Tinubu: One Year Later – Tribune Online

The Minister of Budget and Economic Planning, Atiku Bagudu, during the Ministerial Sector Update organized in Abuja as part of activities to commemorate President Tinubu’s first anniversary in office on May 29, announced that the anniversary celebrations of President Bola Tinubu will be low-key. Also speaking at the event, the Secretary to the Government of the Federation, Senator George Akume, said the Federal Government had apologized to Nigerians for the pain and economic hardships the country was experiencing. He, however, noted that the policies of the Tinubu-led government were on track. He said that despite the currency crisis and inflation hampering economic growth, the situation would improve. President Tinubu, as he celebrated his first year in office, outlined policies and initiatives aimed at laying a solid foundation for sustainable economic development and prosperity for all Nigerians. The administration, operating under the banner of the ‘Agenda for Renewed Hope’, has identified eight key priority areas aimed at driving economic growth and enhancing Nigeria’s prosperity. Despite these efforts, challenges have emerged since the government took office in May 2023.

In practice, the government increased the price of petrol by eliminating subsidies, devalued the Naira, standardizing the foreign exchange market across all platforms; introduced fiscal expansion and increased debt through additional borrowing. This policy was not people-friendly. They caused food inflation and millions of Nigerians were unable to feed themselves. Poverty and deprivation have dominated the lives of ordinary Nigerians, who have become demoralized and frustrated. The decision to introduce the Naira was aimed at increasing exchange rate flexibility and stimulating economic growth. However, volatility in the currency market has had unintended consequences for businesses and consumers. Currency fluctuations have disrupted import and export dynamics, increased production costs and increased price volatility, affecting business profitability and consumer purchasing power. The lack of effective exchange rate management strategies and currency stabilization measures has deepened economic uncertainty and contributed to the challenges faced by Nigerians.

The sudden and comprehensive removal of subsidies, especially on a basic commodity like petrol, has had a direct impact on the cost of living of ordinary Nigerians. The sudden price rise exacerbated inflation, reduced purchasing power and placed a heavy burden on households already struggling with economic challenges. The lack of adequate social safety nets and targeted interventions to mitigate the impact of subsidy withdrawals has further deepened the economic burden on the most vulnerable groups in society, leading to widespread hardship and dissatisfaction. The phasing out of subsidies could be phased in if measures were put in place to address the resulting challenges. Plunging citizens into sudden and deep hardship has made them suspicious of the government’s intentions, given their economic experiences with the previous All Progressives Congress (APC) administration. This administration was characterized by high inflation, rising youth unemployment, rising poverty and growing insecurity.

Recognizing the difficulties that citizens face is not enough. The government must reassess these policy measures and adopt a holistic approach to economic governance and social protection. Addressing structural gaps in policy implementation, strengthening the social safety net and prioritizing inclusive economic policies are important steps towards easing the pain felt by citizens. Maintaining social cohesion, supporting inclusiveness and ensuring governance integrity are key imperatives for Tinubu’s leadership. Eliminating social inequalities, promoting transparency and increasing accountability are key to building trust, increasing the effectiveness of governance and supporting a sense of national unity. Tinubu must demonstrate a commitment to ethical leadership, responsive governance and social justice to overcome division, promote unity and advance the collective well-being of the Nigerian people. Despite this, President Tinubu has demonstrated the qualities of a listening leader by making changes at the behest of Nigerians. In some cases, such as the cybercrime charge, the appointment of university Governing Council members and the suspension of a minister, he changed his mind. He even tried to get opposition members on board. However, many of his appointees did not imitate his politeness: they respond to criticism with insults, and some use their privileged position to violate the rights of journalists by abusing access to the police.

The economic challenges facing Nigeria require bold reforms, innovative solutions and a clear development agenda. Over the past year, Tinubu leaders have been called on to revive the economy, create jobs and support sustainable economic growth in the face of fiscal constraints and structural obstacles. His reform priorities do not appear to pave the way for economic recovery and prosperity for all Nigerians. The challenges facing Tinubu are formidable but surmountable through visionary leadership, strategic planning and an unwavering commitment to the common good. Tinubu must inspire confidence and lead Nigeria to a better future through active leadership, inclusive governance and sustainable development policies.

The economic difficulties Nigeria currently faces require bold reforms, creative and people-centric solutions, and a well-defined development strategy. Over the past year, Tinubu’s leadership has been put to the test to rejuvenate the economy, create employment opportunities and promote sustainable growth despite fiscal constraints and structural obstacles. The sequencing and priorities of his reform agenda did not appear to clearly outline a roadmap to economic recovery and prosperity for all Nigerians. Although Tinubu faces significant challenges, they are not insurmountable thanks to his visionary leadership, strategic planning and steadfast commitment to the well-being of society. By overcoming obstacles, inspiring confidence and steering Nigeria towards a promising future, Tinubu has the potential to inspire positive change. The most important thing will be to include proactive leadership, inclusive management and sustainability strategies.

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