Asiwaju Olayinka Fasuyi, management consultant and community leader has praised President Bola Tinubu’s economic reforms, describing them as a decisive break from Nigeria’s decades-long cycle of borrowing for consumption.
Speaking during an interview on Arise Morning Show and at engagements in Ibadan, Fasuyi said the government’s insistence that Nigeria must produce what it consumes is shifting the nation’s economic narrative from dependence on imports and ballooning debt to sustainability.
“When a country borrows to finance consumption, it mortgages its future. But when borrowing is channelled into production and infrastructure, the nation prospers,” Fasuyi said, noting that much of Nigeria’s ₦149 trillion debt profile—73 percent of which is domestic—was accumulated to fund consumption.
He pointed to the Dangote Refinery as a symbol of the new direction. “Nigeria, a crude producer, long exported raw oil only to import refined products at great cost.
The refinery has changed that equation. Filling stations once marked by endless queues are suddenly free, and refined petroleum is flowing not only across Nigeria but also into neighbouring markets. The savings are massive,” he said.
ALSO READ: Tinubu reaffirms push for constitutional reforms
On agriculture, Fasuyi urged consistency, stressing that “if Nigeria grows what it eats, the naira will stabilise, purchasing power will improve, and the economy will find firmer footing.”
Beyond economics, Fasuyi highlighted Nigeria’s broader development journey—from a population of 63 million at independence to over 230 million today; from limited universities to hundreds; and from regions to 36 states.
“We may not be where we desire,” he reflected, “but no society remains static. Growth is relative, and we have indeed moved forward.”
He called for Nigerians to see governance as a partnership, welcoming the Supreme Court’s recent ruling on local government financial autonomy as a chance for grassroots-driven change. “Communities hold enormous social capital. If tapped, it can transform Nigeria,” he said.
Dismissing fears of external sabotage, Fasuyi said loans were not inherently harmful. “The problem is not borrowing—it is what nations do with the funds. China still borrows. The difference is discipline. Nigeria must follow suit,” he added.
As he prepares to mark his 70th birthday in Ijesaland with nine days of cultural, spiritual, and developmental events, Fasuyi said he views his milestone as both a personal blessing and a call to action.
“Attaining 70 is a dream fulfilled. My joy is to use this milestone to further champion inclusive and sustainable development.”
For Fasuyi, Nigeria’s path is one of cautious optimism. With disciplined leadership, participatory governance, and citizens committed to production over consumption, he said, the nation is finally edging onto the right track.
Crediblenewsng.com
