A public affairs commentator, David Adenuga, has urged President Bola Ahmed Tinubu to exercise caution over proposed tax measures reportedly recommended by the International Monetary Fund (IMF), warning that such policies could aggravate economic hardship and increase public dissatisfaction across the country.
Adenuga described what many Nigerians have termed “SAP 2.0” as a risky policy direction, arguing that plans to expand taxation, particularly on fuel and telecommunications services, are already generating widespread concern among citizens struggling with rising living costs.
Drawing comparisons with the Structural Adjustment Programme (SAP) introduced in 1986 under the military administration of former Head of State Ibrahim Babangida, Adenuga noted that the policy remains one of Nigeria’s most contentious economic reforms.
According to him, the original SAP programme, which featured measures such as currency devaluation, subsidy removal, trade liberalisation and privatisation, was intended to stabilise the economy but eventually became associated with inflation, declining purchasing power and worsening living standards.
He said the legacy of that experience continues to shape public opinion on current economic reforms, with many Nigerians viewing the latest IMF-backed proposals as a modern-day version of SAP.
Adenuga also recalled that the economic reforms of the late 1980s triggered widespread public protests, including the Anti-SAP riots of 1989, reflecting the level of resistance generated by the policies at the time.
The commentator stressed that many Nigerians are still grappling with the effects of recent reforms, particularly the removal of fuel subsidies, which has contributed to higher transportation costs, rising food prices and increased pressure on household incomes.
“The average Nigerian family is spending more on food, transportation, healthcare and education than ever before. Any additional tax on fuel or telecommunications will be seen as further hardship,” he said.
He warned that introducing taxes on fuel could drive inflation higher by increasing transportation and production costs, while additional levies on telecommunications services would affect millions of Nigerians who rely on digital platforms for business, education, banking and communication.
Adenuga argued that citizens ultimately judge economic policies based on their impact on everyday life rather than technical economic indicators.
“Governments do not lose elections because of economic theories. They lose when people feel their lives have become worse under their leadership,” he added.
While acknowledging the need for fiscal reforms, Adenuga urged the Federal Government to focus on reducing the cost of governance, plugging revenue leakages, improving public spending efficiency and strengthening productive sectors of the economy instead of imposing new taxes on essential services.
He maintained that any economic reform must take into account prevailing social realities to avoid deepening hardship and provoking public resistance.