Dear Advocate of Reasoning,
Welcome to another edition of our newsletter. In these challenging times, it is evident that many individuals are facing economic hardships, and the need for effective government intervention is pressing. Economic hardships have been a major talk across the federation and just yesterday, Sunday, 4th of January, 2024, the Presidency and ex-Vice President Atiku Abubakar, traded words over the state of the Nigerian economy and the monetary policies of President Bola Tinubu.
The ex-vice President who was also one of the main opposition contestants in the 2023 Presidential general election, blamed the economic challenges in the country on the “poor policies” of President Tinubu, stating that the latter “poor response to Nigeria’s economic challenges is setting the stage for a prolonged and deeper domestic economic crisis,”
“His economic policies, drawn from a so-called renewed hope agenda, are ironically dashing hopes, creating pain and causing despair.
“The private sector is shrinking by the day as small businesses are emasculated and as Multi-National Companies, confused and weary of the economy, leave Nigeria in droves. The intense cost of living pressures has created more misery for the poor in towns and villages.”
In response, Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement, said, “Nigerians can easily see through the hypocrisy of Alhaji Atiku, who in accusing President Tinubu of poor response to the nation’s challenges and causing pains and despair, didn’t offer any better policy options in his run for the Presidency different from the economic reform agenda being pursued by President Tinubu.
However, beyond mere trading of words for political battles, Nigerians are going through a lot and feeling the heat of the current economic hardship. One of the mistakes Tinubu’s economy threaded on is also resorting to social schemes. As staunch advocates of individual liberty, we emphasize the importance of getting economic policies right rather than resorting to aid or social schemes. It is our firm belief that a libertarian approach is not only more aligned with our values but is also the key to fostering genuine prosperity for all.
Instead of relying on top-down solutions, there is a need to empower individuals and businesses by reducing regulatory hurdles and promoting entrepreneurship. This approach will encourage innovation and also create a more dynamic economic environment, offering sustainable opportunities for everyone.
It is crucial to acknowledge that, while social schemes may provide temporary relief, they often perpetuate dependency rather than fostering self-reliance. A libertarian approach, on the other hand, prioritizes personal responsibility and encourages individuals to take charge of their economic destinies.
President Tinubu needs to promote policies that incentivize hard work, innovation, and investment. With these, environments where individuals have the freedom to prosper on their terms can be created.
The President upon his emergency hinged on his “Renewed Hope Agenda” of his administration that “it is defined by our commitment to unleashing our country’s full economic potential, by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty and corruption,”
But it saddens, that up till this time, most of these are yet to be realized, and instead, things are occurring the other way around. It is pertinent for the Nigerian government to work on targeted policies that address the root causes of economic challenges. This includes eliminating unnecessary red tape, reforming tax structures, and ensuring that government spending is directed toward essential services rather than expanding bureaucratic inefficiencies.
As economic hardship continues to bite harder and as Nigerians continue to struggle with the new reality, we hope to see that the Nigerian government will champion the cause of sound economic policies rooted in libertarian principles. We hope to see the Nigerian government strike a balance that respects personal freedom while addressing the genuine needs of the country.