The economic trajectory of Nigeria has been on a downward spiral for years, culminating in the current crisis that has left millions of Nigerians impoverished, businesses struggling, and public trust in the government at an all-time low. President Bola Tinubu’s administration, which came into power on a wave of optimism, has so far failed to deliver meaningful economic reforms, leaving the country in a state of deepening economic stagnation. The chief architects of this failure are none other than the members of his National Economic Council, (NEC) which has failed to address the perennial issue of corruption, which continues to siphon billions of naira away from the public coffers. It is impossible to achieve any meaningful economic progress when corruption remains unchecked. It is time for President Tinubu to take decisive action by sacking his economic council, replacing it with competent, visionary leaders capable of steering Nigeria out of its current dire economic situation.
The National Economic Council (NEC) was established by the provisions of the Constitution of the Federal Republic of Nigeria, 1999, as amended; Section 153(1) and Paragraphs 18 & 19 of Part I of the Third Schedule. The NEC which meets monthly, has the mandate to “advise the President concerning the economic affairs of the Federation, and in particular on measures necessary for the coordination of the economic planning efforts or economic programs of the various Governments of the Federation.” Membership comprises 13 ministers, CBN Governor, Yemi Cardoso, Nigeria Governors’ Forum (NGF) chairman, Abdulrahman Abdulrazaq of Kwara State. Others include the Ministers of Agriculture and Food Security; Aviation and Aerospace Development, Budget and Economic Planning, Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labor and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works. The council also comprises 13 persons from the organized private sector including the Chairman of Dangote Group, Aliko Dangote; UBA Chairman, Tony Elumelu; BUA Founder, Abdulsamad Rabiu, among others. The members of the organized private sector serve on the council for a one-year tenure.
It is very obvious that this cast of characters have little or nothing to offer as solutions to the life and death challenges facing Nigeria. The most glaring failure of the council lies in its inability to effectively address the fundamental issues plaguing Nigeria’s economy. Inflation is spiraling out of control, eroding the purchasing power of ordinary Nigerians. Food prices are soaring, fuel costs are unpredictable, and basic goods and services are becoming increasingly unaffordable for the average citizen. Unemployment continues to rise, and many businesses are closing their doors due to the harsh economic environment. Despite these challenges, the Council has offered little in terms of innovative or effective solutions. One of the key responsibilities of the council is to provide sound advice on fiscal and monetary policies that can stabilize the economy and promote sustainable growth. Yet, under the guidance of Tinubu’s council, Nigeria’s fiscal policies remain misguided and incoherent. Instead of implementing policies that would boost local industries, create jobs, and attract foreign investment, the council has presided over a regime of increased taxation and borrowing, further straining the already weak economy.
Perhaps the most damning indictment of Tinubu’s council is its handling of Nigeria’s debt. For the first time in decades, Nigeria’s debt-to-GDP ratio surpassed 50%, a stark reminder of the council’s failure to manage the country’s finances responsibly. Despite repeated warnings from economists and financial experts about the unsustainable levels of borrowing, the council has continued to push for loans that do nothing but plunge the country further into debt. While borrowing can be a necessary tool for economic development, it is only justified if it is used to finance projects that will yield long-term economic benefits. Unfortunately, under the stewardship of Tinubu’s economic team, borrowed funds have been channeled into poorly managed projects, with little to no impact on the lives of Nigerians. Many of these projects are either incomplete or fail to generate the promised returns, leaving Nigeria saddled with debts that future generations will have to repay. This reckless borrowing has not only mortgaged Nigeria’s future but also severely undermined the credibility of the government in the eyes of international investors and financial institutions.
Another significant issue that warrants the sacking of Tinubu’s economic council is the lack of transparency and accountability in its decision-making processes. Nigerians are repeatedly kept in the dark about how economic policies are formulated and how funds are allocated. Important decisions that impact millions of Nigerians are made behind closed doors, with no effort to engage the public or explain the rationale behind these decisions. This lack of transparency has led to widespread suspicion and distrust in the government’s economic agenda. It has become increasingly difficult for Nigerians to believe that the council is working in their best interests when the outcomes of its policies consistently lead to hardship. In a democracy, the people have the right to know how their resources are being managed. The Council’s failure to operate with openness and accountability is yet another reason why it should be disbanded.
If President Tinubu does not act swiftly to disband his failing economic team, the consequences for Nigeria will be dire. Already, we are witnessing the early signs of an economic collapse that could push millions more into poverty. The rising cost of living, coupled with widespread unemployment and the lack of economic opportunities, is creating a breeding ground for social unrest. If the government continues to ignore these warning signs, it is only a matter of time before the situation spirals out of control. Nigerians voted for change, hoping that Tinubu would bring about a new era of prosperity and stability. Instead, they have been met with more of the same failed policies that have characterized previous administrations. If Tinubu hopes to salvage his presidency and restore the faith of the Nigerian people, he must start by overhauling his economic team and bringing in fresh, competent voices that can offer real solutions.
To turn the tide, the President must prioritize competence over loyalty. It is not enough to surround himself with individuals who are politically aligned with his administration; he must appoint seasoned professionals who possess the technical expertise, vision, and integrity required to address Nigeria’s complex economic challenges. The new economic team must be composed of individuals who have a deep understanding of fiscal and monetary policy, a proven track record of managing public resources, and a commitment to transparency and accountability. Furthermore, the new team must be willing to take bold, innovative steps to reform Nigeria’s economy. This includes tackling corruption head-on, implementing policies that promote industrialization and job creation, and creating a more favorable environment for both domestic and foreign investment. The time for half-measures is over; what Nigeria needs now is a comprehensive economic overhaul that can set the country on a path toward sustainable growth and development.
Nigeria stands at a crossroads, and the decisions made in the coming months will determine the future of the nation for years to come. President Tinubu’s economic council has proven itself incapable of rising to the challenge, and its continued presence is a threat to the country’s stability and prosperity. If Tinubu truly cares about the future of Nigeria and the welfare of its people, he must act decisively by sacking his economic council and replacing it with a team that has the competence, integrity, and vision to lead Nigeria out of its economic quagmire. The Nigerian people deserve better than the failed policies and mismanagement that have characterized the current economic administration. It is time for Tinubu to make the bold decision that will define his presidency: to clear out the deadwood from his economic team and chart a new course for Nigeria’s economic future. Anything less would be a betrayal of the trust that the Nigerian people have placed in him.
