By Adekola Afolabi, Sade Adewale, Saheed Ibrahim
Adedotun Ajayi, Jimoh Ahmed, Boluwatife Akinola,
Elijah Arafin & Emmanuel Oluwadola
Some stakeholders have described President Bola Tinubu administration’s eight-point agenda as a well thought out economic recovery plan which is achievable if insecurity and corruption could be tamed.
According to them, insecurity and corruption are twin major banes of the Nigerian economic system which could only be tackled with a strong political will.
The Federal Executive Council had last Monday unfolded a three-year revival plan to address the economic challenges affecting the country.
The eight-point agenda, according to FEC include, provision of food security, eradication of poverty, 50 million jobs creation, access to capital, improving security, improving the playing field on which people and particularly companies operate, rule of law and fighting corruption.
Speaking on the agenda, a political scientist, Prof. Akinsola Agagu said the recovery plan is appropriate for Nigeria at this critical time, saying it was worrisome Nigeria could not produce what her citizens consume but rely on importation despite her fertile land and friendly climate.
“If he has seen that as a problem and set agenda to address that, it is very visionary of him. The issue of food security will surely deal with poverty.
“We will be able to feed ourselves and also earn foreign currencies through exportation. It will also create jobs and job security in some quarters. Talking about food security is improving agriculture across domains,” he explained.
Agagu harped that government, civil servants, should be sincere to actualise the objectives.
“Government must put adequate machinery in place to track the progress of the plan, monitor and ensure periodic review to evaluate for success. We must be able to measure improvement and achievement of the plan.”
Agagu said saboteurs in the political and economic systems must be adequately dealt with.
Also, a political scholar at Adekunle Ajasin University, Akungba-Akoko, Dr. Bayo Fasunwon expressed optimism about the goals’ feasibility within the stipulated time frame, stating that setting clear targets and creating an enabling environment could lead to successful implementation.
However, Fasunwon acknowledged fluctuating global economy, oil price volatility, domestic security concerns, regional conflicts, and the fear of coups in Africa as the likely obstacles to the 8-point agenda.
He also questioned whether Nigerians would endure the necessary patience to see these ambitious goals come to fruition.
A senior lecturer at Mass Communication department, Adekunle Ajasin University, AAUA, Dr Babatunde Oyinade said achieving the economic recovery plan would be difficult unless Nigeria changes from a consuming nation to a productive one.
Oyinade added that a country will not develop without developing the three fundamental infrastructures; electricity, communication and transportation.
A Senior Advocate of Nigeria, Adekola Olawoye said the agenda is well thought-out and achievable provided there is determination, commitment and political will on the part of the leaders.
He opined that it is practically possible to achieve the plans within the stipulated time if the leaders are transparent and there is sincerity of purpose.
Olawoye, however, highlighted corruption as major obstacle just as he expressed disappointment that some corrupt people were appointed to work with the president, saying such corrupt individuals cannot add value to the government.
Former House of Assembly member, Ifedayo Akinsoyinu said on paper, the eight-point agenda is a laudable package, but “coming to implementation, I doubt much.”
Akinsoyinu said there is always a world of difference between conception of ideas and implementation.
He said the likely obstacle that the government will have in implementing the agenda is just one: THE NIGERIAN FACTOR.
In the word of an Economist, Olubunmi Adewa, the existing debt service cost gulping as high as 70 percent of fiscal revenue will make Tinubu’s administration appears to be pivoting towards raising tax revenues which can be a hindrance to achieve these goals
He said, incidentally, raising taxes when companies and citizens are facing acute economic headwinds can be an effort in futility, if not counter-productive.
Adewa suggested adoption of multidimensional approaches that include improving access to education, healthcare, housing, while increasing economic opportunities for the poor economy.
Dr Suraj Mahmud, an economist however, said that implementation of the plan is vital to its achieving the aims it was made for.
According to him, men of questionable character and integrity must not be in the saddle if it must succeed.