Economic reforms are never painless. Across Nigeria today, the story is the same — families cutting meals, businesses shrinking operations, and workers watching their wages lose value faster than they earn them. Yet, on paper, the figures tell a different story. Government reports and international lenders point to “positive macroeconomic momentum,” boasting of improved revenue collection, renewed investor confidence, and fiscal discipline.
But behind those neat graphs and upbeat briefings lies a harder truth: the reforms, while necessary, are not yet touching lives. The Nigerian economy may be turning a statistical corner, but the average Nigerian is still standing in the same place — or worse, sliding backward.
When fuel subsidies were removed, Nigerians were promised that the savings would be reinvested in infrastructure, education, and healthcare. Months later, citizens still pay more for transport, food, and energy, with little sign that the pain is paving the way for progress. Inflation has eaten deep into household budgets, and many small businesses are folding under the weight of operating costs.
Now, the government is seeking new loans and debuting international debt instruments, including a $500 million sukuk, to finance ongoing projects and plug fiscal gaps. Borrowing, when prudently managed, can be a tool for development. But in Nigeria’s case, the key question remains: who benefits, and at what cost?
Every new loan signed in Abuja becomes a future obligation for generations yet unborn. Debt can be productive when tied to visible outcomes — better roads, schools, irrigation systems, or power infrastructure. But when it merely patches deficits or funds administrative overheads, it becomes a burden, not a bridge.
The Federal Government must therefore pair its economic reform agenda with visible, people-centered relief measures. Policies should not be judged only by international applause but by the number of citizens who can still afford three meals a day. Transparency in how loans are obtained, managed, and repaid must be non-negotiable. Nigerians deserve to know what projects their borrowed future is building.
True reform is not just about balancing books; it is about balancing lives. Economic indicators may rise, but unless citizens rise with them, progress remains hollow.
It is time for the government to remember that macroeconomic stability is not an end in itself. It must translate into microeconomic dignity — the kind that allows ordinary Nigerians to live decently, work productively, and hope confidently. That is the real measure of reform.
