One Year of Tinubu's Presidency: Mixed Reactions from Nigerian Citizens

Launch of the Renewed Hope Infrastructure Development Fund (RHIDF), Establishment of the Nigerian Education Loan Fund (NELFUND), and Launch of the Nigerian Consumer Credit Corporation (CrediCorp) amongst others, have been characterised as Tinubu's administration performance so far.

By Benedicta Bassey & Abiodun Saheed Omodara

In Niyi Osundare's poem-The Leader And The Led, prominent animals (Lion, Elephant, Giraffe; Zebra and the Whart Hog, etc) contested for the leadership of the kingdom; each showcased their strength, leadership abilities and the reasons to be voted in as the king.

The poem aptly mirrors the Nigerian political crisis since the 1960 independence down to this day, especially the February 25, 2023, Presidential election in which 17 political parties contested for the plum position of the number one citizen of the country- the president / the Grand Commander of the Federal Republic of Nigeria.

The outcome of the election was the INEC's declaration of Asiwaju Bola Ahmed Tinubu, the Presidential flag bearer of the All Progressive Congress, APC, as the winner of the election.

Following his inauguration on May 29, 2023, as the sixteenth president of the Federal Republic of Nigeria, today marks his one year in office along with the 10th Republic Ministers.

The problems of our fatherland that he inherited from former President Muhammadu Buhari, the excellent service delivery and effective performances  that he promised the citizens in the election manifesto- how far has his administration "walked the talk?"

Rocketparrot News sampled the opinions  of some Nigerians on Tinubu's administration at once, looking at the achievements, the challenges and the expectations for the years ahead:

A Business mogul at the Popular Alaba International Market in Lagos, Mr Emmanuel Ugwu said, " Since President Tinubu assumed office, "We are witnessing a transformation of Nigeria's economic landscape.

"The improvements in infrastructure and the streamlining of regulatory processes have made it easier for us to expand our operations and explore new growth opportunities."

Also, a Business Analyst at the Lagos State University, Abiodun Balogun said, "President Tinubu understands that our economic destiny cannot be tied to the fluctuations of the global oil market. By investing in the development of other industries, he is laying the groundwork for a more resilient and sustainable economic future."

Below is his full statement on President Bola Tinubu's one year in office:

He noted that, "As the nation celebrates the first anniversary of Tinubu's presidency, the economic landscape has indeed shifted, with the promise of more transformative changes on the horizon.

"While challenges still linger, the administration's unwavering commitment to fiscal responsibility, infrastructure development, and economic diversification has instilled a newfound sense of optimism among Nigerians," Mr Balogun said.

"We are only just beginning to scratch the surface of what is possible," Tinubu affirms. "With continued hard work, unity, and a shared vision for a prosperous Nigeria, I am confident that we will realize the full potential of our great nation."

However, the Head of Admin and Procurement, at Nigerian University Pension Management Company Ltd, Mr Ojonugwa Yakubu, said that, President Tinubu's administration has faced a series of economic challenges for the past year. 

He suggested key initiatives to tackle the effects such as eliminating subsidies, reduction in government spending and a unified currency rate.

According to him, "President Bola Ahmed Tinubu's administration in Nigeria has faced economic challenges since May 2023. Key initiatives undertaken to cushion the effects of these myriad issues include eliminating subsidies, reducing government spending, and unified currency rates.

"However, these measures have faced immediate problems and inflationary pressures. Despite these challenges, Tinubu's long-term economic restraint has been praised.”

Ojonugwa explained that "Under Tinubu's leadership, Nigeria continues to face rising inflation and a higher cost of living due to subsidy removal and global economic conditions.

"President Tinubu on several occasions has emphasized economic diversification, particularly in agriculture and technology, to reduce oil dependence. However, tangible results are yet to be seen.

"The administration is also implementing civil service reforms to improve efficiency and reduce corruption. However, judicial independence and legislative collaboration remain major challenges," he stressed.

On Security

On Security, Mr Ojonugwa continued that, despite the appointment of new Service Chiefs, the launch of Operation Awatse to combat terrorism and banditry and an improved collaboration with neighbouring countries to address regional security threats, the administration was still bedevilled by security challenges.

According to him, "The administration is bedevilled with security challenges from Boko Haram and banditry, while efforts to improve police and military capabilities are underway, Social welfare initiatives aimed at alleviating poverty and supporting vulnerable groups are also in force. 

"The administration pledges to improve education and healthcare services, but significant improvements are yet to be realized.

Yakubu said the administration has many obstacles, especially in controlling inflation, enhancing security, and providing real social benefits.

He affirmed that "The advantages of these programmes are not yet entirely apparent. The success of Tinubu's programmes in producing social stability and lasting economic growth will be crucial in determining his legacy as his government continues."

The Media Adviser to former Vice President Atiku Abubakar, Paul Ibe, in his assessments, said that Tinubu's administration was a hope shattered.

He said:  “There is nothing to show that President Bola Tinubu was prepared to govern. Is it the economy that today the inflation rate is over 34 per cent or the food inflation that is about 48 per cent? Currently, Nigerians have to pay over 130 per cent more for a bag of rice, and 150 per cent more for a bag of flour relative to May 2023 when he took over.

“In some parts of this country, Nigerians have to pay over 300 per cent more for a litre of fuel. And still, they are debating on a $23 minimum wage; looking at the current exchange rate, who can survive on that paltry sum in a month? So, he has never thought through policies before implementing them. Look at what he did with the National Assembly Sports Utility Vehicles (SUVs) he approved for purchase for lawmakers amidst the multi-dimensional poverty most Nigerians are suffering from.

“They are spending money on things that are not our priority, spending money on things that can wait. The same government finds it difficult to pay the wages of civil servants while they continue to do everything possible to live in luxury."

Glances at Tinubu's Economic Reforms

Fiscal Reforms

President Tinubu has undertaken significant fiscal reforms, including the removal of fuel subsidies and the introduction of a market-driven pricing mechanism for petroleum products. This has helped to reduce the burden on government finances and free up resources for other priority areas.

Tax Reforms

The administration has implemented tax reforms, including the introduction of a new tax regime and the expansion of the tax base. This has resulted in increased revenue generation, which has been used to fund infrastructure development and social programs.

Debt Management

President Tinubu administration has been proactive in managing Nigeria's debt, restructuring and renegotiating existing loans to reduce the debt burden and improve debt sustainability.

Diversification of the Economy

President Tinubu has prioritized the diversification of the Nigerian economy, with a focus on developing non-oil sectors such as agriculture, manufacturing, and technology. This has helped to reduce the country's dependence on oil exports and create new opportunities for economic growth.

Ease of Doing Business

The administration has implemented several measures to improve the ease of doing business in Nigeria, including the streamlining of regulatory processes, the reduction of bureaucratic bottlenecks, and the promotion of investment-friendly policies.

Foreign Investments

The Tinubu administration has made concerted efforts to attract foreign direct investment (FDI) to Nigeria, leveraging the country's large domestic market, abundant natural resources, and strategic location.

Launch of the Renewed Hope Infrastructure Development Fund (RHIDF), Establishment of the Nigerian Education Loan Fund (NELFUND), and Launch of the Nigerian Consumer Credit Corporation (CrediCorp) amongst others, have been characterised as Tinubu's administration performance so far.