By John Dike , Osogbo
As Nigeria continues to navigate a difficult economic transition, concerns are mounting among stakeholders over the absence of clear signs of immediate stabilisation, with experts warning that policy intentions alone are not enough without effective implementation.
A legal practitioner and journalist, Adenitan Akinola, Esq., has stated that Nigeria remains deeply affected by the consequences of recent economic reforms, particularly the removal of fuel subsidy, noting that what citizens are currently experiencing are “adjustment pains” rather than recovery.
Speaking in an exclusive interview, Akinola stressed that the path to economic stability lies not in rolling out new policies, but in enforcing discipline in executing existing ones.
“If corruption, wasteful spending, and fiscal indiscipline persist—especially at the state level—any expectation of quick recovery will remain unrealistic,” he said.
According to him, Nigeria’s core challenge is not a lack of policy frameworks, but a persistent failure in implementation, transparency, and accountability.
Implementation Gap and Governance Concerns
Akinola urged governments at all levels to shift focus toward practical interventions, including strengthening public transportation, supporting local production—especially agriculture—and ensuring transparency in the use of increased federal allocations.
He emphasised that fiscal prudence must replace what he described as “cosmetic governance,” warning against the diversion of public resources into non-essential or prestige-driven projects.
“Policy announcements alone are not enough—implementation is everything,” he said.
Call for Targeted Relief Measures
On short-term responses,
Akinola advocated for targeted and transparent interventions that directly impact citizens.
“Government can invest in mass transit, reduce taxes on essential goods, and improve food supply chains. But these must not become channels for corruption. Relief must go hand in hand with accountability,” he added.
He identified low-income earners, informal sector workers, and small business owners as the most vulnerable groups.
“These people depend on daily income and are directly exposed to rising transportation and food costs, with little or no financial buffer,” he explained.
Citizens’ Coping Strategies and Burden
Akinola noted that many Nigerians are already adjusting through cost-cutting measures such as prioritising essential spending, reducing non-critical expenses, and adopting cooperative strategies like shared transportation and bulk purchasing.
However, he cautioned that the burden of survival cannot be left solely on citizens.
“Government must play its part responsibly,” he stressed.
Civil Society Perspective: ‘Stability Still a Mirage’
Corroborating these concerns, the Chairman of the Osun Civil Societies Coalition, Comrade Dr. Waheed Lawal, said there are no tangible signs of economic relief for ordinary Nigerians.
“To the man on the street in Osogbo, the answer is ‘No.’ Stability is not in spreadsheets—it is in the price of food and transport,” he said.
Lawal criticised what he termed “trial and error economics,” arguing that major reforms such as subsidy removal should have been implemented gradually alongside the rehabilitation of local refineries.
“You cannot ask the poor to tighten their belts while leaders are wearing gold suspenders,” he said.
Urgent Interventions Proposed
Lawal outlined key immediate interventions, including:
Deployment of subsidised mass transit buses
Establishment of price control mechanisms to curb hoarding
Introduction of transparent food aid systems
He warned that petty traders, artisans, and daily wage earners are the worst affected.
“When transportation triples, the small trader’s profit disappears,” he noted.
Failing Palliatives and Business Struggles
He further criticised existing palliative programmes as opaque and ineffective.
“We need community-driven, transparent interventions—not political handouts,” he said.
Lawal also warned that many small businesses are shutting down, calling for tax holidays and government-backed support for alternative energy such as solar power.
Oil Wealth Paradox and Structural Weaknesses
Both Akinola and Lawal highlighted Nigeria’s structural inefficiencies, particularly in the oil sector.
Akinola noted that despite being an oil-producing nation, Nigeria remains vulnerable due to its dependence on imported refined products—even with recent developments like the Dangote Refinery.
“We should have buffers against global shocks, but structural inefficiencies continue to expose us,” he said.
Lawal described the situation as paradoxical:”We export crude and import refined products, effectively exporting jobs and importing inflation.”
Call for Deep Structural Reforms
Both stakeholders agreed that lasting solutions require far-reaching reforms, including:
Strengthening institutions and enforcing accountability
Investing in local refining capacity
Promoting agriculture and manufacturing, decentralising the power sector enhancing judicial enforcement against corruption.
Akinola emphasised the need for fiscal discipline at all levels of government, particularly at the state level, urging a shift away from politically motivated spending.
A Warning on Social Stability
In conclusion, Lawal warned that prolonged hardship could have serious social consequences.
“People’s patience is not infinite. You cannot build a nation by impoverishing its citizens. Any reform without a human face is a seed of social unrest.”
