Lagos: Chief Deji Wellington, the Lagos State leader of Afenifere, has stated that President Bola Tinubu’s administration has averted a potential economic crisis in Nigeria through decisive policy reforms. Wellington, an elder statesman, shared his views with the News Agency of Nigeria (NAN), emphasizing that although these reforms have introduced some hardships, they were crucial in preventing the nation’s economic collapse.
According to News Agency of Nigeria, Wellington highlighted that correcting the longstanding mismanagement of the economy demanded courage, and President Tinubu made tough choices that previous leaders had shied away from. He praised the President’s boldness, remarking, “We are lucky to have the present President. He is very bold and courageous.” Wellington noted that the policies should have been implemented much earlier, but were neglected by former governments due to concerns over re-election.
Wellington expressed that the reforms were necessary to avoid a dire economic situation where states struggled with salary payments and infrastructural developments due to insufficient allocations. “We were going into a serious economic problem where states could no longer pay salaries, but today, we are on the path of progress,” he stated. He further emphasized that without these reforms, the country could have faced a worse scenario.
The Afenifere leader defended the removal of the fuel subsidy and exchange rate reforms, arguing that the previous system disproportionately benefited a select few. He pointed out that subsidized petrol was often smuggled to neighboring countries, resulting in Nigeria shouldering an undue economic burden. Wellington remarked that while the current discomfort is noticeable, it is temporary, and in the long run, citizens will appreciate the President’s policies.
Additionally, Wellington criticized the multiple exchange rate system that previously existed, stating it was unsustainable as it allowed some individuals to benefit from cheaper rates while others resorted to the black market. He believes the normalization of these rates will have a positive impact over time.
He urged Nigerians to be patient with the administration, acknowledging that the reforms require time to manifest their benefits. Wellington concluded by commending the President’s policies, stating they have significantly improved the nation’s economic trajectory.