What else does a president need to do in 14 months that Tinubu has not done? He ended the forex scam by unifying the exchange rate. The nation’s economy grew faster in the first quarter of 2024 than in the first quarter of 2023. The agricultural sector recovered from a negative position in the first quarter of 2023 to a modest growth in the first quarter of 2024. The industrial sector also grew seven times faster in the first quarter of 2024 than in the first quarter of 2023. On the revenue side, aggregate Federal Government revenue in the first half of 2024 was more than double of the corresponding period in 2023
By Fola Ojo
As of the time of writing this treatise, the nimbus and patina in designated spots around Nigeria are not presently rocking and rolling in peregrinating protests against President Bola Tinubu and his All Progressives Congress government. Protest crowds against hunger and ‘bad governance’ are scanty. This doesn’t, however, mean that organisers of the fundamental civic right have sheathed their swords. It may take a few more days to gather momentum if a form of agreement is not reached with the government. My friends, Nigeria is a hunger-ravished and ravaged land space.
•Picture:Protesters in Abuja for #Endbadgovernance protest, 1 August 2024. (Ben Ezeamalu/TheAfricaReport)
My people are hungry, and justifiably angry because poverty in Nigeria is real. It is on the streets of Lagos, Abuja, Port Harcourt, Warri, Enugu, Owerri, Kano, Sokoto, and everywhere. It is a bruising besiege against millions of families; and a principality with a fertile womb churning out meaner principalities. That is what we are told is the crux driving this protest.
Chinese teacher and philosopher Confucius once said that “in a country well-governed, poverty is something to be ashamed of.” Nigeria’s poverty rate is pegged at 33.1 per cent by the World Bank which classifies Nigeria as one of the five extremely poor nations of the world. Sixty-one per cent of the population lives on less than $1 a day, and 92 per cent on less than $2 a day. Crushing poverty and debilitating hunger in a country that’s blessed with vast and fertile land is a huge and turbulent river to cross.
There are other surreptitious factors behind every protest in Nigeria. Partisan political colouration isn’t too distant from the moves. This protest is filled with a mix of many faces and interests. While some people are trying to sincerely mitigate the harshness of this season brought about by harrowing hunger, some elements are determined to unleash mayhem, making Nigeria ungovernable for this president. But, what else can Tinubu do to make his traducers happy? What is it that he needs to roll out in mitigating policies that he has not? What president anywhere around the world can resuscitate an economy in a coma in only 14 months? And what president will fold his arms and watch his territory descend into anarchy fomented by disgruntled beings?
If we are expecting a magician as president, one breathing being who will snap his fingers and instantly turn water into wine, we can only find that in a neighbourhood movie theatre. A magician president does not exist. It will take a while for the current reforms to yield bountiful fruits. Without a doubt, there’s a lot of work to do to rejigger Nigeria’s economy. With steadfast focus, tomorrow will be better than today if we all pull together to salvage this nation
Let me break down what this administration has done that has attracted accolades from friends and even foes. On the day Tinubu was sworn in as President, he yanked off the oil subsidy that had cost Nigeria billions of dollars over many years. The bold move was applauded all over the world. Even Tinubu’s haters loved and lauded him for the move. It was long overdue. In a little over two months after becoming president, Nigeria saved over N1 trillion from oil subsidies. The fund would have ordinarily found its way into criminals’ pockets. The President then announced the approval of the establishment of the Infrastructure Support Fund for the 36 states of the federation as part of the measures to cushion the effects of the petrol subsidy removal. The ISF was expected to enable the states to intervene and invest in the critical areas of the holistic economy, create jobs, and deliver economic prosperity for Nigerians. This president also resolved to save a portion of the monthly distributable proceeds to minimise the impact of the subsidy removal. Out of the June 2023 distributable revenue of N1.9 trillion, only N907 billion was distributed among the three tiers of government, while N790 billion was saved, and the rest used for statutory deductions. All these moves by the president were aimed at ensuring that the subsidy removal translates into tangible improvements in the lives and living standards of Nigerians.
Tinubu inherited a hodge-podge and a gulag of local and international debilitating debt. But Tinubu brought down the debt from $108 billion to $91 billion. His administration has paid back the previous N7.3 trillion obligation between May 29, 2023 and today. By the end of June 2023, the Federal Government was spending 97 per cent of total revenue to service debts. Currently, the debt service-to-revenue ratio has declined from 97 per cent in the first half of 2023 to 68 per cent in 2024, indicating the government’s strong position in managing its debt obligations. And this is the question many people are asking as toiling Nigerians are coaxed into hitting the streets in protests: What can any president do to salvage a harsh and brash economy within only 14 months?
This government infused N75 billion into the manufacturing sector to strengthen and increase its capacity to expand and create good-paying jobs. N125 billion was injected into micro, small and medium-sized enterprises. Various farmers’ associations and operators within the agricultural value chain had been engaged to ensure that prices of food items remained affordable. And 200,000 metric tonnes of grains from strategic reserves have been released to households across the 36 states and FCT to moderate prices. Also, 225,000 metric tonnes of fertiliser, seedlings and other inputs have been provided to farmers who are committed to our food security agenda. The cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course and supported; with N50 billion invested each to cultivate 150,000 hectares of rice and maize. A new minimum wage for workers increased from 30,000 monthly to 70,000; an increase of more than 100 per cent. He ordered Nigerian borders opened to ease the importation of food and fight food inflation to address the hunger and pain Nigerians are currently experiencing. A few days ago, he issued an executive order mandating the Nigerian National Petroleum Company Ltd to deliver crude to the Dangote refinery and other modular refineries operating in the country with naira payment. This is also a step towards achieving energy self-sufficiency, reducing the strain of foreign exchange and making products affordable.
What else does a president need to do in 14 months that Tinubu has not done? He ended the forex scam by unifying the exchange rate. The nation’s economy grew faster in the first quarter of 2024 than in the first quarter of 2023. The agricultural sector recovered from a negative position in the first quarter of 2023 to a modest growth in the first quarter of 2024. The industrial sector also grew seven times faster in the first quarter of 2024 than in the first quarter of 2023. On the revenue side, aggregate Federal Government revenue in the first half of 2024 was more than double of the corresponding period in 2023. We also heard that non-oil revenue not only surpassed the revenue in the first half of 2023 but was also 30 per cent above the 2024 budget target without any increase in taxes. Tinubu’s administration improved government revenue collection and blocked a lot of leakages. The 2024 budget deficit moved in the right direction, with a target of 4.1 per cent of GDP, an improvement from the 6.1 per cent deficit recorded in 2023.
If we are expecting a magician as president, one breathing being who will snap his fingers and instantly turn water into wine, we can only find that in a neighbourhood movie theatre. A magician president does not exist. It will take a while for the current reforms to yield bountiful fruits. Without a doubt, there’s a lot of work to do to rejigger Nigeria’s economy. With steadfast focus, tomorrow will be better than today if we all pull together to salvage this nation. I wish Nigerians and Tinubu well.
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•Opinions, positions or thoughts expressed here are personal and strictly of the writers/authors and not The Daily Crucible.
