In the views of the experts, expectations banked on the humongous amounts to be generated into government coffers via the newly introduced Tax  Reforms Law could not on its own bail out the country’s economy from the current poor state unless there is a quick reversal of the current level of profligate spending.

Both Dr Paul Alaje and Mr Ugo Onuoha asserted that Nigerians fared better under the Muhammadu Buhari administration in terms of the quality of living and purchasing power of the money at their disposal.

The two experts spoke while featuring as Guests/Discussants on the popular monthly interview discourse, Boiling Point Arena, hosted by a media professional and public relations strategist, Dr Ayo Arowojolu.

The current affairs programme was transmitted via Zoom and broadcast live on six radio stations across Lagos, Ogun and Delta States – WASH FM, Sweet FM, Roots FM, Eri-Nbe FM, Women Radio FM and Kruzz FM as well as a cable Television, NSTV on GoTV channel.

Topic of discourse for the 33rd edition was: “The New Tax Regime: Can Taxation Drive Development? What’s in it and What’s not in it for Nigerians?”

The event was chaired by a communication scholar and traditional ruler, the Olota of Ọta land, Prof Adeyemi Obalanlege.

Alaje is the Chief Economist at SPM Professionals while Ugo Onuoha, a development expert, was Managing Director/Editor-in-chief of Champion Newspapers Ltd.

The duo gave a scary forecast that if care was not taken, any hope of an early economic rebounce for Nigeria might take the next 10 to 15 years if the government did not jettison profligate spendings and revert to a low profile mode that would focus more on capital expenditures to benefit the populace.

READ ALSO: Why Nigerians must invest in Nigeria -Dangote

Said Alaje: “What has happened to our economy is that Nigeria entered into the trap laid down by our colonialists and their international financial institutions. Apart from the not well thought out subsidy removal, the government went through the devaluation route, the same route taken in 1986 by former President Ibrahim Babangida. What changed in our economy? Nothing but a suicidal route.

“More than 50 per cent of African countries have all devalued their currencies. Now, show me anyone of them that has developed as a result of currency devaluation. What has changed in their economy?

“What must come with devaluation is aggressive capital development but what we are seeing is that the government is doing opposite of it in concentrating on recurrent spendings.

“Were Nigerians not to have introduced the subsidy removal and currency floatation policies, Nigerians would have fared better than if these policies do not come to operation. There is poverty everywhere. But we can no longer be crying over spilt milk.

“Nigerians should forget what happened before 2023 when Tinubu took over. We should now be looking at 2023 till date. So, if I am comparing from 2023 till date, I will tell you the economy of Nigeria has gone. But once I move outside 2023 to 2022, then of course you know that the economy then was far better than what you see today.”

On the tax reforms policies, Alaje nonetheless, commended President Tinubu for the far-reaching initiatives but cautioned that any attempt to increase the Value Added Tax (VAT) or increase any form of tax to Nigerians in the immediate term, will be counter-productive and lead to hyperinflation.

For his part, Ugo Onuoha was of the view that government should concentrate more efforts in reflating the economy by putting more money in the hands of individuals and corporations rather than the governments at all levels cornering all the commonwealth meant for the people.

Onuoha said: “It is already clear to even the blind that at the outset of this Administration, the government made policies that were wrong-headed. The removal of fuel subsidy wasn’t well thought out. Safety nets were not provided, And that was the Achilles’ Hill. The issue of palliatives were just an afterthought and have been insignificant, no connect with the people absolutely.

“I am not in a hurry to be absolute about anything, but I am minded to align with Dr Paul Alaje that the policy decisions and implementations cannot be completely reversed. To reverse them would mean, for instance, going back to a litre of petrol at a price of N200 at the pump head or an exchange rate of between N400 and N500 at $1. I don’t see it happening.

“For me, concerning the tax reforms, 4% levy on the profits of businesses should be scrapped. Our government at all levels have not demonstrated capacity for prudent management of our commonwealth. VAT should remain as it is for the next five years at least while hike in capital gains from 10% to 15% should be suspended.

“With about 161 million Nigerians or about 75% of the population not currently sure of their next meal, who will be in the tax net? Above all, the profligacy of our rulers will make tax evasion and avoidance attractive. Generally speaking, President Tinubu’s tax reform efforts are commendable but the devil is in the details- weak digital infrastructure, the tendency to use tax consultants, ethical issues and corrupt personnel embedded in the system will be the albatross.”

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This coming Sunday, July 13, 2025, is date for the global online discourse which holds at 8 p.m. via Zoom and to be broadcast live on six radio stations across Lagos, Ogun and Delta states.

On the podium for the 33rd edition of Boiling Point Arena are two of Nigeria’s notable experts on finance, economy and public sector reforms, Dr Paul Alaje and Mr Ugo Onuoha, who are featuring as Guest Speakers/Discussants.

The topic of discourse is: “The New Tax Regime: Can Taxation Drive Development? What is in it and not in it for Nigerians?”

With an incredibly large online followership and wide listenership base, Boiling Point Arena is hosted by a media professional and public relations strategist, Dr Ayo Arowojolu.

READ ALSO: BRICS: Tinubu seeks re-evaluation of global governance structure

The duo of Dr Paul Alaje and Mr Ugo Onuoha are to offer perspectives on the concept of taxation and whether at this very point in time taxation can drive development amid excruciating hardship and poverty in the country.

Dr Alaje is the Chief Economist at SPM Professionals and an economic, financial, business and policy development consultant.

For his part, Mr Onuoha is a finance and development expert, notable columnist and a one-time Managing Director/Editor-in-chief, Champion Newspapers.

Foremost traditional ruler, the Olowu of Owu Kingdom, Oba Prof Saka Matemilola is the Keynote Speaker and Chair to herald the discourse on Sunday.

A well publicised discourse, Boiling Point Arena will be broadcast live on WASH 94.9FM, Sweet 107.1FM, Roots 97.1FM, Erimbe 92.1FM, Women Radio 91.7FM and Kruzz 92.9FM.

Boiling Point is a news and general interest group comprising of eminent personalities including over 300 professors, technocrats, industry leaders, High Court justices, traditional rulers, security top shots, media professionals and several others.

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The experts formed the consensus that the federal government already took the left foot forward when it hurriedly pronounced removal of petroleum subsidy without putting in place well-thought out and sustainable economic measures.

To the duo, life is already hard for Nigerians who have become victims of what they termed “visionless economic policies”, submitting that any further pressure on the people is capable of pushing the populace to the walls and might spark uprising of an unimaginable dimension.

Alaje, the Chief Economist at SPM Professionals, and Prof Aiyede, a lecturer at the Political Science Department, University of Ibadan, spoke on the popular monthly interview discourse, Boiling Point Arena Sunday night.

The current affairs programme which held on Zoom and was broadcast live on a radio station, Sweet 107.1FM, was hosted by media professional, Dr. Ayo Arowojolu.

A foremost traditional ruler, Oba(Dr) Adetoye Alatise, the Gbegande of Ososa-Ijebu, was the Keynote Speaker under a topic titled: “Nigeria and the Debt Trap – How Unbridled Borrowing is Pushing Nigeria to Insolvency and the Way Out”.

Alaje said “The inflation rate in Nigeria is increasing on a monthly, if not, daily basis and has now increased with about 34%. Food inflation is now already 40%.

“We do not need any soothsayer to raise the alarm that we are already walking on egg-shell. We need to quickly find policies that will reduce the impact on the people.

READ ALSO: Samoa deal: NMCC receives FG’s petition against Daily Trust, begins probe

“It’s a big challenge for the authorities. They must be careful so that people are not pushed to the wall and we need to quickly jettison anything that will make things harder for the people.

“There is nothing impossible. We must learn lessons from the Kenya uprising. Nigeria must avoid such occurrence. It is dangerous with our population. It is not what is desirable for us as a nation.

“Don’t forget that Nigerian youths have already had a taste of ENDSARS protests. We all must avoid every sort of thing that can lead to a protest or violence. For me, I don’t support any form of violence. Violence has no place in our role as professional economists. We are like prophets, we can only warn.”

Alaje also spoke about the implications of the country’s huge indebtedness to the World Bank, IMF and other international creditors on the seemingly uncontrollable inflation in the nation.

“The Central Bank of Nigeria unfortunately got it wrong in its bid to increase money supply. When you raise interest rates in an inflationary period and a country not productive and that is highly dependent on money devaluation as major source of income, rather than seeing inflation going down, unfortunately inflation will go up,” he submitted.

For his part, Aiyede criticized Tinubu’s economic policies as unorthodox and visionless, decrying the many manifest inconsistencies and trial and error measures that have impacted negatively on the economy.

Said Aiyede: “Tinubu really has to go back to the drawing board. What I see causing hardship to virtually all Nigerians is a government that is just floating. They are like Seamen and not Navigators. The seaman just want to float so that he can occupy office and enjoy the presence of the ship on sea whereas a navigator is supposed to lead the ship to a particular destination.

“I do not see this Tinubu government taking Nigeria anywhere. The president has a reputation for primitive accumulation. All we know is that the president has a lifelong ambition to be President of Nigeria and that is all.

“What we have found out is that the Office of the President is being operated as a dispenser of patronage. This is a tragedy. We cannot even meet the simple requirements of obtaining further loans in order to earn money from crude oil production because that has been mortgaged.

“We have a government that has muddled up everything with no responsiveness to issues. There is also no full disclosures on budgetary allocations and spendings.

“We have top players of the administration on jamboree and the crop of leaders behaving as prodigals who care not about consequences of their actions while in office and their likely place in history.

“Our president should take a cue from what is happening in Kenya. The government must take the well-being of the people seriously. Tinubu should not wave off the agitations of our youths who are now more involved in the politics of issues.

“He should go beyond looking for omnibus solutions. He should keep his promises which ought to truly renew hope and not dash our hopes as we see it presently.”

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The discourse will hold on Sunday, July 14, 2024, via Zoom and will also be transmitted live on a radio station, Sweet 107.1FM, for a two-hour duration.

On the podium for the 21st edition of Boiling Point Arena are two of Nigeria’s notable experts on economy and public policy reforms, Dr Paul Alaje, and Prof. Remi Aiyede who are the Guest Speakers/Discussants.

The topic of discourse is: “Nigeria and the Debt Trap: How Unbridled Borrowing is Pushing Nigeria into Insolvency and the Way Out.”

The once-in-a-month current affairs programme with an incredibly large online followership, is the brainchild of the convener, Dr. Ayo Arowojolu, a media professional with 34 years multi-varied work career spanning the media, banking and education sectors.

The duo of Dr. Alaje and Prof Aiyede are to offer perspectives unravelling the scam that led the country into the debt trap over the years by successive regimes and will in particular suggest how to stop the systemic culture of mortgaging Nigeria’s tomorrow on the altar of today’s frivolous spending.

READ ALSO: Ayinke House records 2,500 child deliveries monthly –CMD

Alaje is the Chief Economist at SPM Professionals and an economic, financial, business and policy development consultant.

Aiyede is Professor of Political Institutions, Governance and Public Policy at the University of Ibadan and a Fellow of the Pan-African Scientific Research Council.

He is also an alumnus of the Fulbright Study of the US Institute of National Security Policy.

A foremost traditional ruler, the Olowu of Owu Kingdom, Prof. Saka Matemilola, is expected to deliver a keynote speech to herald the discourse, in his capacity as Chairman, Boiling Point Council of Royals and Elders.

According to a statement by the Chairman, Organizing Committee for the programme,  Dr. Eddy Ademosu, one of Nigeria’s Public Relations icon, the interview discourse will in particular point the way forward for reinventing the nation’s economy.

Ademosu commended the management of Sweet FM, chaired by its promoter, Senator Olugbenga Obadara, for identifying with worthy causes through partnering with the Boiling Point platform to widen the audience reach of the programme through its terrestrial and online channels.

Boiling Point, a news and general interest group comprises an array of eminent personalities including over 300 Professors, technocrats, industry leaders, High Court Justices, traditional rulers, security top shots, media professionals and several others.

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Painting a grim picture of likely negative consequences of recent policy changes devolving from subsidy removal and unification of the foreign exchange market, the experts warned that the economy might collapse unless desperate efforts were made to intentionally increase local production with more exports.

The panelists, Dr Biodun Adedipe, Mr Kehinde Sogunle and Mr Paul Alaje, took turns to canvass their submissions in the two-hour online interview discourse which took place via Google Meet and transmitted live by an Abeokuta-based radio station, Sweet 107.1FM.

READ ALSO: Boiling Point: Kperogi faults Tinubu on subsidy removal, says why

The topic of discourse was “The Current State of Nigeria’s Economy: Can Nigerians Breathe and Survive”.

Speaking on how Nigeria got into the present economic state, an economist, Mr Paul Alaje, noted that the successive economic policies of various governments over the past years were what brought the country to its current economic downturn.

Alaje said: “Nigerians are being punished for our economic sins. We got here because of wrong choices, we got to this point because many of our people are not asking questions and are thinking that things will soon get better.

“We need to make correct economic decisions for us to be forgiven. Nigeria should make policy that some of the things we are importing we should be producing. We have to multiply our export. There is no two way to it.

“What Nigeria needs is a structural solution, not a financial solution. These policies should go beyond monetary. Our economic decisions are not just not right, making policies that further devalue our naira and the so-called unification,” he said.

Another Guest Speaker, Mr Kehinde Sogunle, erstwhile finance commissioner in Ogun State submitted that Nigerians must study community economics which means engaging in government to create strategies for penetrating for penetrating the international market.

He noted: “The logic is that unless we approach the fundamental which is increasing our local production and to create trade balance, all this monetary approach will not work.

“All that government is doing now is playing a global economic game which we can’t play with them. It will always fail. Price is a function of demand and supply.

“First of all, we need to moderate our tastes as Nigerians. No local tastes anymore but everything is foreign and all these are putting a lot of pressure on our taste. Unless we can change our style in consumption. Food is number one. clothing is number two. If you check what people are wearing and eating. You will be alarmed.”

Speaking on the way out, Sogunle said what had “further compounded our problem as a nation is the absence of think-thanks who should do convergence, giving the realities and forging directions.”

On his part, Dr Adedipe, an Investment Banker and Financial Consultant, while aligning with Mr Sogunle, opined that the different communities and local government area would need to have policy anchors which they would be noted for.

“We will need to have policy anchors and build different economic clusters in different communities and thereby creating jobs. Each community or local government must have something they are adding economically. This is what will aggregate to the state and the country at large,” he argued.

Dr Adedipe also called for a global strategy that will factor Nigeria competing in the areas of comparative advantage based on the peculiar natural endowments in the country.

The interview discourse was chaired by a traditional ruler, the Olowu of Owu Kingdom, Oba Saka Matemilola, who enjoined eminent financial experts to put their ideas together and collectively suggest to the government sound economic policies capable of bringing Nigeria out of the woods.

Speaking while delivering a vote of thanks, the Initiator and Convener of Boiling Point Arena, Mr Ayo Arowojolu, a seasoned media professional, emphasized that the task of revamping the country’s economy was a task for all and should not be left alone to government.

The post Boiling Point: Nigeria’s economy may remain bad if… –Experts appeared first on Frontpageng.

The trio are to walk the audience through Nigeria’s past economic blueprints starting from the oil boom era of the 70’s which positioned Nigeria as a potential economic giant, the economic doom that plagued the Second Republic era, the Structural Adjustment Programme of the Ibrahim Babangida regime up till the current emerging economic agenda of the Tinubu administration.

The interview discourse will in particular brainstorm on the debilitating effects of the economic agenda currently being implemented stemming from removal of oil subsidy and devaluation of the Naira, with a view to proffering lasting solutions capable of bringing the country out of the doldrums and thereby rescue majority of Nigerians out of the poverty trap.

Boiling Point Arena, the ninth in the series, which will hold online on Sunday July 9, 2023 via Google Meet is expected to be transmitted live by an Abeokuta-based radio station, Sweet 107.1FM,  for the two hour duration from 8 p.m. to 10 p.m.

The discussants are corporate finance expert, Dr Biodun Adedipe; economic development specialist and erstwhile finance commissioner in Ogun State, Mr Kehinde Sogunle, and an economist/finance expert, Mr Paul Alaje.

Boiling Point Arena, a monthly current affairs programme with an incredibly large online followership, is the brainchild of the Initiator and Convener, Mr. Ayo Arowojolu, a media professional with 33 years multi-varied work career spanning the media, banking and education sectors.

In a press statement, Chairman, Organizing Committee for Boiling Point Arena, one of Nigeria’s foremost Public Relations icon, Mr Eddy Ademosu, enjoined members of the public to join the conversation so as to cross-ventilate ideas and proffer solutions to move Nigeria forward.

Ademosu commended the management of Sweet FM, chaired by the CEO, Senator Olugbenga Obadara, for identifying with worthy causes through partnering with the Boiling Point Arena to widen the audience reach through its terrestrial and online channels

Boiling Point is a news and general interest platform for informed discussions, viewpoints and commentaries on governance and national development issues.

The platform comprises an array of eminent personalities including over 200 professors, technocrats, industry leaders, High Court justices, traditional rulers, security top shots, media professionals and several others.

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