Seun Onigbinde, founder of BudgIT, a civil advocacy organization focused on accountability, has criticized President Bola Tinubu’s early economic policies, describing them as poorly thought-out and lacking in expert input.
Speaking on Channels Television’s Inside Sources with Laolu Akande on Friday, Onigbinde expressed concern over the administration’s approach, particularly regarding the removal of petrol subsidies and the unification of foreign exchange rates.
“Honestly speaking, I don’t think they’ve started well. I think we are seeing a dearth of technocratic leadership,” Onigbinde stated.
He argued that many of Tinubu’s policies have prioritized political expediency over sound economic strategy, resulting in hasty decisions made without sufficient expert analysis.
The BudgIT founder added that the President’s cabinet largely consists of ministers chosen for political reasons rather than technocratic expertise.
Onigbinde further recommended that Tinubu bring in technocrats like former Finance Minister and current World Trade Organization head, Ngozi Okonjo-Iweala; ex-Central Bank Governor Sanusi Lamido Sanusi; and Akinwunmi Adesina, the President of the African Development Bank.
According to him, these individuals represent the kind of expertise necessary to guide Nigeria’s economic policies effectively.
Onigbinde said, “Remove fuel subsidy from day one, I think that was a bad decision. The exchange rate parity without a significant buffer. A currency must have some level of stability. You don’t see that anywhere in the world where currency just fluctuates randomly like we are having it right now.
“I feel that he (Tinubu) has to go back and reflect. Do I want to govern or do I want to do politics? Because look at his cabinet. There are still at least five to six people that he can look at (for disengagement).
“There are still more people in the system that he needs to take out. We need the days of Okonjo, Soludo, El-Rufai, we need that technocratic core.”
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