While translating complex economic behaviours into mathematical models offers the promise of precision and objectivity, it can overlook the intricate realities of daily life. While comprehensive data analysis is undeniably crucial for informing sound economic policies, a solely “mathematical” approach can have limitations. The hardship this policy introduced was profound and widespread, plunging more people into poverty and distress—a reality that the economic models failed to predict or quantify. The quantitative data used to justify the subsidy removal did not capture the daily economic realities of the average Nigerian. The lesson from Nigeria’s subsidy removal highlights the need for a more holistic approach in economic policy-making.

Source: Nigerian Tribune June 26, 2024 05:39 UTC