By Becky Usman
The London-based publication, Financial Times, has raised doubts about the success of President Bola Tinubu’s economic reforms, stating that there are indications of these reforms not proceeding as planned.
In an editorial, the publication acknowledged that while Tinubu made initial strides by removing fuel subsidies and moving towards a market-driven exchange rate, recent events over the past four months have raised concerns.
The report highlighted the removal of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), as a matter of particular interest. While acknowledging that Emefiele’s removal was overdue, it questioned the unconventional manner in which it occurred, suggesting it had political undertones.
Furthermore, the report noted that the new exchange rate regime introduced by Tinubu’s administration has yet to be adequately explained.
Regarding the stabilization of the financial system under the new CBN management, the report suggested that interest rates might be increased to combat inflation, considering the appointment of a former Citibank Nigeria chair, Cardoso.
The report emphasized that Tinubu needs to be more active and articulate in his policy communication with the public and cautioned against announcing plans without clear implementation strategies.
In conclusion, the Financial Times urged Tinubu to regain momentum and ensure the successful execution of his economic policies, as the initial promise risks fading.