Tough Economic Decisions: Between Charles De Gaulle And Bola Tinubu

Tony Ademiluyi

IT is no news that the naira has been devalued by about 15 per cent. Basic economics teaches that the raison d’etre behind any devalua on is to massively encourage exports that thrive be er with a weaker currency.

However, it is economically suicidal for it to happen in an import-dependent economy like ours. We are so import dependent that we even shamelessly import toothpicks.

The naira has fallen to over 800 naira to 1USD as at the last me I checked yesterday which portends a dangerous signal for the frail economy.

It is not in doubt that President Bola Tinubu means well for the country but is clearly misunderstood to be somewhat sadis c given the short-term pain his policy of fuel subsidy removal is currently causing. I want to assure Nigerians that the pain is only for a short while which will be overshadowed by the gains of saving of funds from the funds that would hitherto have been spent on the subsidy.

About 400 billion in less than two months has already been saved from subsidy which is a very good sign of great things to expect from the Bola Tinubu-led administra on.

Many cri cs of the ‘abrupt’ subsidy removal cri cize Tinubu for not providing his countrymen with some pallia ves.

I daresay even though I haven’t met Asiwaju in person that he has nothing but good inten ons for his people. ‘Bolekaja’ Economists and hustler ‘public policy analysts’ who dote the social media landscape as well as having a huge presence online portray Asiwaju’s lack of provision of pallia ves as an -people.

I vehemently disagree with the palliaves op on as it only works in much smaller countries and economies.

The pallia ves which include condional cash transfers was a gargantuan flop in India and China, so why should Tinubu implement a failed policy on an equally large popula on like Nigeria’s?

Cri cs can only be jus fied to say that Asiwaju is inept and incompetent if the 400 billion naira saved from the previously planned subsidy payment is fri ered away or siphoned like is the norm with ‘governance’ in Nigeria.

Charles De Gaulle of France and Tinubu share some similari es. They were both liberty fighters albeit of a different hue. De Gaulle was a dis nguished soldier and fought many ba les most notably World War II where together with the other allied forces of the United States, United Kingdom and the defunct Union of Soviet Socialist Republics defeated the Axis forces led by Nazi Germany. Tinubu was a pro-democracy fighter who joined the barricades from the streets of Lagos. They both fled into exile to the UK. De Gaulle went on a self-imposed exile to the UK on June 15, 1940, because he refused to accept the

French government’s armis ce with Adolf Hitler’s Germany. Tinubu also fled to the UK because the then-murderous General Sani Abacha-led government marked him for assassina on because of his commi ed involvement in the June 12 de-annulment struggle. They both made effec ve use of the radio during their years in exile. De Gaulle used the enormous reach of the Bri sh Broadcas ng Corpora on to rally support for France during World War II and he famously told his countrymen on June 18 1944 that “Whatever happens, the flame of French resistance must not be exnguished, and it will not be ex nguished.”

Tinubu used Radio Kudirat to rally the pro-democracy forces both in the country and Diaspora for the mandate of the late presumed winner of the June 12 elec on, Chief M.K.O. Abiola to be restored and for the military to immediately return to the barracks where they truly belong to.

They both emerged as leaders at a me both countries were at their lowest ebb.

Osun Defender

Publisher – Moremi Publishing House Ltd.

Deputy Editor – Ismaeel Uthman

Produc on Editor – Petkola Taiwo Ibitowa

Reporter – Yusuf Oketola

Reporter – Kazeem Badmus

Photo Journalist – Shola Aderinto

Computer Graphics – Zainab Olalere

De Gaulle famously said: “How can you govern a country which has 246 varie es of cheese?” to aptly describe the terrible economic, and poli cal situa on of France which necessitated the need for a strong leader. Tinubu also emerged under similar circumstances in Nigeria, no thanks to the inept poli cal leadership of his predecessor and economic hara-kiri of Godwin Emefiele unarguably the na on’s worst CBN Governor.

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De Gaulle had to take decisions that were first perceived as economically unpopular but later viewed by pundits as well as economic historians as being in the best interest of France.

From March 22nd to May 2nd 1968, there was civil

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