CITIZENS COMPASS— As Nigeria marks its 66th Independence anniversary today, 1st of October, 2026, a political advocacy group, the Progressive Redemption Alliance (PRA) has called on Nigerians aged 40 and above, particularly those educated in the country, to mentor younger citizens on the nation’s socio-economic trajectory and the challenges preceding the ongoing economic reforms.
The group’s Convener and former student union leader, Comrade Olajide Wolimoh, made the call in a statement, urging older Nigerians to educate young people on the macroeconomic changes introduced by President Bola Ahmed Tinubu’s administration.
Wolimoh said such engagement was particularly important for young Nigerians benefiting from the administration’s educational reforms, arguing that they needed a broader understanding of the economic circumstances that preceded the current policy adjustments.
Defending the removal of the Premium Motor Spirit (PMS), subsidy, Wolimoh acknowledged that the policy resulted in immediate increases in living costs and contributed to inflationary pressures.
He, however, argued that retaining the subsidy would have placed an unsustainable burden on government finances.
“The choice facing our national economy was not between a stable subsidy and inflationary removal; it was between an orderly economic restructuring and an uncontrolled fiscal collapse,” he said.
According to the economic framework presented by the group, maintaining the subsidy beyond mid-2023, when it projected annual costs of between ₦6 trillion and ₦7 trillion, could have created severe fiscal pressures.
The PRA identified four potential consequences: increased sovereign debt-service pressures, higher inflation resulting from deficit financing, reduced remittances to the Federation Account and further depletion of foreign exchange reserves.
The group also linked continued subsidised petrol pricing to fuel smuggling and capital outflows associated with cross-border arbitrage.
The PRA argued that removing the subsidy would give the government room to redirect resources to infrastructure and other public priorities, while improving the flow of funds to the three tiers of government through the Federation Account.
The group nevertheless acknowledged that the policy produced an immediate cost-of-living shock, particularly through higher transportation and other consumer costs.
It said the central challenge was therefore to manage the social consequences of the reforms while maintaining the broader fiscal adjustments.
Wolimoh also defended the administration’s decision to move towards a more market-determined foreign exchange system in 2023.
According to him, consolidating multiple exchange-rate windows reduced opportunities for what he described as illegal round-tripping and improved transparency in the foreign exchange market.
He acknowledged that the naira subsequently depreciated sharply, contributing to imported inflation and increasing the cost of imported goods.
The PRA, however, maintained that the exchange-rate adjustment was necessary to rebuild foreign exchange reserves, improve market transparency and create conditions for attracting investment.
Wolimoh urged Nigerians to remain patient with the economic adjustment process, arguing that structural reforms often involve short-term sacrifices before their intended benefits can be realised.
“The children of those who starve themselves to build a home are the children of landlords today,” he said.
“Nigerians must endure this temporary restructuring as President Tinubu rebuilds a nation that suffered decades of policy neglect.”
The group called on older Nigerians to play a greater role in educating younger citizens about Nigeria’s economic history and the policy choices shaping the country’s current development trajectory.
