@Translating Economic Stability Into Livable Prosperity

@Translating Economic Stability Into Livable Prosperity

Nigeria today sits at a unique economic crossroad. Global organisations and respected economic dignitaries have adjudged our economy as stable. They have acknowledged the courage of President Bola Ahmed Tinubu’s administration in taking bold, tough measures—the removal of fuel subsidy, the abolition of the dual foreign exchange rate, and other reformative steps. These policies, no doubt, were necessary to salvage our economy from collapse and reposition our nation for long-term sustainability. The government deserves commendation for this bravery.

Yet, while the macroeconomic statistics tell of stability, the ordinary Nigerian is still reeling under the crushing weight of high living costs. Food prices soar daily, house rents rise astronomically, electricity tariffs choke households, school fees climb beyond reach, and the cost of goods and services continues to suffocate families. The paradox is striking: a stable economy on paper, but a strained populace in reality. The big question now is: how do we translate this acknowledged stability into livable prosperity for the majority of Nigerians?

First, government must prioritize social safety nets. Federal, state, and local governments are now the biggest beneficiaries of these reforms, with allocations tripled compared to the past. These funds must not simply vanish into administrative overheads or elitist projects. They must be deliberately channeled into initiatives that touch lives directly. Subsidized mass transportation, targeted food distribution programmes, conditional cash transfers, and healthcare subsidies are immediate avenues to cushion the hardship. A hungry citizen cannot appreciate the metrics of stability until it reflects in their kitchen pot.

Second, there must be aggressive investment in agriculture and food security. Nigeria has the land and people to feed itself. State governments, with their increased allocations, must revive farm settlements, provide access to low-interest credit for farmers, supply inputs such as fertilizer and improved seedlings, and guarantee market access for produce. Local governments must invest in rural roads to ensure food gets from farm to market without unbearable transport costs. Security agencies and government tax/revenue collecting agents on Nigerian roads and in markets should be ordered to allow free, unhindered passage of vehicles and trucks bearing food and other agricultural products across the country without collecting any kobo from them. Only then can we break the cycle of rising food prices that now torments the average household.

Third, housing and rent control mechanisms are urgent. Federal and state governments must explore social housing projects that provide affordable alternatives, especially in urban centres where rents have become monstrous. Land reforms and access to low-cost mortgages can also open pathways to home ownership for middle and low-income earners. In addition, laws and enforcement must be tightened on shylock landlords and agents who compound our woes with astronomical rent hikes. Housing should not be a luxury in a country of abundant land.

Fourth, electricity tariff moderation and fair wages are critical. While reforms in the power sector are ongoing, Nigerians cannot be expected to pay tariffs that do not match supply. The regulatory agencies must ensure fairness. Government, with its new fiscal space, can subsidize energy costs for vulnerable households and small businesses until the sector achieves steady and reliable supply. Alongside this, the minimum wage must be fully and honestly implemented, not in the cheating way it is often applied. Nigerian workers, both in the private and public sectors, deserve transportation, food, and housing succour to help them stand strong in these trying times. Energy and wages are not just figures—they are the oxygen of productivity and dignity.

Fifth, education must be shielded from the full brunt of economic adjustment. The Nigerian Education Loan Fund (NELFUND) deserves commendation for opening a pathway for undergraduates to access loans for their studies. Yet, this effort must be complemented by bursary schemes, scholarships, and school feeding programmes to ensure that no child is denied learning because of inability to pay fees. Local governments can support community schools with learning materials, digital access, and welfare support for teachers. Education is the bridge between today’s sacrifice and tomorrow’s prosperity.

Above all, those who will oversee these cushioning measures must be god-fearing, fair, and just. Nepotism, corruption, and greed must be rejected at the gates of implementation. If the wrong people hijack these interventions, the intended benefits will never reach those who need them most. Furthermore, fellow citizens—market men and women, producers, distributors, and traders—must also exhibit the fear of God. Profiteering and wicked price inflation only inflict further pains on hapless buyers and consumers. Let us be human, compassionate, and patriotic in this season of transition.

This is not a condemnatory call but a constructive appeal: government has done the hard work of taming the economic behemoth. Now is the time to humanize those reforms. Stable numbers must translate into stable lives. Triple allocations must yield triple impact. Nigeria has survived storms before; now let us build a society where stability is not just statistical, but practical and tangible in every home.

Yours in fulfilment,

*@Otunba Femi Abiola, CMIE, MCE*

*@President*

*@Project Youth Fulfil*

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