Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms (PCFPTR), has called on Nigerians to abandon the commonly used phrase, “May Nigeria never happen to you,” during a recent public event.
Oyedele argued that the phrase unfairly paints the country in a negative light. He stated, “There is nothing wrong with Nigeria. But maybe there is something wrong with the people ruling Nigeria.”
Drawing a comparison, he said that while issues like gun violence exist in America, Americans never say, “May America never happen to you.” He urged Nigerians to reframe their mindset and instead say, “May Nigeria work for me.”
The Chairman acknowledged the country’s economic challenges but expressed optimism, stating, “Going by available data, I personally believe that the worst is behind us.”
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He lauded the removal of fuel subsidies as a critical step, emphasizing its necessity despite the hardships it initially brought.
Oyedele also highlighted the economic realities that Nigeria had faced in recent years. He pointed out that while petrol was previously sold at prices below ₦200 per liter and the naira exchange rate appeared stable at ₦450, these figures did not reflect the true state of the economy.
He added that nearly all of Nigeria’s revenue was going towards debt servicing, leaving the country heavily dependent on borrowing to fund other expenses, including fighting insurgency and paying salaries.
The economic reforms, according to Oyedele, are painful but essential to stabilize the country. He concluded by calling for more awareness among citizens.
“We printed close to N40 trillion, plus interest. And we were surprised there was inflation. Nigerians don’t realize that the invisible controls the visible. The removal of subsidies is not something you can see physically, it is not tangible.”
