A former Minister of Education, Dr. Oby Ezekwesili, and the Minister of Interior, Dr. Olubunmi Tunji-Ojo, on Monday clashed over the state of Nigeria’s economy during a panel discussion at the ongoing Annual Conference of the Nigerian Bar Association (NBA) in Enugu.
Ezekwesili raised concerns about Nigeria’s soaring inflation, warning that it disproportionately hurts the poor, who lack financial buffers. She criticised the government’s approach to subsidy removal, describing it as a “badman show” that worsened hardship.
“As of 2015, inflation was at 9 percent. By the time former President Buhari left office, it was 22 percent. It later rose to 33 percent and, though it is now cooling slightly, it remains at a level where the middle class is eroded,” she said.
Ezekwesili stressed that inflation management must remain the Central Bank’s core responsibility, adding that poorly executed reforms in a commodity-dependent economy like Nigeria’s have left the poor bearing the brunt of rising prices.
In response, Tunji-Ojo argued that Nigeria’s economic challenges were inherited and rooted in decades of underinvestment in infrastructure and production. He noted that previous administrations spent excessively on subsidies and debt servicing, leaving little room for capital expenditure.
“In 2022, Nigeria budgeted ₦17.12 trillion, but only ₦4.89 trillion went into capital projects. That same year, we spent $10 billion on fuel subsidy and $15 billion on forex subsidy—$25 billion in total. Meanwhile, 96.3 percent of our revenue was spent on debt servicing,” he said.
The minister added that the government is now prioritising investments in infrastructure and security to boost productivity. He criticised past choices, saying: “The economy is not stupid, but our priorities over the years have been stupid because we promoted consumption over production.”
Tunji-Ojo also highlighted reforms in passport application and processing under his ministry as part of broader efforts to reposition the country.
