12 Claims Kenneth Okonkwo Got Wrong or Oversimplified on Sunday Politics

Kenneth Okonkwo made several strong claims on Channels Television’s Sunday Politics, but many require more context. Falling inflation means prices are still rising, only at a slower rate. It does not mean prices have started falling. Likewise, the reported ₦15.8 trillion subsidy savings were not all received by the Federal Government, as states and local governments took a larger combined share. The rise in Nigeria’s debt stock cannot simply be described as fresh borrowing by President Tinubu. It also reflects the securitisation of earlier Ways and Means advances and the naira impact of foreign-currency debt. Savings from subsidy removal also do not erase spending obligations such as wages, debt servicing, infrastructure and power support. Claims that import-duty waivers were simply handed to the President’s wealthy associates need evidence. The exemptions reportedly included military hardware, CNG equipment, vehicles, medical supplies, manufacturing inputs and food interventions. The waivers should be scrutinised, but they should not be mischaracterised without proof. Domestic crude sold below global prices would still carry a cost to Nigeria through lost revenue. Dangote Refinery receives Nigerian crude, so the central issue is the volume, price and commercial availability of supply. Hardship remains real, but macroeconomic improvements in foreign exchange access, investor confidence and revenue allocations should not be dismissed as meaningless. The key question is whether governments are using increased revenues to improve citizens’ lives.

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