**Fatshimetrie: The Path to Sustainable Economic Governance**
In the tumultuous landscape of economic policy, a persistent question arises: which path do governments choose to pursue their economic policies? Good governance practices involve putting in place economic policies that promote self-reliance and empowerment of the population. This includes measures such as bailouts, subsidies, and critical financing of productive activities.
An inspiring example of this approach was the creation of the Intervention Fund in 1995 under the government of General Sani Abacha. The fund, headed by Major General Muhammadu Buhari, was tasked with using the difference between the old and new gasoline prices to rebuild national infrastructure. While it did not teach Nigerians how to fish, the PTF did provide them with real socio-economic cushions. By effectively intervening in the reconstruction of federal roads, equipping public hospitals and rebuilding schools, the PTF was hailed as an “alternative” government. However, criticism was raised over its bias towards the North and the corruption cases that were subsequently exposed.
Years later, when Buhari returned to power as President in Nigeria in 2015, government palliatives were perverted and used for corrupt purposes. Programs such as the “School Canteen”, “Loan to Traders” and “Conditional Cash Transfers” were implemented without significant investment in the productive sectors of the economy.
Taking over, President Bola Tinubu continued on the same path of distributing palliatives without any real impact on the population, while removing subsidies on petrol and electricity, and devaluing the naira. Unfortunately, promised measures such as the CNG public transport buses remained a dead letter. Many people are yet to see the truckloads of rice that are being sold at N40,000 per bag.
It is worth recalling that palliatives are only temporary relief measures, similar to those put in place during the COVID-19 lockdown. There is need to orient economic reforms towards productivity and self-reliance, promoting job and wealth creation.
Handing out rice to citizens months after the removal of the petrol subsidy is like giving them fish. Countries do not need long-term government assistance. The distribution of corrupt rice, cash and other handouts only deepens the dependency of Nigerians.
This situation is intolerable. It is time to transform economic policies to boost productivity and empower citizens. It is essential to end the culture of begging resulting from poor governance.
**Fatshimetrie** aims to place self-reliance and prosperity at the heart of economic policies to create a sustainable future for all Nigerians.