I'll run a private sector-driven economy, Tinubu tells NESG

• Published date: 13 January 2023
• Publication title: Nigeria - The Nation

The presidential candidate of the ruling All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu has assured the private sector would be the prime driver of economic progress of the country with his administration providing the enabling framework for the sector to drive, if elected.

He spoke on Friday while presenting his comprehensive economic plan before the organised private sector under the aegis of the Nigerian Economic Summit Group (NESG).

Tinubu, who was the first among the top candidates to appear at the presidential dialogue on the economy put together by the NESG, stressed the need to end the fuel subsidy regime, insisting that it has overstayed.

Addressing the nation's economic eggheads at the presidential dialogue, the frontline presidential candidate said: 'My core belief is that the private sector must be the prime driver of economic progress. However, the government establishes the framework within which the private sector must operate.

' If that framework is sound, the private sector will flourish. If the framework is frail or incomplete, then the private sector will struggle.'

He however noted that before economic recovery could be achieved, the nation must be secured, stating 'First, to achieve the economy we seek, we must resolve the pressing security issues. No nation can flourish with terrorists and kidnappers in their midst.'

'Tinubu deserves victory in presidential election'

He also reiterated his resolve to urgently address the fiscal, monetary, and trade reforms to effectively increase domestic production immediately after he resumes office, thus serving to curb imported inflation, and to ensure better macro-economic stability by accelerating inclusive growth and job creation across Nigeria.

To achieve this, the APC flag bearer said: 'I do not hold to the mainstream view that all forms of inflation are best tackled by interest rate hikes and shrinking the economy. Supply-induced inflation does not lend itself to this harsh medicine, just as one does not cure a headache by plucking out one's eye.

'I do not embrace the conventional wisdom that fiscal deficits by the national government are inherently bad. All governments, especially in this era of fiat currency, run secular budget deficits. This is an inherent part of modern governance. The most powerful and wealthiest governments run deficits, as do the poorest nations.

'A budget deficit is not necessarily bad. Look at the...