In an impassioned appeal, Osita Okechukwu, the former Director-General of the Voice of Nigeria and a founding member of the All Progressives Congress (APC), has called on President Bola Ahmed Tinubu to recalibrate his administration's economic policies. Okechukwu made his case in an open letter addressed to the Presidential Economic Team (PET), emphasizing the urgency of addressing the nation’s escalating economic challenges to prevent the derailment of President Tinubu’s "Renewed Hope Agenda."
Okechukwu’s letter, made available to Nation on Monday, urged the PET to adopt a more patriotic and strategic approach to mitigate the widespread economic hardship currently plaguing Nigerians. He warned that failure to address these issues could undermine the APC’s chances in the 2027 general elections, potentially leaving the party grappling with widespread discontent and despair.
“I am making this humble appeal because I am not the only foundation member of the APC who wants our great party to succeed; albeit many do not want our great party to go into the 2027 general elections limping amid widespread discontent, despondency, and despair,” Okechukwu stated.
A Call for Bold Economic Decisions
In his letter, Okechukwu expressed confidence in President Tinubu’s intentions, describing him as a leader committed to consolidating a neoliberal capitalist system through bold economic reforms. He commended Tinubu for fostering diplomatic ties with both Western and Eastern powers, a move he believes positions Nigeria to leverage its youthful demographic advantage in an aging global population.
“Luckily for us Nigerians, President Tinubu has harvested the fine tenets of classical Non-Alignment-Doctrine; consequent upon his cordial diplomatic relationship with the West and the East,” he remarked.
Despite these diplomatic achievements, Okechukwu criticized the implementation of the Renewed Hope Agenda, citing insufficient capital budget releases, burdensome taxation, and multi-budget operations as key obstacles. He highlighted the paradox of these challenges occurring despite revenue-generating agencies exceeding their 2024 targets.
He noted, “The Nigerian National Petroleum Corporation, Nigerian Customs Service, and Federal Inland Revenue Service have all surpassed their 2024 revenue targets, yet the country remains burdened by huge debts, increased tariffs, and excessive taxation.”
Reflecting on the Subsidy Removal
Okechukwu also referenced President Tinubu’s decisive move to remove fuel subsidies in July 2023. He lauded Tinubu’s critique of entrenched special interest groups, quoting the President’s words: “To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.”
However, Okechukwu expressed disappointment in the PET’s lack of transparency regarding the proceeds from the subsidy removal. He questioned why the PET had not publicly disclosed the accrued funds, especially after being queried by the Joint Appropriation, Budget, and Finance Committees of the National Assembly.
Lessons from the Past
Drawing parallels with the late military Head of State, General Sani Abacha, Okechukwu praised the utilization of funds from fuel subsidy removals during Abacha’s regime. He highlighted how the Petroleum Trust Fund was effectively deployed to develop social and physical infrastructure, benefiting ordinary Nigerians.
“Even General Sani Abacha diligently utilized monies accrued from fuel subsidy removal with tangible results. Why can’t we do the same now?” Okechukwu queried.
An Appeal for a Progressive Legacy
Concluding his letter, Okechukwu urged the PET to heed Albert Einstein’s admonition that it is illogical to repeat the same actions while expecting different outcomes. He called on the team to realign its strategies to support President Tinubu’s vision of economic recovery and ensure his successful bid for re-election in 2027.
“My humble submission is that the PET should not forget that Mr. President’s statement presupposes that he wants to seamlessly win the 2027 presidential election and end his tenure as a progressive statesman,” he wrote.
Okechukwu’s appeal underscores the growing urgency for the Tinubu administration to address Nigeria’s economic challenges with renewed vigor and strategic clarity. As millions of Nigerians grapple with hardship, the stakes for the Renewed Hope Agenda have never been higher.
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