Secretary to the Government of the Federation (SGF), Senator George Akume, has firmly stated that Nigeria’s persistent economic challenges did not originate under President Bola Tinubu’s administration, urging citizens to adopt a historical perspective rather than attributing all hardships to the current government.
Speaking at a high-level economic forum in Abuja on Saturday, Akume emphasized that the nation’s fiscal and structural issues have deep roots spanning decades of mismanagement, policy inconsistencies, and external shocks.
“Nigeria’s problem did not begin with Tinubu’s government,” he declared, highlighting how successive administrations have grappled with similar dilemmas, including over-reliance on oil revenues, rampant corruption, and inadequate diversification of the economy.
The SGF pointed to the oil boom of the 1970s as a turning point, where windfall gains led to extravagant spending and neglect of non-oil sectors, setting the stage for recurring deficits.
He referenced the structural adjustment programs of the 1980s under military rule, the debt overhangs of the early 2000s, and the global financial crisis of 2008 as compounding factors that previous governments failed to fully resolve.
“These are not new scars; they are old wounds that have festered,” Akume added, calling for collective responsibility in addressing them.
Akume’s remarks come amid widespread public discontent over soaring inflation, naira depreciation, and fuel subsidy removal fallout—reforms initiated by Tinubu’s team since May 2023.
Critics, including opposition figures and labor unions, have lambasted the administration for exacerbating hardships through hasty policies, but the SGF defended the current approach as necessary “tough love” to reset the economy for long-term stability.
He outlined ongoing government efforts, such as enhancing agricultural productivity, boosting local manufacturing, and attracting foreign investment through initiatives like the Nigeria Investment Promotion Commission reforms.
“We are building on foundations laid before, but with bolder actions to break the cycle,” Akume said, appealing to Nigerians to support these measures for sustainable growth.
The forum, attended by policymakers, economists, and civil society representatives, also featured discussions on fiscal federalism and youth unemployment, revealing the multifaceted nature of Nigeria’s challenges.
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