By Ogunlade Faith Oyindamola (IT Student of Pafric College of Health Management and Technology)
President Bola Tinubu’s Economic Stabilisation Programme (ESP) made a significant impact last week by injecting N2 trillion into the economy.
Aimed at reviving the economy within six months, this move demonstrates a strong commitment to economic recovery. The formation of the Presidential Economic Coordination Council (PECC), led by President Tinubu and Vice President Kashim Shettima, highlights a strategic approach to driving this initiative forward.
While the PECC includes a diverse range of stakeholders, such as the Federal Government, Governors Forum Chairman, and industry representatives, some critics have raised concerns about the Council’s size and composition.
They argue that a more streamlined body of technocrats with proven expertise could potentially deliver better results in a quicker economic turnaround. These critics emphasize the importance of efficiency in decision-making and question the involvement of industry stakeholders in the governing process.
The debate around the PECC’s effectiveness underscores the delicate balance between incorporating diverse perspectives and ensuring efficient governance for economic recovery efforts.
While the initiative demonstrates a collaborative approach involving various key players, addressing the concerns raised by critics could be essential to optimizing the Council’s effectiveness in driving sustainable economic growth and stability in the long run.
President Tinubu needs to take charge and lead the way in overseeing the Economic Stabilisation Programme. It’s crucial for him to closely monitor spending and outcomes to avoid merely throwing money at problems. Accountability is key, whether it involves taking disciplinary actions, prosecuting wrongdoers, or rewarding success.
The success or failure of the Economic Stabilisation Programme ultimately falls on President Tinubu’s shoulders. The next six months are critical for reversing inflation, revitalizing production, and addressing factory closures. Results must be the priority, and the focus should be on achieving tangible outcomes.
The stakes are high, and failure would come at a significant cost. President Tinubu must ensure that the Programme delivers the intended results within the set timeframe to avoid any adverse consequences. The emphasis should be on effective leadership, prudent decision-making, and tangible improvements in the economy.
