Ribadu on Economy

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By Fayodade Aladeitan

In the face of economic downturn and unprecedented uncertainty in family fortune in Nigeria under the Bola Ahmed Tinubu administration despite all the laudable policy and economic diplomacy been carried out. Nobody who is an APC member dare say the truth. I therefore salute the boldness of Mr Nuhu Ribadu for this uncanny ability to call a spade a spade. The previous government has done such unpardonable acts of devaluation of our currency under the guise of changing the paper note and the poor management of economy through excessive borrowing and exhibition of ineptitude and all manners of corrupt tendencies.

Nuhu Ribadu’s outspokenness as the National Security Adviser, particularly in acknowledging the economic challenges inherited from the previous Buhari administration spanning eight years, underscores the importance of transparency in governance. By openly addressing the financial constraints and emphasizing the need for public understanding of the grandiose enormous depth of the abyss we are in.

In many political landscapes especially in Nigeria, officials may shy away from acknowledging shortcomings, especially when they pertain to a preceding administration from the same political party, we are known to run down oppositions only . Ribadu’s bold stance, however, reflects a commitment to truthfulness and accountability. This transparency not only fosters a sense of trust between the government and the public but also sets a precedent for acknowledging and rectifying issues that may hinder the nation’s progress.

In the face of economic downturn and uncertainty, Ribadu’s acknowledgment of the challenges, coupled with the government’s commitment to maintaining a strong defense, signals a proactive approach to addressing the complex issues at hand. Such discussions are vital for citizens to comprehend the intricacies of economic policies and their impact on various sectors, including defense.

While the discourse surrounding the economic situation and government performance may vary, Ribadu’s willingness to openly discuss inherited challenges contributes to a healthier democratic environment. It encourages a culture where leaders are not only responsible for their current actions but also accountable for the legacies left by previous administrations, fostering a continuous dialogue on improving governance and economic stability.

However, in the realm of effective governance, the importance of leadership by example cannot be overstated. As we navigate the challenges of the present, it is imperative for the administration to not only articulate its commitment to fiscal responsibility but also to embody it through tangible actions. A key aspect of this lies in judiciously managing government spending and curtailing grandiose expenditures.

At a time when economic uncertainties loom large, the onus is on the administration to display a proactive stance towards fiscal responsibility. By curbing excessive spending, the government not only sets a precedent for financial prudence but also ensures the optimal allocation of resources to areas of genuine need.

A strategic reduction in government spending necessitates a meticulous review of budget allocations. This process should prioritize essential services while identifying areas where efficiency gains and cost-cutting measures can be implemented without compromising the quality of public services. The goal is to strike a balance between meeting citizens’ needs and ensuring long-term fiscal sustainability.

Grandiose expenditures, often characterized by extravagant projects or unnecessary luxuries, can strain public finances. The administration must re-evaluate such ventures, redirecting funds towards initiatives that directly benefit the welfare of the populace. This shift in focus aligns with the administration’s commitment to practical governance that prioritizes the well-being of its citizens.

A commitment to reducing government spending and reigning in grandiose expenditures contributes to overall economic stability. It sends a positive signal to both domestic and international stakeholders, fostering confidence in the government’s ability to manage economic challenges. The resulting fiscal discipline lays the foundation for sustainable growth and resilience in the face of unforeseen circumstances.

In the days to come, the administration’s commitment to leadership by example must extend beyond rhetoric. Demonstrating fiscal responsibility through reductions in government spending and a measured approach to expenditures is not just a fiscal imperative but a testament to governance that prioritizes the needs of the people. By embracing these principles, the administration charts a course towards a more resilient and prosperous future. God bless Nigeria.

Fayodade Aladeitan, is based in Abuja, a public analyst, a preacher of the gospel and an ardent believer in the Nigeria project.

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