Tinubu: One year after

THE Minister of Budget and Economic Planning, Atiku Bagudu, at the Ministerial Sectoral Update held in Abuja as part of activities marking the May 29, first anniversary of President Tinubu in office, announced that the anniversary celebration of President Bola Tinubu would be low-key. Also speaking at the event, Secretary to the Government of the Federation, Senator George Akume, said that the Federal Government apologised to Nigerians for the pain and economic hardship being experienced in the country. He noted, however, that the policies of the Tinubu-led government were on track. He said that in spite of the currency crisis and inflation, which had frustrated economic growth, things would get better. President Tinubu, marking his first year in office, has outlined policies and initiatives aimed at establishing a strong foundation for sustainable economic advancement and prosperity for all Nigerians. The administration, operating under the banner of the ‘Renewed Hope Agenda,’ identified eight key priority areas designed to drive economic growth and enhance prosperity for Nigeria. Despite these efforts, challenges have emerged since the government assumed power in May 2023.

In practical terms, the government increased the price of petrol by eliminating subsidies, devalued the Naira by unifying the foreign exchange market across all platforms; implemented fiscal expansion, and raised the debt stock through additional borrowings. These policies have not been people-friendly. They have triggered food inflation and millions of Nigerians have not been able to feed. Poverty and want have come to dominate the life of ordinary Nigerians who have become demoralised and frustrated. The decision to float the Naira was aimed at enhancing exchange rate flexibility and stimulating economic growth. However, the volatility in the foreign exchange market has had unintended consequences for businesses and consumers. The fluctuating exchange rates have disrupted import-export dynamics, increased production costs, and heightened price instability, affecting businesses’ viability and consumers’ purchasing power. The lack of effective exchange rate management strategies and currency stabilization measures has exacerbated economic uncertainties and contributed to the challenges faced by Nigerians.

The sudden and comprehensive removal of subsidies, particularly on an essential commodity like petrol, has had a direct impact on the cost of living for ordinary Nigerians. The sudden hike in prices has exacerbated inflation, eroded purchasing power, and placed a heavy burden on households already grappling with economic challenges. The lack of adequate social safety nets and targeted interventions to cushion the effects of subsidy removal has further deepened the economic strain on vulnerable populations, leading to widespread hardship and discontent. Subsidy removal could have been gradual with measures to address the resultant challenges put in place. Plunging citizens into sudden and deep hardship has made them suspicious of the government’s intentions, given their economic experiences with the previous administration of the All Progressives Congress (APC). That administration was marked by high inflation, increased youth unemployment, rising poverty and worsening insecurity.

Acknowledging the hardships faced by citizens is not enough. The government needs to reassess these policy measures and embrace a holistic approach to economic management and social protection. Addressing the structural deficiencies in policy implementation, strengthening social safety nets, and prioritising inclusive economic policies are essential steps towards alleviating the pain experienced by citizens. Upholding social cohesion, fostering inclusivity, and ensuring governance integrity are critical imperatives for Tinubu’s leadership. Addressing social inequalities, promoting transparency and enhancing accountability are essential for building trust, enhancing governance effectiveness, and fostering a sense of national unity. Tinubu must demonstrate a commitment to ethical leadership, responsive governance, and social justice to overcome divisions, promote unity, and advance the collective welfare of the Nigerian people. Still, President Tinubu demonstrated the attributes of a listening leader by making changes at the behest of Nigerians. He has on occasions, such as on the cybercrime levy, appointment of Governing Council members for universities and the suspension of a minister, reversed himself. He has tried to bring even members of the opposition on board. But many of his appointees have not emulated his civility: they respond to criticism with insults and some have used their privileged position to infringe on the rights of journalists by abusing access to the police.

The economic challenges confronting Nigeria demand bold reforms, innovative solutions, and a clear development agenda. Tinubu’s leadership has been called upon in the last one year to revitalise the economy, create jobs, and foster sustainable growth amidst fiscal constraints and structural impediments. His reform priorities do not seem to have clarified a path towards economic recovery and prosperity for all Nigerians. The challenges facing Tinubu are formidable, yet surmountable with visionary leadership, strategic planning, and unwavering commitment to the common good. Tinubu needs to inspire confidence and lead Nigeria towards a brighter future by embracing proactive leadership, inclusive governance, and sustainable development policies.

The economic difficulties Nigeria is currently facing necessitate courageous reforms, creative and people-centred solutions, and a well-defined development strategy. Tinubu’s leadership has been put to the test over the past year to rejuvenate the economy, generate employment opportunities, and promote enduring growth despite fiscal limitations and structural obstacles. The sequence and priorities of his reform agenda do not appear to have clearly outlined a roadmap toward economic recovery and prosperity for all Nigerians. While Tinubu encounters significant challenges, they are not insurmountable with visionary leadership, strategic planning, and a steadfast dedication to the welfare of the populace. By transcending hurdles, instilling confidence, and steering Nigeria towards a promising future, Tinubu has the potential to inspire positive change. Embracing proactive leadership, inclusive governance, and sustainable development strategies will be paramount.