In the midst of Nigeria’s persistent economic woes, it’s time for a candid evaluation of government policies and our political landscape. The recent turbulence has exposed glaring discrepancies, thereby signalling a need for us to reassess our approach to governance and economic management.

First and foremost, the floating of the naira by President Bola Ahmed Tinubu demands immediate scrutiny. The Federal Government’s attempt at controlling exchange rates undermines the autonomy of the Central Bank of Nigeria, a blatant violation of the Section 16 of CBN Act which imposes a duty on the Apex Bank to fix and determine the rate of the naira vis-à-vis other currency,” Such interference erodes investors trust in our institutions and only worsens the economic instability we’re dealing with hence runaway inflation takes the centre stage.

Yet, as we point fingers at government missteps, let’s not forget the broader context. For eight years, many hailed the Buhari administration despite warnings from experts and relevant stakeholders on the dangerous terrains he was leading us to, only for this same category of people to make a u-turn and blame him for the current state of affairs. This inconsistency exposes a fundamental hypocrisy within our society and a reluctance to take responsibility for our failures.

Moreover, attention must extend beyond the federal level. It is imperative for state governments to be held accountable for their utilization of security votes, increased federal allocations, and their failure to conduct local government elections. This deliberate act perpetrates a culture of impunity, lack of respect for local democracy and stifles grassroots development.

Furthermore, addressing the plight of state workers is paramount. With the increase in federal allocation, state governments must step up and ensure that their respective wage award for their employees reflects the economic realities. This would not only improve their lives but also stimulate the local economy.

I want to use this medium to implore governors who are yet to initiate payment of wage awards to workers in their respective states to as a matter of urgency prioritise and commence this payment. Additionally, I want to specifically appeal to NGF Chairman and Kwara State Governor, Mallam Abdulrahman Abdulrazaq to review the current wage award to workers in the State as the present N10,000 being paid to them has lost its economic value in the light of prevailing inflationary conditions.

In conclusion, Nigeria’s economic challenges are complex and require collective action. The federal government must review its policies and focus on diversification. State governments should have a rethink their choice of projects, prioritize accountability in spending, and conduct local government elections. Taking responsibility as citizens and demanding transparency from our leaders is equally important.

•Ishowo Olanrewaju is a Public Affairs Analyst and an Advocate of good Governance.

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