrol has nearly tripled, exacerbating the country’s inflation. According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate stood at 34% in June 2024, pushing the cost of essential goods beyond the reach of millions of Nigerians.
Despite the introduction of a new minimum wage and other measures aimed at mitigating the impact of these economic policies, widespread protests erupted across Nigerian cities in early August, with demonstrators demanding, among other things, the reinstatement of fuel subsidies. However, President Tinubu has maintained his stance, asserting that there will be no reversal of the subsidy removal.
In his remarks, Shekarau argued that it is crucial for the government to admit its mistakes and take corrective actions. “Admit that there have been some wrongs, some errors, and perhaps certain aspects were taken for granted,” he said. “Now is the time to reassess and address these issues.”
