Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, claims that President Bola Ahmed Tinubu’s economic reforms are finally yielding positive results. Speaking at The Platform event organized by the Covenant Nation on Saturday, Oyedele insisted that removing petrol subsidies was “the best decision Nigeria could ever make.” According to him, “We were living on window-dressed realities,” implying that Nigerians were deceived by artificially low fuel prices and manipulated exchange rates.
Oyedele argued that selling petrol for under ₦200 per litre was unsustainable. He likened the situation to a parent forcing their child into a ₦200 million-per-term school they couldn’t afford. “If you can’t afford it, why pretend you can?” he asked.
Printing Money and Borrowing: The Hidden Economic Disaster
Oyedele didn’t back off from revealing how Nigeria’s economy had been poorly managed. He exposed that the government had been recklessly printing money to fund expenses. “We printed close to ₦40 trillion plus interest,” he admitted, blaming this for the soaring inflation crushing everyday Nigerians. Imagine printing money and then acting surprised when the cost of living skyrockets. He also noted that the government couldn’t borrow internationally because lenders saw Nigeria as too risky.
Apparently, the country was barely surviving on debt servicing, not actual debt repayment. Oyedele compared Nigeria’s economic trajectory to crisis-hit Sri Lanka and Venezuela, warning that Nigeria was heading toward a similar collapse. Yet, despite all these serious revelations, Nigerians are still expected to believe the “worst is behind us.”
Nigerians Struggle While Leaders Offer Empty Promises
Since President Tinubu took office in May 2023, his administration has rolled out aggressive reforms, including subsidy removal and controversial tax bills. The result? A relentless spike in the prices of goods and services. But Oyedele advises Nigerians to stay optimistic, saying, “There is nothing wrong with Nigeria. But maybe there is something wrong with the people ruling Nigeria.”
That’s rich coming from someone defending policies that have worsened economic hardship. Nigerians now battle daily to afford basic necessities while officials preach patience. Oyedele’s attempt to rebrand the popular saying “May Nigeria never happen to you” into “May Nigeria work for me” feels like an empty slogan in a country where leaders remain disconnected from the suffering masses.
