Experts Warn Against Debt-Driven 'Tinubunomics' Strategy

During a conference organized by Lagos State University and the West Africa Academy of Science, Professor Sylvest Odion Akhain warned that the economic strategy known as "Tinubunomics," introduced by President Bola Ahmed Tinubu, must not be debt-driven to achieve sustainable results. He highlighted Nigeria's rising debt profile, which stands at N144 trillion, as a contradiction to the principles of economic independence and long-term growth.

The conference discussed the need for reforms that focus on boosting domestic production, strengthening local industries, and reducing reliance on external borrowing. Key policies introduced by the Tinubu administration, such as the removal of fuel subsidies and exchange rate unification, were examined.

Adebowale Adedokun, Director General of the Bureau of Public Procurement, emphasized the importance of leveraging Nigeria's comparative advantages and improving the utilization of local resources. Jimoh Saka from Lagos State University underscored the necessity of protecting small and medium enterprises to bridge supply gaps and drive industrial growth.