Nigerians have lost confidence entirely in their political leaders and this of course, made it so difficult to believe them, even when they sincerely mean well for the country at any point in time. Which invariably, is part of the reasons, president Tinubu is also facing the criticism and bashes from Nigerians as the incumbent president of the Federal Republic of Nigeria. Of course, people are pained but would it be fair to crucify Bola Tinubu at this early stage? The answer is NO
By Kunle Alaye
Asiwaju Bola Tinubu was sworn in as Nigeria’s 16th president on May 29, having been announced as the winner of the February 25, 2023 presidential election by the Independent National Electoral Commission (INEC) the umpire of electoral process in Nigeria, after securing over eight million votes to defeat 17 other presidential candidates.
On assumption of office, President Bola Ahmed Tinubu highlighted the direction of his economic policy to kick-start his administration, amidst such a critical status of Nigeria’s Rentier Economy System.
In a Rentier Economy System, the country relies so heavily on external rents. Which means the state derives substantial portions of its national revenues from foreign aid. “Nigeria produces none and import all.” Very sad though!
Indeed, any government that is passionate to patriotically combat and solve the ailing economy of such kind like Nigeria, needs a very serious economic pyramids as to technically tackle the challenges. Hence, the need to earn the understanding, confidence and support of the citizens otherwise it would resort into shambles and laborious circumstance.
Nigerians have lost confidence entirely in their political leaders and this of course, made it so difficult to believe them, even when they sincerely mean well for the country at any point in time. Which invariably, is part of the reasons, president Tinubu is also facing the criticism and bashes from Nigerians as the incumbent president of the Federal Republic of Nigeria.
Of course, people are pained but would it be fair to crucify Bola Tinubu at this early stage? The answer is NO.
The president no doubt, inherited some very critical issues from his predecessor, Muhammadu Buhari, and he needs the supports of Nigerians to tackle some of these incongruous challenges amidst the rentier paradigm with bunch of unscrupulous Kleptocrats who had syphoned and wrecked this country to the fabric of socioeconomic underdevelopment.
President Tinubu is looking to implement key principles that will according to him, “remodel the economy to bring about growth and development” The president said during his inaugural speech that his administration would target a higher gross domestic product and significantly reduce unemployment.
Nigeria’s GDP recently declined to 2.31 percent in the first quarter of 2023, according to the National Bureau of Statistics (NBS). In less than his (Tinubu) 100 days in office he has increased the the Federal Account. For the first time Federal Government, 36 states and 774 Local Governments, shared 900 billion naira.
I know Mr President is very sincere and passionate in driving this country to the greater height. Having highlighted some of his efforts but again constrained with some challenges due to the rentier capitalist nature of Nigeria, I wish to recommend the following to Mr president:
To reform the the budget, deregulate completely the oil industry without engendering inflation, utilize industrial policies to promote domestic manufacturing and make electricity more affordable and accessible.
Use any money borrowed at this critical period to invest in infrastructures such as transportation, health, education and above all, channels the larger portion into the ailing refineries. So that Nigeria can stop depending on importation of refined petroleum as the 6th largest oil producing nation according to OPEC. Hence, the country will make more money and save better to servicing foreign debt and be liberated eventually from imperial powers.
Review multiple taxations to attract investors that mean well for this country and ensure that they consistently maintain their social responsibilities to their immediate communities. Especially by giving employment to youths as this will further boost the economy.
President Tinubu needs to also revisit expediently the one million job opportunities, in the digital economy that he promised Nigerian youths during his inaugural speech by fashioning a realistic approach, especially towards industrialization and agriculture.
My last recommendation is not for president Tinubu but for we Nigerians. This is the time to understand the disastrous implications of promoting foreign products on Jumia and all the likes. They all have very serious negative Implications on the exchange rates. Hitherto the Nigeria’s economy.
Also, Nigerians are so neo-colonised to the extent of food. We are no longer interested in patronising our own local meals, for whatever reasons best known to us. A scenario I described as self-inflicted colonialism. Very repugnant and dogmatic!
People who have never visited international airports, not to talk of ever leaving the shores of Nigeria, are more engrossed with foreign meals. All these have very serious economic effects on the country’s growth.
Finally, let us do away with all forms of political party sympathies/affiliations, ethnic or religious biggotism. Election is over, this is the time to support the government to succeed. I hope we all know that If the government fails we the masses we still face the brunts more and be at the receiving end.
God bless Federal Republic of Nigeria my great country.
•Kunle Alaye, PhD
