INTRODUCTION
In recent times, the world economy has witnessed a trouble trend of wealth concentration and income inequality, with the rich getting richer and poorer getting poorer. This social reality is not friendly to any country include Nigeria, as it is a systematic issue that affects community worldwide. In Nigeria situation, this trend has also been promoting of existing economic policies and practices. One authority figure who has come under scrutiny for his economic approach, Tinubu’s policies have been question for their impact on wealth distribution and income inequality. It is time to look deep into Tinubu’s economic philosophy known as “Tinubunomic” and analyze it implication for the growing wealth gap in Nigeria.
Tinubunomics: A Closer Look
Tinubunomics, coined from the name Tinubu, refers to the economic policies and strategies advocated by Bola Ahmed Tinubu. As a seasoned politician and former Governor of Lagos State, Tinubu has been a significant player in shaping Nigeria’s economic landscape. His policies are rooted in principles of fiscal conservatism, deregulation, and privatization, aiming to stimulate economic growth and attract investment. However, a critical scrutiny of Tinubunomics reveals a broader narrative of favoring the rich at the expense of the poor. While promoting economic growth and development, Tinubu’s policies have inadvertently exacerbated income inequality, widening the gap between the wealthy elite and the marginalized population.
When newly sworn-in President Tinubu boldly announced that “subsidies are off” he immediately became a failure “who did and never thought”. That hasty decision, taken without adequate consideration of the consequences, has ruined more Nigerian lives than anybody would ever know. But, each Nigerian, not wealthy, can observe the terrible repercussions in the lives, faces and utterances of our close associates, family, neighbours, co-workers and colleagues.
Having failed to think through his government’s policies before talking, Tinubu was surprised about the fall-out. He then committed the second and more serious blunder. He hastily assembled the National Economic Committee, NEC, to help chart the way forward. Like most committees called in an emergency, they seized on the issue of palliatives – without consideration of Nigerian precedents for such measures. One past experience with palliatives was authored by Dr Ngozi Okonjo-Iweala after President Goodluck Ebele Jonathan attempted to remove subsidies in 2012. It started with great enthusiasm and ended in massive corruption – without making any significant impact on the masses of Nigerians.
Tinubu embarked on this treacherous road; promised to give each state N5 billion and food from the National reserves. Why he thought N5bn will solve the problems of 20 million people living in Lagos is a mystery only he can unravel. In the end, only N2bn was released to each state and it was a loan, not a grant. The food items promised as far back as October last year have not been fully supplied till now. At any rate, they amount to only one cup of dry grains per person. Meanwhile, food inflation has escalated to 35 per cent.
The Rich Getting Richer: A Result of Tinubunomics
One of the key problem with Tinubunomics is its role in perpetuating the enrichment of the wealthy class while neglecting the socio-economic needs of the poor and vulnerable. The implementation of pro-business policies and tax incentives has often favored large corporations and affluent individuals, leading to the consolidation of wealth in the hands of a few. As a result, the rich have continued to amass greater riches, exploiting the economic system to their advantage. Meanwhile, the poor have struggled to make ends meet, facing limited access to essential services, education, healthcare, and employment opportunities. This widening wealth gap has created a stark divide between the haves and the have-nots, undermining social cohesion and perpetuating social inequity.
The Poor Getting Poorer: The Human Cost of Economic Disparity
As the rich prosper under Tinubunomics, the plight of the poor and marginalized communities has deepened, with adverse consequences for their well-being and livelihoods. The lack of inclusive policies and social safety nets has left many vulnerable individuals and families trapped in a cycle of poverty and deprivation. The widening income gap has resulted in disparities in access to education, healthcare, housing, and basic amenities, further marginalizing the most vulnerable segments of society. This vicious cycle of poverty has profound social implications, contributing to social unrest, crime, and disenfranchisement among the disadvantaged population. The human cost of economic disparity is undeniable, as the poor bear the brunt of inequitable economic policies that prioritize the interests of the affluent elite.
Time to Rethink Tinubunomics: Towards Inclusive Economic Policies
Amidst growing concerns over the widening wealth gap and income inequality, there is an urgent need to rethink Tinubunomics and chart a new course towards inclusive economic policies. It is essential to strike a balance between economic growth and social equity, ensuring that the benefits of development are shared equitably among all segments of society. This calls for a comprehensive reevaluation of existing policies, with a focus on addressing the root causes of economic disparity and promoting social justice. Embracing a human-centered approach to economic development, Nigeria can adopt policies that prioritize the well-being of its citizens, particularly the marginalized and vulnerable populations. Investing in education, healthcare, social protection, and job creation can help uplift those in need and bridge the wealth gap, fostering a more equitable and inclusive society.
Conclusion:
As the rich continue to get richer and the poor get poorer under Tinubunomics, it is imperative to rethink existing economic policies and prioritize inclusive growth that benefits all Nigerians. Addressing the growing wealth gap and income inequality requires a concerted effort to implement policies that prioritize social equity, justice, and human development. By reevaluating Tinubu’s economic philosophy and embracing inclusive economic policies, Nigeria can pave the way for a more just and equitable society, where the prosperity of the few does not come at the expense of the many. It is time to rethink Tinubunomics and strive for a future where every Nigerian has the opportunity to thrive and succeed, regardless of their socio-economic status.
Nokpan Joel Fwangle writes this piece from Jos
