Former Minister of Education, Dr Oby Ezekwesili, has said the only significant achievement of President Bola Tinubu’s administration so far is its progress in achieving macroeconomic stability, arguing that the improvement has yet to translate into better living conditions for ordinary Nigerians.
Ezekwesili made the assessment during an interview with News Central TV at the weekend, where she examined the impact of the administration’s economic reforms and the broader challenges confronting the Nigerian economy.
According to her, the government deserves some credit for bringing greater stability to the foreign exchange market by adhering more closely to market principles.
She, however, maintained that improved macroeconomic indicators alone do not mean that Nigeria has overcome its economic difficulties, particularly as millions of citizens continue to struggle with high living costs and limited economic opportunities.
“The only thing that, as I said at the beginning, we can give to them is they are getting a handle on macroeconomic stability. So, for example, the volatility we have with foreign exchange rate is quieter because they are abiding by market principles for foreign exchange policy,” she said.
Ezekwesili also questioned the significance of reported improvements in inflation figures, arguing that the official numbers do not fully reflect the financial pressure being experienced by households
“Then you look at inflation. Inflation, even though they use the methodology to crash it in terms of the numbers, but the real thing is that the cost of living for the average citizen is still pretty high,” she said.
‘Inflation Spike Was Avoidable’
The former minister argued that the inflation crisis that Nigeria experienced was not inevitable, describing it as the result of poor management and a combination of policy decisions.
“The inflation that spiked did not have to happen. It was a poor management of a combination of policies that led to that runaway kind of inflation that we had,” Ezekwesili said.
She warned that focusing narrowly on macroeconomic indicators could obscure deeper structural problems affecting the economy, particularly those relating to productivity, job creation, household income and living standards.
According to her, productivity remains one of Nigeria’s biggest economic weaknesses and must be addressed if the country is to compete effectively in the global economy.
“What do you have? You have a complete lack of productivity in yours compared to the others. So without productivity, you can’t even be competitive globally,” she said.
Ezekwesili said Nigeria’s economic challenges were rooted partly in structural misalignments arising from policy choices that had failed to tackle the fundamental constraints limiting productivity and economic opportunity.
Ezekwesili Faults Budget Management
The former minister also criticised the Federal Government’s approach to budget management, arguing that the continued operation of multiple budget cycles at the same time reflects weak fiscal discipline.
“The other thing is you look at the budget. You see that there is a problem. You have budgets within budgets,” she said.
Ezekwesili compared Nigeria’s budget implementation with that of China, arguing that the Asian country operates a more defined annual budget cycle and executes its fiscal plans before moving to the next cycle.
“In our own case, I think there was a time they said 2024 is still open, 2025 is still open, 2026 is on,” she said, describing the situation as “recklessness in terms of fiscal choices and decisions.”
She also criticised the administration for what she described as a lack of adequate performance records that would enable Nigerians to independently assess its achievements.
“And also this is a government that does not give you performance record. It’s almost like the young ones keep screaming about publishing the performance record before something gets done,” she said.
‘Nigeria Is Not Out of the Woods’
Ezekwesili said Nigeria could not be described as having emerged from its economic difficulties simply because some macroeconomic indicators had improved.
She argued that macroeconomic stability was only one component of a functioning economy and must be accompanied by productivity growth, stronger institutions, job creation and improvements in household incomes.
Her comments come amid an ongoing debate over whether recent improvements in some economic indicators demonstrate that the country is beginning to recover from years of economic difficulties.
For Ezekwesili, however, the real test should be whether Nigerians are experiencing tangible improvements in their daily lives.
She said the government should be more transparent about the challenges confronting the economy and acknowledge that significant problems remain unresolved.
Institutions, Insecurity and Poverty
Beyond economic management, Ezekwesili said Nigeria’s challenges also extend to institutional weaknesses, insecurity, territorial control, social cohesion and the delivery of basic public services.
She cited global assessments of state fragility, arguing that Nigeria remains among the world’s more fragile countries.
According to her, such assessments examine several factors, including a government’s control over its territory, the effectiveness of its bureaucracy, the delivery of basic services, economic conditions, equitable access to opportunities and social cohesion.
Ezekwesili placed particular emphasis on institutional quality, describing strong institutions as essential to creating the rules, stability and predictability required for sustainable economic growth.
“The reason that research tells us that institutional quality is at the centre of it is because, of course, we know that if you want to generate growth, you want to generate development in any society, you need institutions,” she said.
She explained that effective institutions provide predictable rules within which citizens, businesses and governments can operate, thereby creating an environment capable of supporting investment, productivity and long-term development.
The former minister concluded that Nigeria’s combination of weak institutions, insecurity, low productivity, persistent poverty and limited economic opportunities meant that the country’s challenges could not be resolved simply by pointing to improvements in selected macroeconomic indicators.
For her, the ultimate measure of economic reform should be whether it translates into greater prosperity, improved living standards and expanded opportunities for Nigerians.
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