The Independent Media and Policy Initiative (IMPI) says the resilience and sacrifices of Nigerians have been central to the success of President Bola Tinubu’s economic reforms.

IMPI stated this in a statement issued by its chairman, Omoniyi Akinsiju, on Friday in Abuja.

The statement, titled “Nigerians as Actual Executors of Tinubu’s Reforms as Economy Transits from Consumption to Productivity”, said citizens had provided the stability needed for the reforms to take root.

Mr Akinsiju said Nigerians resisted the temptation to demand a return to unsustainable populist policies despite the immediate hardships associated with economic restructuring.

“Rather than being passive spectators, Nigerians have functioned as the primary shock absorbers, the ultimate arbiters of accountability, and the engine of behavioural realignment required for a market-driven economy,” he said.

According to him, Nigerians played critical roles by absorbing the initial economic shocks, enforcing fiscal accountability and supporting behavioural changes necessary for sustainable growth.

He noted that households and small businesses bore the brunt of inflation and rising living costs following the removal of fuel subsidy and the floating of the naira.

“By enduring the spiralling costs of transportation, food and energy, Nigerians effectively provided the fiscal breathing room needed to prevent sovereign default and rebuild external reserves,” he said.

Mr Akinsiju said the resilience of households and micro, small and medium enterprises (MSMEs) helped keep the economy functioning during the most difficult phases of the reforms.

He added that Nigerians had also played a vital role in demanding accountability for savings generated from subsidy removal.

“Through civil society advocacy, public discourse and social media engagements, Nigerians have consistently demanded that subsidy savings be channelled into infrastructure, healthcare and human capital development,” he said.

The IMPI chairman said programmes such as the Nigerian Education Loan Fund (NELFUND), Compressed Natural Gas (CNG) initiatives and direct cash transfers depended on active public oversight to achieve their objectives.

He stressed that long-term economic stability would require a shift in consumer behaviour towards supporting local production.

“As the floating of the naira makes imported goods more expensive, Nigerian consumers and businesses must increasingly support local manufacturing, agriculture and technology enterprises,” he added.

According to him, the transition would help reduce Nigeria’s vulnerability to foreign exchange volatility and strengthen domestic industries.

Mr Akinsiju said businesses and citizens entering the formal economy were also helping to build a sustainable tax-based fiscal system capable of reducing dependence on oil revenue.

He argued that previous administrations relied heavily on command-and-control monetary policies and subsidy-driven consumption models that weakened the economy.

“Whenever the currency came under pressure, previous governments often reverted to artificial exchange rates and capital controls, creating opportunities for arbitrage and discouraging productive investments,” he said.

The IMPI chairman said the Tinubu administration had broken from that pattern through market-based reforms.

Mr Akinsiju said the administration’s economic philosophy was anchored on increasing domestic production and adding value to exports.

“The transition to a production-based economy is being driven by aggressive fiscal adjustments, institutional digitisation and long-term industrial planning,” he said. 

(NAN)