Present model on economy ‘unhelpfully designed’, needs major reform ― Tinubu

Tinubu

Presidential candidate of the All People’s Congress (APC), Asiwaju Bola Tinubu has promised to embark on a major reform of the nation’s economy, if elected president next year, since the present structural model which the economy is based, he argued, has not achieved the much- desired growth and prosperity for the country.

Tinubu in his manifesto tagged: ‘Renewed Hope 2023’, lamented that the nation’s economy had not achieved growth; since it is still ‘unhelpfully designed’ to export raw material and import increasingly expensive finished products.

He stated that relying on crude oil as the major source of federal government revenue would become unsustainable in future; since revenues from natural resources would prove insufficient to meet the rising costs of imports and the government’s fiscal obligations.

While acknowledging the importance of agriculture as a major revenue earner, if well explored, the APC presidential candidate however hinted at the resolve of his government to industrialise the economy; to enable the country to deal decisively with its growing unemployment rate.

“Our youths aged between 15 and 35, account for over 65 per cent or over 130million of our 200 million people. Our youth unemployment rate, as well as our overall jobless rate, have always been unacceptably high. If our nation is to live up to its promise, our youth need to be given a fairer deal than this.

“Under our government, our cities and towns will witness a level of industrial activity, unprecedented in our nation’s history. In this, our youth shall become a leading catalyst driving the economic resurgence.

“We will improve existing industries and sectors. We will be brave and innovative enough to see how new economic vistas, powered by today’s technology can create jobs and provide goods and services that will propel us towards greater prosperity and development,” he stated.

The APC flag-bearer also speaks of his intention to revive the National Infrastructure Policy and harmonise it with the National Industrial Policy to enable his administration to build infrastructure, and ensure optimal development of key sectors and rapid acceleration of the nation’s GDP.

Tinubu also stated that his government would review the federal budgetary methodology, which bases the annual budget and fiscal policies largely on the dollar value of projected oil revenue.

According to him, rather than adopt the practice, which he argued, restricts the federal government’s fiscal latitude, his government would adopt a more efficient fiscal strategy that would base the national budget on the projected level of government spending.

ALSO READ FROM NIGERIAN TRIBUNE