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In his critique of President Bola Tinubu’s economic policies, Professor Usman Yusuf, a prominent member of the Northern Elders Forum (NEF) and former Executive Secretary of the National Health Insurance Scheme (NHIS), has voiced significant concerns.
According to Yusuf, Tinubu’s administration has demonstrated a limited understanding of the economy, heavily relying on taxation as its primary mechanism for revenue generation. This approach, Yusuf argues, mirrors the tactics Tinubu employed during his tenure as Governor of Lagos State, which he contends were more about tax collection rather than fostering genuine economic growth.
Yusuf characterizes the current economic management team as ‘tax collectors’ rather than true economists. He criticizes their emphasis on increasing tax revenue at the expense of developing production capacities.
For Yusuf, the focus on taxation fails to address the fundamental issues needed to stimulate sustainable economic growth. Instead, he advocates for policies that enhance production and create an enabling environment for businesses to thrive, thereby driving economic development and reducing poverty.
President Tinubu’s administration has implemented several key economic policies, including the removal of petrol subsidies and the unification of foreign exchange windows. The removal of petrol subsidies was intended to reduce government spending and redirect funds to other critical areas.
However, Yusuf argues that this measure has exacerbated the economic hardships faced by ordinary Nigerians. The increase in fuel prices has led to higher transportation costs and, subsequently, a rise in the prices of goods and services, making it more difficult for many to afford basic necessities.
The unification of foreign exchange windows aimed to stabilize the exchange rate and attract foreign investment. However, Yusuf contends that this policy has not yielded the expected benefits for the Nigerian populace.
Instead, it has led to a devaluation of the Naira, increasing the cost of imported goods and further straining the financial capabilities of many Nigerians. According to Yusuf, these economic policies have contributed to heightened poverty levels and have made it increasingly challenging for families to afford essential services such as education.
