CSO: Tinubu’s policies will have positive impacts despite temporary pains

The Independent Media and Policy Initiative (IMPI), a civil society organisation (CSO), says President Bola Tinubu‘s economic policies will soon bear fruits for Nigerians to see.

Speaking in Abuja on Wednesday, Niyi Akinsiju, IMPI’s chairman, said Tinubu’s policies are similar to successful strategies employed by past Western leaders, despite initial criticism.

Akinsiju said the IMPI’s policy think tank drew its conclusion from a “thorough review” of the nationwide broadcast made by the president in response to the #EndBadGovernance protest earlier in August.

“To illustrate this, we recall the vicious attack on the economic policies adopted and implemented by the administration of President Ronald Reagan in the United States of America between 1981 and 1989,” NAN quoted Akinsiju as saying.

He said that Reagan’s “voodoo” economic policies, initially criticised by opponents, ultimately yielded a prosperous era with lower interest rates, inflation, and unemployment.

He added that the IMPI research indicated a logical rationale for Tinubu’s administration’s initiatives, noting that the “findings showed that compressed natural gas (CNG) is a cost-effective alternative to petrol”.

“Our independent investigation shows that 50 litres of PMS are equal to 30 kilogrammes of CNG,” Akinsiju said.

“Whereas the average fuel economy for PMS is 10 to 15 km per litre for a typical passenger vehicle, the average fuel economy for CNG is 20 to 25 km per kilogramme.

“This, if mathematically captured, will be as follows: 50 litres of PMS at N650 per litre is N32,500, while 30 kg of CNG at N250 will amount to N7,500, with a difference of N25,000.

“This, to our mind, is pragmatic thinking.

“The IMPI welcomed the president’s initiatives, including the consumer credit corporation that has started disbursing credits to beneficiaries for the first time in the country’s history.

“In tandem with this is the Nigeria Education Loan Fund (NELFUND), or the student loans scheme, another revolutionary initiative to support education.

“Based on IMPI findings, more than N2.5 billion had been disbursed as loans to qualified beneficiaries out of the N150 billion establishment fund in the first three weeks of the commencement of operations.

“Tinubu also revealed the federal government’s activation of the technology and innovation industry with $620 million under the investment in digital and creative enterprises (iDICE) programme.

“IMPI also acknowledged Tinubu’s assertion that his policies have paved the way for an increase in the nation’s earnings without a need to raise taxes or pile up more debts.”

Akinsiju said Tinubu’s disclosure of reduced debt servicing costs is encouraging, adding that it indicates a shift away from fiscal recklessness.