There Is Hardship, But Tinubu’s Policies Are Right – Osita Okechukwu

Former Director General of Voice of Nigeria (VON), Osita Okechukwu, has said the economic policies of President Bola Tinubu were aimed at addressing faulty foundations for the nation to maximize its economic potential.

A chieftain of the All Progressives Congress (APC), Okechukwu admitted that citizens have faced hardship as a result of the President’s economic policies. He, however, asked for patience as the policies would birth the required results.

In an interview with News Central on Monday, he stated that the country’s economic challenges could be traced back to the implementation of the Structural Adjustment Programme (SAP) by Ibrahim Badamosi Babangida administration.

“Let me start by acknowledging that there is hardship in the country, Mr. President, as well as me, that there is hardship in the country. On his plan, he had marshaled out plan. Luckily, some are coming to fruition. The rain did not stop beating us today. It started far back in 1986 when Nigeria adopted the Structural Adjustment Program, where its mantra was that the government had no business in business.

“But when we inherited all those back years, what President Tinubu did was that he looked into the subsidy and said between 2005 and 2023, we have got over $70 billion. And he said, how do we save that fund so that we can plough it into critical infrastructure, both physical and social? And he designed his own parameters, one of which is the diversification of the economy, the issue of encouraging electric vehicles, the CNG, Compressed Natural Gas vehicles, to lessen the dependence on PMS or premium motor spirit,” he said.

Dangote, Port Harcourt, Warri Refineries Will Help The Economy

The Enugu State APC Chieftain said Nigerians would experience hardship relief with the coming on stream of Dangote, Warri and Port Harcourt refineries.

Okechukwu posited that the refineries coming on stream market forces would cause a reduction from the current pump price of premium motor spirit. He explained that the high cost of living was a product of the removal of fuel subsidy, but the refineries would address it.

“Luckily for our regime, the coming on board of Dangote refinery and that of Port Harcourt refinery, Warri, that were embarked on since the APC came to government in 2015, is also coming to fruition.

“So, on a daily basis, we are seeing the market forces taking over the arena, that in the few months ahead, we might see the pump price of petroleum coming down to about 500 naira per liter. And then when that is done, the high cost of food prices will follow; because it’s been agreed that PMS and energy cost is at the root of the high inflation. That, in fact, the inflation we have is what is called a cost-push inflation.

“So, if a vital element or item like the petroleum motor spirit and diesel and other derivatives, if their price comes low naturally, it will also bring down those prices it escalated. I think Mr. President is on course along that line,” he stated.

Livestock Ministry Will Adress Farmer-Herders Clashes

The former VON DG also lauded the President for the creation of the Livestock Ministry.

He explained that the new ministry would help address the perennial farmer-herder clashes.

He pointed out that more economic investments have been attracted into the sector by the President. This, he said, would help in growing the country’s economy, while generating jobs for citizens.

“And don’t forget as well that he had looked into the farmer’s headers crisis and said the immediate solution he could procure is to create the livestock ministry. And that last drug ministry luckily had attracted some foreign investors from across the globe, from Saudi Arabia, about 2.7 billion dollars, Brazil. I also understand that the Czech Republic is also trying to go into partnership because they have numerous ranch companies, manufacturing companies, that could install a ranch that could contain 10,000 cattle,” Okechukwu added.