FIRST YEAR IN OFFICE OF PRESIDENT BOLA TINUBU IS THE FOCUS OF TODAY’S VIEWPOINT. IT IS WRITTEN BY AANUOLUWAPO FASOYIN OF OUR NEWS AND CURRENT AFFAIRS DEPARTMENT
President Bola Tinubu was sworn into office on May 29, 2023 as the 16th president of Nigeria.
He became president, after defeating former vice president, Atiku Abubakar, Peter Obi and other presidential candidates in the February 25, 2023 election.
The former Lagos state governor, assumed office as the nation’s president with his ‘renewed hope agenda’.
The agenda focuses on food security, poverty alleviation, economic growth, job creation and access to capital, inclusivity, the rule of law, and the fight against corruption.
However, during his inauguration speech as president, the Lagos-born politician shocked millions of Nigerians when he announced the removal of fuel subsidy.
While many experts commended him for removing fuel subsidy, others kicked against his decision, which did not put into consideration some people friendly policies before the announcement.
The removal of fuel subsidy led to fuel scarcity, hunger and hike in prices of food items, goods and services.
Meanwhile, the effects of the removal of fuel subsidy were cushioned through a provisional wage award of thirty five thousand naira to federal workers for six months and a cash transfer of twenty five thousand naira to fifteen million of the poorest and most vulnerable Nigerians for three months.
Within 365 days in office, president Tinubu led administration also established renewed hope infrastructure development fund (RHIDF) to mobilize billions of dollars for critical infrastructure projects.
His administration also repositioned the national social investment programme (NSIP) to target economic reliefs for vulnerable Nigerian’s, as well as the launching of Nigerian education loan fund (NELFUND) and the Nigerian consumer credit corporation (CrediCorp).
President Tinubu’s administration took bold steps to address long-standing challenges and unlock Nigeria’s potential, through signing a new electricity act that allows participation of states and private players in the power sector.
Also, within one year in office, the federal government rehabilitated the nation’s refineries, launched the presidential compressed natural gas (CNG) initiative and granted full autonomy to NNPCL on pricing of fuel, diesel and kerosene.
The present administration can also boast of its fight against corruption through the sacking of humanitarian minister, Dr Betta Edu over $800m fraud scandal.
More so, president Tinubu also suspended the proposed cybersecurity levy, banned Binance, a cryptocurrency merchant, alleged to be responsible for the depreciation of the naira.
The president in January also approved funds to clear the outstanding bills of Nigeria football national teams.
However, President Tinubu’s administration’s policies are having harsh effects on the masses.
The rise in inflation, high cost of food stuffs and transport fares need to be mitigated through reforms and initiatives.
Within a year, high inflation rate rose from 22.41% to 33.2% and food inflation increased from 24.82% to 40.01%.
Despite efforts and policies of CBN, exchange rate increased by 226.80% from n461 to n1510 per us dollar, while crude oil products prices increased, with fuel rising by 192.63% from N238.11 to N696.79 per Liter.
The president who began embarking on foreign trips few weeks after he assumed office said the purpose was to strengthen Nigeria’s position on the global stage, foster economic growth, and address some other challenges.
For president Tinubu’s renewed hope agenda to meet its goals, regular monitoring and evaluation are essential to address emerging challenges and opportunities.
Constructive criticisms and roundtable discussions are also crucial for Nigeria to work and serve as a model for other African nations genuinely interested in the accelerated development of their people and the continent.
Therefore, the administration must demonstrate sustained political will, come up with more people friendly programmes and foster an inclusive citizenship and participatory governance.
