It’s President Tinubu’s 365 days in office as President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria. The 16th Nigerian to so be. President Tinubu hit the ground running from day one just while he was being inaugurated into office, he announced to Nigerians that fuel subsidy had already been removed. The announcement came as a rude shock to many Nigerians, but considering the macro and microeconomic implications of the removal, patriotic and well-meaning Nigerians believed then that the positive implications of the policy would overshadow or outrightly override its negative impacts and make Nigerians to be better off in just a matter of time.
Some of these implications include: freeing up the enormous financial resources for other sectors of the economy; incentivizing domestic refineries to produce more petroleum products, reducing Nigeria’s dependence on imported fuel, increasing employment opportunities, channelling funds for the development of critical public infrastructures, reducing the budget deficit and generating a budget surplus in the near future, reducing government borrowing, curbing corruption associated with fuel subsidy payments, increasing competition, reinvigorating domestic refineries, and reducing pressure on the exchange rate.
President Tinubu, a refined Nigerian politician and administrator per excellence, with sound understanding and knowledge of economics and governance, governed Lagos State for eight years between 1999 and 2007, and he did excellently well by rediscovering, redefining and redesigning Lagos State, and putting her on a pedestal of continuous growth and development. Since he left office in 2007, that State has been on an upward thrust till today. As at today, it has the 4th highest GDP in the whole of Africa. Indeed, his immediate successor, H E Babatunde Raji Fasola attested to the ingenuity of this rare gem Nigeria is blessed and privileged to have as her President at this critical stage of our political evolution.
Recognizing the need to tackle corruption headlong if he must succeed as the leader of the giant of Africa, and his various policies have direct bearing on the ordinary Nigerians, President Tinubu reinvigorated the EFCC with new management team for better performance. As expected, some of the effects of his policies have started manifesting, which includes, but not limited to the following: Reduction in fuel importation into Nigeria by 58% already, and still reducing; Crude oil production has risen from one million to 1.3 million barrels per day while local refining has gone up by about 32%, a situation which has made Nigeria to regain her position as Africa’s top oil producer.
Nigeria now has a trade surplus of N1.88 trillion, a first since the second quarter of 2018; Nigeria’s GDP, according to IMF is predicted to grow by 3.34% in 2024 up from 2.86% in 2023; each state now gets at least 45% more Federal Allocation with Nasarawa almost getting 100% and Anambra 70% more; Nigeria’s continental shelf has been expanded in line with the United Nations Convention on the Law of the Sea (UNCLOS), 1982 and Nigeria has gained territory for the first time since 2002 when we lost Bakassi; four Nigerian Ports have been completely upgraded with capacity to receive Very Large Ships (VLS) including Lekki Port, Apapa Port, Tin-Can Island Port and Onne Port in Port Harcourt.
The administration has also introduced Students Loan which students are expected to start accessing from May, 2024. One million Nano Business Owners currently receiving N50,000 each monthly and Port-harcourt – Aba Railway completed already. FCT is now a totally transformed City, a wonder to behold , under the watch of H E the Hon. Minister of FCT, Nyesom Wike. The Federal Capital is already wearing a new look. Umahi is not taking things easy either on the development of road infrastructure in every nook and cranny of the country. Nigerians are gradually seeing dividends of democracy pouring in. All the APC Governors are performing excellently well in their various states to impact the lives of their citizens.
It is pertinent at this point to remind Nigerians that removal of the subsidy on fuel was actually promised by candidates of almost all the major political parties in Nigeria during the electioneering campaigns, but how and when were not addressed in details by anyone of them. So, while some believed it was a welcome decision, some criticized the action on the premise that the President ought to have put some palliatives in place to cushion the effects of such a policy. Well, one year after the removal, Nigerians have fared better under the policy. The trillions of Naira gained from removal of fuel subsidy have, no doubt, started positively impacting on Nigerians gradually.
The infrastructures are being improved upon. There have been clear and noticeable improvements in security, education, commerce and industry, agriculture, aviation, power, roads etc. Workers’ salaries are receiving attention for the needed raise by government to ameliorate the impacts of the fuel subsidy removal. As for the market women and others in non formal sectors of the economy, the government should come up with measures to address these sets of Nigerians, and also control inflation within the system. All these are necessary for the government of President Bola Ahmed Tinubu to address as a matter of utmost urgency.
The administration also came up with other reforms on foreign exchange market such as the unification of all segments of the official forex markets on June 14, 2023; removal of the allowable limit of exchange rate quoted by International Money Transfer Operators (IMTO) to boost liquidity through the willing buyer, willing seller model; the limit placed on the repatriation of proceeds by International Oil Companies due to its impact on FX liquidity. For instance, the exchange rate between the naira and the dollar closed on 10th May 2024 at N1,466/$1, reaching a two-month low as dollar continues to outpace world currencies. The Naira’s exchange rate has now weakened by a significant 26% since reaching its strongest point of N1,072/$1 in April when it was declared the best performing currency by the apex bank. This confirms that all the gains recorded in April have been totally erased. Which way forward for Nigeria? As at 20th of May 2024, the naira was quoted as low as N1,532.43/$1 at the parallel market where the exchange rate trades unofficially.
Nigeria has made a lot gains and progress as a result of the various policies introduced, but the Honourable Minister of Information and others in charge of the information architecture of this administration should make it a point of duty to constantly inform, educate and enlighten Nigerians from time to time on the projects, programmes and activities of government in relation to the economy and timelines so Nigerians would know what’s responsible for what they are experiencing per time, and when it would end. As long as people have clear knowledge of what the government is doing at any given time, and the benefits accruable from such policies and projects, criticism of such policies by the people will most likely be reduced to the barest minimum.
We call on Mr. President to do everything humanly possible to ameliorate the suffering of Nigerians as a result of these necessary, but very harsh policies. Hunger is everywhere in the land. Nigerians are going through the toughest of times. The political class should come up with programmes and engagements that would urgently reduce the impact of inflation on the people. Food items are no more accessible to the common man. Food prices have all skyrocketed. The poor in the land are crying, and should also be allowed to breathe, Mr. President.
We know that Mr. President is trying to lay a formidable foundation for the nation’s economy and at the same time chart an irreversible course for a state of permanent prosperity and abundance for Nigeria, but there are a lot of people within your fold who are working for the downfall of your government, sabotaging the good works you are doing. These sycophants should be fished out and shown the way out before it’s too late. They are not representing the government with good intentions. 2027 is around the corner. There is the urgent need to begin to put the house in order so the party and the government won’t be taken unawares by the opposition.
To worsen the already terrible economic woes and hardship in the country, electricity tariffs were increased arbitrarily and this has made the administration of President Bola Ahmed Tinubu to look like one that is not in tune with the realities on ground among the people. There have been calls by the organised labour and other labour unions for total reversal of the withdrawal of subsidy which makes a Band A customer who used to pay N68/kWh to now be paying N225/kWh. Nigerians are not smiling at all as a result of the multiplier effects of the withdrawal on them.
One other very sensitive issue Mr. President must look into urgently is the issue of support groups. One solid year after sacrificing everything they had to support and make sure H.E Senator Bola Ahmed Tinubu became the President of the Federal Republic of Nigeria, support group leaders are yet to be given Presidential hand shake in recognition of all they did, talk less of giving them appointments, contracts or other remunerative considerations. Members of the Obidient group, the PDP and those who physically worked against the APC and Mr. President during the 2023 general elections were being given appointments and being seen to be enjoying other privileges in the same government these support groups worked for. Not ordinary presidential handshake has been extended to them in appreciation of the great job they did by delivering victory to the Party and standing by the victory to the end.
State Governors should complement the efforts of Mr. President by supporting him fully at the grassroot during these trying times. All the billions of Naira being sent to the states since the removal of fuel subsidy should be judiciously utilised to provide succour for their people so the effect of this hardship would be hugely assuaged.
Nigeria is our nation, we have a responsibility to make it work by all means and it must work.
God bless our dear President, H.E Senator Bola Ahmed Tinubu, GCFR;
God bless our Vice President, H E Kashim Shettima, GCON;
God bless the NWC and all Party faithfuls of the All Progressives Congress (APC);
God bless “All APC Support Groups” (AASG)
God bless the Federal Republic of Nigeria.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
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