Financial Times Critiques Tinubu’s Economic Policies

• Financial Times raises concerns about President Tinubu’s economic policies, highlighting the need for better-defined strategies and clear communication
• The report suggests that the President should allow the Central Bank to function independently to stabilize the financial system

London-based publication, Financial Times, has raised concerns about the efficacy of President Bola Tinubu’s economic policies, suggesting that there are signs that these reforms are not unfolding as originally planned.

In an editorial, the publication acknowledged that President Tinubu initiated his presidency on a positive note by eliminating fuel subsidies and moving towards a market-driven exchange rate. However, recent events over the past four months have indicated that more work needs to be done to achieve the desired outcomes.

The editorial advised the president to avoid making announcements without a clear implementation strategy, emphasizing the importance of well-defined policies. It expressed the view that President Tinubu should explain his policies more comprehensively.

While acknowledging the removal of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), as a necessary step, the report criticized the unconventional manner in which it was executed, initially involving charges related to firearms possession, which gave the impression of political reprisal. The report also noted that the new exchange rate regime had yet to be adequately explained to the public.

Regarding the new leadership at the CBN, the report anticipated that the incoming governor would likely raise interest rates to combat inflation. It suggested President Tinubu should allow the CBN to function independently to stabilize the financial system.

The report concluded by urging President Tinubu to be more active and articulate in spelling out his policies to a sceptical public. It emphasized the importance of refraining from announcing plans, such as the restoration of democracy in Niger, without a clear implementation strategy, emphasizing that effective execution was crucial. The report called on President Tinubu to regain momentum in his presidency, which had begun with promise but risked losing steam.