“Renewed Hope Agenda: Civil Society Calls Tinubu’s Reforms a Necessary Sacrifice for Future Growth”

The challenges brought on by the economic reforms introduced by President Bola Tinubu’s administration have been framed as temporary sacrifices for the promise of long-term prosperity.

This view was echoed by a range of stakeholders, including civil society groups and youth associations, during a one-day intellectual discourse held in Abuja. The event focused on the current state of Nigeria’s economy and the “Renewed Hope Agenda” under Tinubu’s leadership.

Speakers at the event agreed that while the reforms have sparked short-term hardships, they are essential for the nation’s future success. The event, organized by the Beyond Boundaries Legacy Leadership Initiative (BBLLI) in collaboration with the Civic Centre on Economic Reforms, Policies, and Planning, explored the theme, ‘Between Austerity and Prosperity: Nigeria Yesterday, Today, and Tomorrow.’

Dr. Opialu Opialu Fabian, an economist and Secretary General of the Renewed Hope Ambassadors Network (RHAN), a coalition of civil society organizations, emphasized that the reforms are crucial for Nigeria’s development. He acknowledged that although Nigeria was once a prosperous nation, years of mismanagement had led to its current challenges. According to Dr. Fabian, Tinubu’s “Renewed Hope Agenda” aims to address these historical mistakes with bold, necessary reforms.

Key reforms highlighted include the removal of fuel subsidies, unification of the exchange rate, and a review of the Electricity Act. Additionally, public sector reforms, revisions to solid mineral policies, and the introduction of a student loan scheme were also part of the sweeping changes.

Dr. Fabian recognized that the reforms have led to short-term pains, such as inflation and a higher cost of living, but assured that the long-term benefits would significantly outweigh these struggles. Notably, he pointed out several medium-term positive outcomes, such as a reduction in fuel prices, the Presidential Initiative on Compressed Natural Gas, and an increase in Nigeria’s foreign reserves.

The reforms have already attracted over $30 billion in foreign direct investment and have contributed to improved security, with a notable reduction in the levels of insecurity in the country.

To mitigate the public’s discomfort, Dr. Fabian called for greater government efforts in educating Nigerians about the reforms and their effects. He stressed that it is important to prepare the population for the temporary sacrifices required for a prosperous future, emphasizing that the current generation is best equipped to carry this burden.

“The economic reforms of President Bola Tinubu are on the right trajectory, despite the temporary hardships. It is a price we must all accept for the Nigeria of our dreams,” Dr. Fabian stated.

However, the reforms have been met with criticism from some prominent political figures, including former Vice President Atiku Abubakar, 2023 Labour Party presidential candidate Peter Obi, former Rivers State Governor Rotimi Amaechi, and Bauchi State Governor Bala Mohammed.

Amaechi, who contested the 2023 APC presidential primary against Tinubu, argued that the removal of fuel subsidies could have been handled differently, suggesting that social housing and job creation initiatives should have accompanied the policy to cushion its impact.