Political commentator Otunba Segun Showunmi has called for a more pragmatic evaluation of Nigeria’s ongoing economic reforms, warning against what he described as “selective memory” and “political nostalgia” in public discourse.
In a strongly worded statement titled “Reforms Must Be Judged Against Reality, Not Nostalgia”, Showunmi argued that critics of current government policies often assess them as though Nigeria’s previous economic model was sustainable. He insisted that reforms such as fuel subsidy removal and exchange-rate unification, though painful, were necessary to correct long-standing distortions.
“The proper way to evaluate a reform programme is not to ask whether there is pain in the transition. Almost every major economic restructuring in modern history has involved difficult adjustments. The correct question is whether the reforms are addressing the underlying distortions that made the old system unsustainable in the first place,” he said.
Structural Weaknesses of the Past
Showunmi highlighted contradictions in Nigeria’s former economic framework, including heavy reliance on oil revenues, chronic borrowing, multiple exchange rates, and subsidies that encouraged consumption rather than production. According to him, these policies created fiscal fragility, left states dependent on federal bailouts, and exposed the nation to global oil price shocks.
“This was not sustainability. It was deferred crisis,” he noted.
Reforms and Their Impact
Defending the removal of fuel subsidy, Showunmi described it as “an acknowledgement of fiscal reality,” stressing that the system had fostered inefficiency and corruption. He also explained that exchange-rate unification was aimed at eliminating arbitrage and promoting transparency.
While acknowledging the hardship caused by inflation and exchange-rate volatility, he maintained that sustainability—not the absence of pain—should be the measure of good policy.
Decentralizing Responsibility
One of the most significant outcomes of the reforms, Showunmi said, is the increased fiscal capacity of state and local governments. He urged Nigerians to shift their focus from Abuja to subnational leaders, demanding accountability for improved service delivery in roads, schools, healthcare, agriculture, and local development.
“Governance is not merely about revenue collection. It is about revenue utilization,” he emphasized.
Opposition Politics and Policy Alternatives
Showunmi criticized opposition leaders for amplifying public frustration without offering credible alternatives. He singled out Peter Obi as an effective voice of grievance but argued that Nigerians deserve detailed policy solutions rather than campaign slogans.
“It is not enough to say inflation is high. What would you do differently? It is not enough to oppose subsidy removal. How would you finance the fiscal burden it created?” he asked.
Looking Ahead
Showunmi concluded that while reforms remain imperfect and painful, they represent progress toward transparency, stronger revenue generation, and reduced dependence on oil. He cautioned against romanticizing the past, insisting that Nigeria must confront reality to secure its future.
“A nation cannot borrow its way to prosperity. It cannot subsidize its way to competitiveness. It cannot manipulate its way to productivity. And it cannot depend indefinitely on a single commodity for its survival,” he declared.
