The Economic Recovery Plan 2024: President Tinubu Faces Pressure to Implement Oronsaye Report

The recent presentation of the 2024 budget to the joint National Assembly by President Bola Ahmed Tinubu has sparked considerable concern and apprehension among the staff of certain Ministries, Departments, and Agencies (MDAs). Inside sources have indicated that the President and his team are facing pressure to enact the recommendations of the Stephen Oronsaye report in order to make his budget of ‘Renewed Hope’ effective and feasible, particularly through staff reduction.

Economists and business analysts have voiced disapproval of the budget, asserting that it is unviable in the current inflationary environment in the country. Political and economic experts have suggested that in order for the budget to be efficacious, the President must streamline the government’s operational costs by reducing the workforce.

It has come to light that Tinubu had intended to implement the Stephen Oronsaye panel report before assuming office, a difficult decision which former President Muhammadu Buhari was reluctant to make in reviving the ailing economy. Specialists argue that drastic measures are necessary to revive the Nigerian economy, and Tinubu has already demonstrated his resolve by eliminating the contentious fuel subsidy.

Mounting pressure has led to calls for Tinubu to amalgamate certain ministries and agencies of the Federal Government in accordance with the recommendations of the Oronsaye panel. This has intensified the unease and apprehension surrounding potential job losses, increased taxation, privatization of public corporations, and the divestment of government assets.

Despite the pressure on Tinubu to implement the report, there are indications that he is hesitant to pursue another policy perceived as anti-people, despite the potential long-term benefits for the economy.

During ongoing budget deliberations, a member of the House of Representatives, Bello El-Rufai, urged President Bola Tinubu to incorporate the Oronsaye Report on ministries, departments, and agencies into the 2024 budget. This has prompted discussions on the likelihood of the house recommending the report’s implementation to the presidency while approving the budget.

The report recommends the abolition of 38 agencies, the amalgamation of 52, and the reversion of 14 to departments within ministries. Nevertheless, political-economic expert Marvelous Onyendu posited that implementing the Oronsaye reports would pose a formidable challenge for Tinubu due to vested interests. He noted that the dominance of the North and West in the civil service would make this task particularly delicate.

Tinubu has articulated intentions to overhaul the nation’s internal security architecture to bolster law enforcement capabilities and safeguard lives, property, and investments across the country. His administration also remains dedicated to fostering widespread and equitable economic prosperity, with a keen focus on overhauling social investment programs for the impoverished and vulnerable households.

The path to economic recovery is beset with challenges, and Tinubu’s decisions concerning the Oronsaye report will have far-reaching implications for the country as he navigates these complexities in the backdrop of his priorities of security, job creation, and poverty reduction as outlined in the 2024 Budget of Renewed Hope. It will be a development of considerable interest to monitor in the coming months.