"In the World of Economics, Every Decision Has Its Consequences" - A Deep Dive into Nigeria's Economic Conundrum and Tinubu's First 100 Days.

“In the middle of difficulty lies opportunity.” - Albert Einstein. This quote resonates deeply when one ponders the current state of the Nigerian economy. The debate rages on: to devalue or not to devalue the Nigerian naira (NGN)? The proposition by Peter Obi, suggesting a devaluation to N500.00 NGN to $1.00 USD, polarizes economists and stirs heated conversations.

The Pros of Devaluation:

“Every strike brings me closer to the next home run.” - Babe Ruth. Some economists believe that just like a batter striking out, devaluing the NGN might seem a setback but can lead to bigger gains. Their arguments centre on competitive exports and the promotion of domestically produced goods, resulting in potential job creation and diversified economic avenues.

The Cons of Devaluation:

“If inflation is the genie, then deflation is the ogre that must be fought decisively.” - Christine Lagarde. Critics warn that devaluation might unleash the inflation genie out of the bottle, affecting every Nigerian, especially the underprivileged. Moreover, the challenge of businesses finding it pricier to borrow might hinder economic growth.

While the incumbent government juggles these issues, the looming foreign debt adds pressure, exemplifying Thomas Jefferson's caution, “Never spend your money before you have it.”

Switching focus to President Tinubu’s first few months in office, the landscape of expectations is vast. His commitment to battling economic tribulations and addressing security concerns deserves attention.

"The best way to predict the future is to create it." - Abraham Lincoln. Tinubu seems to embrace this philosophy, with a slew of measures such as abolishing fuel subsidies, reshaping the tax structure, and injecting funds into infrastructure.

"Safety and security don't just happen; they are the result of collective consensus and public investment." - Nelson Mandela. On security, Tinubu's approach aligns with Mandela’s wisdom. By bolstering the security forces and addressing the roots of insecurity, he underscores a holistic approach. Yet, the shadows of terrorism and banditry loom large.

"Education is the most powerful weapon which you can use to change the world." - Nelson Mandela. President Tinubu’s pledge to enhance the education sector reflects this sentiment. While he sets out with good intent, actualizing this vision remains a significant task.

In summation, gauging President Tinubu’s first 100 days, and borrowing from the words of Winston Churchill, “It is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” His initial score may stand at 75 out of 100, with the caveat of time being the ultimate judge.

In the dynamic world of governance and economics, Nigeria stands at a crossroads. As John F. Kennedy wisely said, “Our problems are man-made, therefore they may be solved by man.” The choices made today will shape Nigeria's tomorrow.

Thank you.

Aderogba Otunla