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ONE YEAR AFTER: THE LEGACY MAN AND HIS STRIDES

 * May 28, 2024


One year after being in the saddle, President Bola Ahmed Tinubu will be the
first person to admit that the ride has been bumpy.

He is also the first to say he is unfazed by the turbulence as he remains
focused on the marathon of the next three years. The past year has been months
of baby steps, months of laying the foundations for the next three years of
canter.

As Nigeria’s 16th President, Tinubu, during his campaign for the office, said he
would make difficult decisions and that running the country would not be
business as usual.

From day one, he sought to fulfill his promises, beginning from his earthshaking
‘subsidy is gone’ announcement at the Eagle Square, on the day he was sworn in.

The announcement reverberated around the country and beyond. He was not just
actualising a promise he made. He was also affecting the consensus of all the
major candidates in the 2023 election that the several decades old, wasteful
subsidy must end.

His administration followed this up with the decision to harmonise the
foreign exchange rates. The multiple exchange rates executed under his
predecessor had given room to various abuses, among which was arbitrage, where
people close to the power loop made humongous money, getting forex at the
official rate and offloading it at the so-called parallel market for almost 100
percent profit.

Both the International Monetary Fund and the World Bank advised the Nigerian
government to end the policy, to no avail, as forex obligations piled up, FDI’s
dried up, and investors shunned Nigeria. Tinubu knew that to reset the economy
and build renewed confidence locally and internationally, there must be a policy
change.

He took the measure, just as he promised during the campaign, with the
government announcing that it wanted to harmonise the rates in ‘weeks’. The
financial world took notice that Nigeria is at the cusp of great change.

Although it has taken months to achieve the harmony, with the Naira in the
interregnum, taking a massive bashing from the dollar. The heavily hurt currency
at a stage fell to about N1,900 to the dollar, with the naysayers and the
opposition predicting a total destruction of the currency.

Their wish did not come to pass, as the currency rebounded to earn global
acclaim as the world’s best performing currency. After weeks of amassing muscle
against the US dollar, the Nigerian currency weakened again.

Now, the monetary authorities are working hard to ensure the currency did not
fall into the abyss like it did in February, before the rebound.

Together with the abrogation of the subsidy regime, the forex harmonisation
policy triggered an inflationary rage, with food inflation hitting unprecedented
levels. Cost of living rose countrywide.

Some analysts, however, blamed the inflation on other factors such as insecurity
that prevented farmers from going to farm and the poor state of roads, that
escalated transportation costs, pushing up the costs of virtually everything.

The administration responded on many fronts with a raft of ameliorative
policies. Last December
, it offered subsidised bus transport and free train service to Nigerians going
home for Christmas and New Year.

The subsidy was also offered for the return journeys. Over 200,000 Nigerians
benefited from the bus service.

In agriculture, the government declared a food emergency, launched a massive dry
season farming in important crops such as wheat and maize, along with assisting
farmers with N100 billion worth of fertilisers.

The government released 43,000 metric tonnes of grains in the reserves and
bought another 60,000 metric tonnes of rice from local millers for distribution
to the people. States, rich individuals, National Assembly members joined in
distributing food and cash to the vulnerable millions in the country. For
months, food inflation resisted all the measures, hitting 33 percent in April.

Government also rejected the panicky measure of importing food, reposing
confidence in the Nigerian farmers, that from their yields, Nigeria will
overcome its food crisis. In recent weeks, the news from t
he markets has been that some food prices are going down.

As part of the ameliorative measures, the Tinubu administration announced wage
awards of N35,000 to Federal workers to enable them cope with food inflation and
transport costs, as it works out a new national minimum wage.

It announced in July last year the Presidential CNG Initiative. Under the
programme, that will herald a new industry and new jobs, hundreds of buses and
tricycles, which will be powered by Compressed Natural Gas(CNG), will be locally
assembled for countrywide rollout. Some of the vehicles will be electric for use
in some Nigerian states, where CNG is not readily available.

A panel to drive the vision was inaugurated in October 2023. However,
bureaucratic delays slowed its procurement work. A large number of the buses and
tricycles will be available as part of the ceremonies to mark the first
anniversary of the Tinubu administration.

Businesses were not left out of government’s mitigation measures. The Bank of
Industry, in conjunct
ion with Federal Ministry of Industry, Trade and Investment, is implementing
Presidential Conditional Grant Programme for nano businesses.

Disbursement of N50,000 each to the applicants that registered began in April.
Beneficiaries included retail marketers, corner shop owners, petty traders,
market men and women, food and vegetable vendors, vulcanisers and and
shoemakers. Over 1,000,000 nano businesses are targeted.

To help big businesses, Government announced an aid package of N1billion each to
75 of them.

The Tinubu government also approved $617 million for up-skilling Nigerian
youths, providing startup funding, catalytic infrastructure, and policy
advocacy. Youths with digital skills are now registering to benefit from the
fund, being administered by the Bank of Industry.

In a country with 200 million people and tax to GDP ratio of less than 10 per
cent, President Tinubu knew from day one, that it will be difficult to make any
great, historic impact, if he fails to tinker with the tax structure and br
ing more money into the national purse.

He, therefore, announced his plan by setting up the Oyedele Committee on Tax and
Fiscal Policy Reform, which is winding up its work and has recommended
far-reaching reforms in the tax regime.

President Tinubu also changed the leadership of the Federal Inland Revenue
Service (FIRS) to plug revenue holes and introduce creative ways to increase
revenue without necessarily overburdening the people. The result has been
astonishing.

Government now takes 50 per cent of the revenue of the MDAs, with record N840
billion recorded in the first quarter.

The NNPC was ordered to remit its dollar earnings into CBN. Revenue inflow
generally is increasing. FIRS is working towards increasing the percentage of
tax to GDP to about 20 per cent.

The inflow of money is making the Tinubu administration dream big and plan big.

With Renewed Hope Infrastructure Fund due for launch, the government is already
embarking on legacy projects, such as the 700 kilometre Lagos-Calabar Coastal
Superh
ighway, which began in March.

Government also plans to reactivate the Sokoto Illela-Badagry Superhighway,
which was abandoned in 1976. Many roads and bridges in state of disrepair are to
be refurbished. There are plans for rail.

Funding for the Ibadan-Abuja-Kaduna rail is being arranged. Port
Harcourt-Maiduguri rail will be resuscitated while the Kano-Katsina-Maradi rail
line, started by the Buhari administration will be completed with $2billion
dollar loan already secured.

Government has not been short about rolling out several policy initiatives, from
the issuance of travelling passports, which has been made quicker, to the
planned implementation of some aspects of the Oronsaye report, to cut the costs
of governance.

Notably, President Tinubu issued an executive order to enhance investment in the
oil and gas sector. The quick fruits of the policy was the opening of three big
gas plants in the Niger Delta by the President in recent weeks. Mega investments
running into over $15 billion are expected in wee
ks.

The Tinubu administration has also fulfilled some of the campaign promises with
the students loans and Credit Corp ready for take off.

To President Tinubu, no Nigerian child should be denied education because the
parents could not afford it. He also hopes that the Credit Corp will enhance the
purchasing power of workers and boost national commerce.

President Tinubu at various occasions has acknowledged the pains that some of
his reforms are causing the generality of our people. But he says they are pains
we must bear to make progress as a nation.

An ever caring leader, he is always evolving measures to help reduce the pains.
Best of all, he listens to the voice of the people and make necessary
adjustments.

In one of the most profound analysis of our situation and an endorsement of the
reforms being executed by the Tinubu administration, Planning and Budget
Minister, Atiku Bagudu said in a recent interview: ‘We want to be like Asian
countries, we want to grow like Brazil but Brazil and those Asian cou
ntries that we want, (that) we are competing with, have taken measures that we
needed to have taken decades ago.

‘The president is even bold to acknowledge that. Let’s do it now. Some of these
measures have consequences which we acknowledge. And that’s why again, a number
of measures are introduced in order to ameliorate the situation.

‘These measures are helpful to Nigeria, irrespective of North or South because
they are to restore macroeconomic stability, to restore security in the country
and make it better so that investors will feel confident.’

-Onanuga is Special Adviser on Information and Strategy to President Tinubu.

Source: News Agency of Nigeria

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