National Wire About Nigerians, Nigerian Business and Other Stories
The Global Director of BudgIT, Oluseun Onigbinde has expressed confidence that Nigeria’s economic hurdles are surmountable.
Onigbinde made the expression during a roundtable organised recently by Bloomberg Media Initiative for Africa (Lagos Cohort 4).
Highlighting the absence of visionary leadership over the years, Onigbinde emphasised the need for robust governance to address the nation’s issues effectively.
Reflecting on President Bola Tinubu’s reforms, particularly the removal of subsidies and efforts to stabilize currency markets, Onigbinde acknowledged the complexities of these measures and their impact on inflation.
In a previous interview with Channels Television, Onigbinde underscored the urgency of addressing food inflation as a pivotal step for the government, emphasising its profound influence on the populace.
Concerns were raised regarding the evaluation of the currency, with Onigbinde noting the adverse effects on importers when the Naira weakened against the US Dollar.
Critiquing policy implementation, Onigbinde outlined deficiencies in analyzing public policies and the lack of comprehensive strategies to mitigate the wider ramifications of subsidy removal.
Moreover, he highlighted the need for a holistic approach, including considerations for minimum wage adjustments and support for transportation, to address socio-economic disparities exacerbated by subsidy removal.
On the issue of exchange rate parity, Onigbinde pointed out discrepancies between reported figures and actual reserves, signaling constraints faced by the Central Bank in managing currency stability.
Concluding, Onigbinde’s insights underscored the multifaceted challenges facing Nigeria’s economy, urging for strategic leadership and comprehensive solutions to navigate these complexities.
Report by Dayo Emmanuel
