Throughout the period of non stoppable 7 years, Nigeria is facing a very serious reverberative, resonance and sonorous disease – ridden but poverty – stricken Economy. Dozens of economic policies were introduced and initiated by the Apex Bank anchored to stimulate the economic growth back to it fold, yet the ideas isn’t just unrealistic but storms more emphatic caricatures doing more harm than good to average Nigerians. If you like call it doldrum, fine from far yet far from fine (in both short, medium and long runs).

As a discerning minded fellows, we should be honest to mentioned that President Tinubu inherited a slothful economy that is in comatose with thousands of unfriendly policies resonated by those in the corridor of power with pompous, bombastic and grandiloquence elaboration in order to lured the public through choreographic utterances from government’s image makers aimed at deceiving the gullible members of the public.

So many economic policies were introduced by the immediate past administration, take a “Sukuk bond” as an example, it was introduced and sells to investors aimed at bonding more monetary resources to gov’t but by the end of the day, the stupendous amounts got from it was wasted in private pockets.

It should be pointed out that in spite of the drastic policies of economic reforms pursued by last administration, not much success attended the effort of Buhari to revamp the economy. The Buhari administration care less on articulating policies. In spite of a large “brave” pronouncements on the need to diversify the national economy, the economy remained basically undiversified and the problems of food commodities and raw materials shortages continue to hinder economic activities by undersourcing available industries, and thereby, worsening unemployment and other forms of economic hardships which is still facing and hunting the nation.

Upon his assumption into office, President Bola Tinubu is trying to have the economy back to it feet day and night, come rain come shine. That was why in his day one during his swearing in announced the fuel subsidy removal (AKA subsidy era is gone) the idea that so many economic experts bashed, believing that he shouldn’t be in haste especially at the time that no any modality have been put in place to curb and mitigate the possible live threat miserables that people will find themselves having no subsidy, it’s realistic indeed, here we are today, prices of goods is in peaks, food and non food items skyrocketed etc.

Economically, President Tinubu’s wake up reforms that we are seeing today is nothing short of SAP introduced by former military President General Ibrahim Badamasi Babangida. Rigorous and pragmatic solicited policies that is currently being employed to diversify the economy.

First of it kind was how the President undergone bombastic overhaul and periodic adjustment of appointees, key actors and giants of economics sector by removal of Mr. Godwin Emefiele and his Deputies, followed by untimely sack of EFCC Boss Abdulrashid Bawa, so also appointing a very robustic economist with economic minded expertise Mr. Wale Edun who have had a very rich CV in real Finance and economy world.

From the outset, one of the problems which is facing Tinubu’s administration is how to revamp the ailing economy which it inherited from the past administration. Indeed, so grave were the ill-effect of the dwindling economy on national life that both the financial and social well-being of the society appeared greatly endangered. President Tinubu as he severally issued that the top priority of his government is to resuscitate the national economy and rid the insecurity in the land.

A revamp economy that would be vital for paying up the salaries to workers, that will also help to curb the rising rate of unemployment among the youths, school leavers and university graduates.

That I mentioned President Tinubu’s economic reforms akin to General IBB’s SAP is not name-calling. It’s real, why because the cornerstone of SAP aimed at deregulation and privatisation of the economy. SAP sought to correct economic and social imbalance and inequalities in the distribution of national wealth by placing a high premium on private initiatives in key areas such as agric, industrial production and price adjustments. It seeks to do this in a manner which reflects domestic and international resource flows, as well as competitiveness and harmony.

Here are the objectives of SAP that are akin to President Tinubu’s current strides of diversifying the economy…..

– Restructuring and diversifying the productive base of the economy in order to reduce dependence on the oil sector and on imports. That is exactly what SAP aimed for and the exact expectation is here today after over 37 years.

– To achieve fiscal balance of payment viability, that is to say, reduction and, possibly total elimination of budget deficits, exact what was anchored during the last FEC meeting on budget.

– Laying the grounds for a sustainable non-inflationary or minimal inflationary growth.

– lessening the dominance of unproductive investments in the public sector, and improve the sector’s efficiency as well as intensify the growth potential of the private sector and

– Reducing the strangulation regime of administrative controls in the economic sector of national life.

Strategies of implementation ….

Though, might varies but for the SAP’s were ;

– Establishment of a realistic external value for the Naira through the operation of a Foreign Exchange Market.

– Adoption of measures to stimulate domestic agricultural and industrial productions including non – oil exports.

– Rationalisation of tariffs to grant protection to local industries and thereby, facilitate industrial growth and diversification.

– Investment in the direction of improved trade and payments liberalisation and

– Relation of administrative controls combined with a greater reliance on market forces for purposes of resource allocation.

Though SAP has being in implementation stage since after the dawn of IBB’s regime. Abacha, Obasanjo, Yar’adua, Jonathan have all implemented some pertinent parts of it.

Significant beneficial results would be accrued from SAP. In the first place, the previous import – dependent industrialization in the country will gradually giving way through SAP to a situation in which industrial inputs will increasingly be source locally.

Secondly, since of the objectives of the SAP was/is to deregularise the economy and make for a freer business climate, an upshot of the programme has been the emergence of a new crop of entrepreneur ventures. This augurs well for the country since it enables the new businessmen to utilize their efforts and creative instincts and reap good results therefrom.

Thirdly, the SAP has curtailed the erstwhile rural – urban drift of population in the country by stimulating development activities in the rural areas.

Fourthly, SAP has led to an overall increase in agricultural production and stimulated export of primary commodities, such as rubber and cocoa, slowly but surely, it would appear that the economy is being made less dependent on oil exports as the only source of foreign exchange.

Fifthly, SAP has led to greater efficiency and competition by manufacturers, and a consequent improvement in their services to consumers.

Finally, SAP has encouraged greater rationality in the use of foreign exchange. Overall, a gradual restoration of confidence is being witness in the Nigeria’s external payments arrangements. Fiscal balance of us being achieved. Reduction and possibly, total elimination of budget deficits are being pursued more vigorously now than in the pre – SAP period.

The economic priority is aimed first and foremost at revitalising the oil sector so that it could earn more revenue for the nation. Here I have my reservation on oil. I think Gov’t should be determine to ensure that oil is being lifted again, and through the active participation in the bargaining politics of Organization of Petroleum Export Countries (OPEC), so also ensuring that the slump in the price of oil is halted and reversed to the benefit of both oil traders and citizens (win – win situation).

1. There is need for prudential management of the available resources and the diversification of the economy.

2. Self – sufficiency in the production of the major staple food commodities and essential raw materials within a targeted period.

3. Encouraging labour – intensive projects with a view to creating more job opportunities.

4. Shelving development projects which involve large foreign exchange commitments.

5. Upholding the principles of public accountability as well as encouraging the development of improved work ethics among workers and appointees.

6. Controlling the activities of hoarders, smugglers, oil bunkerers and all other days and economic saboteurs.

As a fair minded Nigeria, I am always dreaming to see the wake up reforms that will place Nigeria back to it “Giant of Africa”.

So shall be Insha Allah.

Usman Yanmaza is a columnist writer from Bauchi.

The post Why President Bola Tinubu’s Economic Reforms Should Be Akin To General IBB’s Structural Adjustment Program (SAP) -By Usman Yanmaza first appeared on Opinion Nigeria.