The Independent Media and Policy Initiative (IMPI) says it believes President Bola Tinubu’s policies will ultimately benefit the Nigerian economy, despite initial challenges.
News About Nigeria reports that IMPI Chairman, Mr. Niyi Akinsiju, made this known in a statement released in Abuja on Wednesday.
He drew parallels between Tinubu’s policy approach and that of certain former Western leaders, whose policies were initially criticised but later proven successful.
IMPI arrived at this conclusion after analysing the president’s address to the nation following the August 1–10 protests.
“To illustrate this, we recall the fierce criticism of President Ronald Reagan’s economic policies in the US between 1981 and 1989,” Akinsiju said.
“Reagan’s policies were labelled “voodoo economics” by opponents, but his presidency was later characterised by prosperity, with declining interest rates, inflation, and unemployment.”
While examining Tinubu’s speech, IMPI highlighted the practical thinking behind his administration’s initiatives.
According to Akinsiju, their research showed that compressed natural gas (CNG) is significantly cheaper than premium motor spirit (PMS).
“Our independent investigation reveals that 50 litres of PMS are equivalent to 30 kilogrammes of CNG,” he said.
Akinsiju noted that the average fuel economy for PMS is 10–15 km per litre, compared to 20–25 km per kilogramme for CNG.
He emphasised the significant cost difference between PMS and CNG.
IMPI also noted the implementation of various programmes mentioned in Tinubu’s speech, including the Consumer Credit Corporation.
This initiative has begun disbursing credits to eligible beneficiaries, a first in Nigeria’s history.
Similarly, the Nigeria Education Loan Fund (NELFUND) has been established to support education.
IMPI found that over N2.5 billion has been disbursed as loans to qualified beneficiaries in the first three weeks of operation.
Tinubu also announced the activation of the technology and innovation industry with $620 million under the Investment in Digital and Creative Enterprises (iDICE) program.
This program aims to empower young people, create millions of IT and technical jobs, and produce millions of technical talents.
IMPI acknowledged Tinubu’s claim that his policies have increased national earnings without raising taxes or accumulating debt.
The President’s revelation of reduced revenue spent on servicing the national debt, from 97% to 68% over 13 months, is encouraging.
This indicates an economy moving away from profligacy and multiple foreign exchange windows.
