Tinubunomics, Subsidy Removal, Naira Floatation Responsible For Nigeria’s Economic Woes, US-Based Sani Auwalu

Nigeria’s current economic challenges stemmed from a strange brand of business policies of the present helmsman, President Bola Tinubu which many pundits tagged Tinubunomics. So says a United States-based businessman, Dr Musa Sani Auwalu.

As far as Dr Auwalu is concerned, this ongoing era is the gloomiest for Nigerians in general and businessmen in particular whereby the masses of the country are not even sure where their next meals will come from.

Dr Auwalu who spoke during an interview blamed the present economic doldrums in the country to what he called “an assault of policies” especially the twin policies of abrupt subsidy removal and floatation of the Naira, all of which has compounded the nation’s economic challenges.

The New York-based businessman who is into exportation of trucks, tractors and heavy-duty equipment lamented that it’s been a season of stagnation and retrogression for many businessmen due to the harsh policies of government.

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Hear his lamentations: “I speak from experience, the way Nigeria’s economy is presently is very bad. Nigerians are facing hard times. And, all this is traceable to the policies introduced by the government.

“Even for those of us resident overseas who have business transactions dealing with Nigeria, we have never had it this rough. When I started export business of cars, trucks and tractors and shipping it into Nigeria, we didn’t need this large quantum of money.

“Around 2011/2012 during Goodluck Jonathan Administration, we were buying dollar at $170, you needed only about N1.7million to purchase a truck and pay clearing fees to Custom for less than N1million and make good gain after selling it.

“To clear the same trucks at the Ports, the fees have hit the roof and the concomitant effect is that middle class businessmen can no longer afford the price. Only the super rich can afford close to N100million to buy an truck.

“The point I am making is that little by little, government is driving businessmen out of business.

“Government Policies all over the world seek the welfare and interest of all stakeholders including the whole populace.

“I respectfully appeal to President Tinubu to back off many of his economic reforms and policies which have been making life hard for Nigerians. He should instead make government policies work for the populace”.