Bauchi Governor Criticises Federal Economic Policies Amid Rising Hardship

In a pointed critique of the federal government’s economic policies, Bauchi State Governor Bala Mohammed has expressed deep concerns over the increasing hardship faced by Nigerians. Speaking at the launch of the Nigeria Development Update report by the World Bank in Abuja on October 16, 2024, Mohammed stated that the current reforms implemented by President Bola Ahmed Tinubu’s administration are not yielding positive results for the populace.

The Governor’s Concerns

Governor Mohammed highlighted that the economic policies, including the removal of fuel subsidies, adjustments to interest rates, and tax policy changes, have failed to alleviate the struggles of ordinary Nigerians. He emphasised that instead of improving living standards, these reforms have exacerbated economic challenges.

“Nigerians are not enjoying this regime at this time across the board,” Mohammed remarked, noting that the burden of economic hardship is felt not only at the federal level but also within state and local governments. He called for a reassessment of current policies and urged economic managers to devise strategies that genuinely address the needs of citizens.

Economic Hardships and Policy Failures

The governor pointed out that many Nigerians are grappling with dwindling purchasing power and rising costs of living. He stressed the importance of creating a budget program that focuses on reducing hardship and fostering self-employment, particularly for those in the informal sector.

“The money that we are sharing is not enough,” he stated, reflecting widespread concerns about inadequate financial resources available to state governments to tackle pressing issues. Mohammed’s comments resonate with many citizens who have expressed frustration over rising inflation and increased living costs following recent policy changes.

World Bank’s Perspective

During the event, Alex Sienaert, lead economist for the World Bank in Nigeria, echoed Governor Mohammed’s sentiments by pointing out that macroeconomic stabilisation reforms must be accompanied by job creation initiatives to achieve meaningful growth. He underscored that while reforms are necessary for long-term stability, immediate measures must address the pressing needs of Nigerians facing economic difficulties.

World Bank Country Director Dr. Ndiame Diop also acknowledged the challenges posed by these reforms but reiterated their importance for Nigeria’s future economic stability. He warned against reversing these policies, suggesting that such actions could hinder progress and development.
Governor Bala Mohammed’s candid assessment of the federal government’s economic policies highlights a growing discontent among Nigerian citizens facing increasing hardship. The ongoing dialogue between government officials and international organisations like the World Bank will be crucial in shaping a more equitable economic future for Nigeria.

By Joseph Johnston,
Youth Editor,
Egogonews Hub

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