ENUGU, Nigeria (VOICE OF NAIJA) – The APC candidate and winner of the February 25, 2023, presidential election, President Bola Ahmed Tinubu has marked 100 days in office.
His election into office was highly anticipated, given his long-standing involvement in Nigerian politics and his previous roles as the Governor of Lagos State from 1999 to 2007.
Tinubu’s election brought with it a wave of expectations and hopes for change in Nigeria. Many Nigerians looked to him to fulfill campaign promises and address pressing issues facing the country, including economic challenges, security concerns, and social development.
Assessing Tinubu’s first 100 days in office and his administration’s subsequent actions and policies, voiceofnaija.ng reports that top on his priority list of action plans was national security, economy, agriculture, power, oil and gas, transportation, technology and education.
During his campaign times, President Tinubu had promised to foster a new society based on shared prosperity, tolerance, compassion, and the unwavering commitment to treating each citizen with equal respect and due regard.
He promised to build a Nigeria, especially for our youth, where sufficient jobs with decent wages create a better life, manufacture, create, and invent more of the goods and services we require.
Nigeria shall be known as a nation of creators, not just of consumers, export more and import less, strengthening both the naira and our way of life, and continue assisting our ever-toiling farmers, through enlightened agricultural policy that promotes productivity and assures decent incomes, so that farmers can support their families and feed the nation.
Tinubu also promised to modernize and expand public infrastructure so that the rest of the economy can grow at an optimal rate, embolden and support our young people and women by harnessing emerging sectors such as the digital economy, entertainment and culture, tourism, and others to build the Nigeria of tomorrow, today, train and give economic opportunity to the poorest and most vulnerable among the citizens.
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Here are some of the aspects that we x-ray as we look into the President’s first 100 days in charge.
Economy
According to statistics obtained by our correspondent, since the beginning of his administration, fuel price has moved from N238 to N600, FX liberalized from N461 to N761, External reserves went from $35.1bn to $33,5bn, stock market grew by 29% and inflation rates rose from 22.4% to 24.1%. Also he released an 8-point agenda, formed Cabinet, released N185bn palliative to States and FCT, among others.
The Central Bank of Nigeria (CBN) Governor, Godwin Emefele, was also suspended by President Tinubu. He said the decision was a “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy”.
Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.
During his inaugural speech, Tinubu said the current 18.5 per cent interest rate of the CBN is “too high”. Tinubu said it needed to be adjusted downwards to encourage investment. He described the interest rate as “anti-people” and “anti-business”.
Also within this period, the Nigeria Labour Congres (NLC) has embarked on a two-day warning strike in protest against the Federal Government’s failure to address the challenges caused by the removal of fuel subsidies.
The labour union accused the Federal Government of abandoning the negotiations and failing to implement some of the resolutions from previous meetings with the government. On 2 August, organized labour protested what it described as the anti-people policies of the administration of President Bola Tinubu.
The NLC, Trade Union Congress (TUC) and their affiliate unions demonstrated in the Federal Capital Territory (FCT) and several states, including Lagos, Abia, Plateau, Kaduna, Kano, Rivers, Zamfara, Katsina, Cross River, Ebonyi, Enugu, Kwara, Ogun, Imo, Ondo, and Edo.
The protest followed a seven-day ultimatum issued to the Federal Government demanding “the immediate reversal of all anti-poor policies of the federal government including the recent hike in PMS (Premium Motor Spirit) price, increase in public school fees, the release of the eight months withheld salary of university lecturers and workers”.
The union also demanded an upward review of the minimum wage from N30,000 to N200,000, saying that since the President’s “subsidy is gone” inauguration speech of May 29, 2023, the peace of mind of Nigerians has gone.
Last month, NLC president Joe Ajaero argued that the N5 billion approved for each State and the FCT to cushion the impact of fuel subsidy removal was inadequate to impact on the people. According to him, it is unclear whether the money is a loan or a palliative to the states or to Nigerians.
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Subsidy Removal
From his “fuel subsidy is gone” statement on his inauguration day, in which he further clarified that the 2023 Budget made no provision for subsidy payment, it was clear that Tinubu was out to end a controversial policy that successive governments since the eighties could not address due to vested interest. It was widely believed that fuel subsidy benefitted the rich and hurt the economy badly.
However, the pronouncement immediately shot up the pump price of petrol from about N185 per litre at filling stations in some cities in the country to an average of N600 per litre. Indeed, the consensus was that the notorious fuel subsidy policy was a drain on Nigeria’s revenue and was opaque, prompting the call for its removal.
As of the first half of 2023, payment for the fuel subsidy was about N3.3 trillion. In addition, the continuous retention of the fuel subsidy by previous governments was a huge burden on Nigeria’s ability to service its debts and created a situation whereby the federal government was borrowing for consumption. This also impeded the country’s ability to invest in human capital development. The government is expected to record significant savings from the action.
Following the fuel subsidy removal, it was expected that members of the two labour centres – the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) – would hit the streets in protests. But that was not the case, as the Tinubu-led administration was able to nip the anticipated industrial action in the bud.
After a series of meetings, the government promised the unionists that it would work out palliatives, likely a wage increase, among others, to cushion the impact of the hike in fuel price, which has also led to the increase in transportation cost and cost of living.
Meanwhile, one of the effects of the fuel subsidy removal without placing measures to cushion the impact of the policy is reduced productivity, as some state governments have already announced a reduction in the number of working days. This, they did to reduce the number of days civil servants commute to their workplaces.
Security
Recently, the President suspended Bawa, chairman of the Economic and Financial Crimes Commission (EFCC), over “abuse of office”.
Tinubu, who assumed office on 29 May with the highest corruption perception index of any Nigerian leader, said he suspended Mr. Bawa to allow a detailed investigation into multiple petitions assailing the anti-graft chief’s conduct in office. Bawa was subsequently held by the State Security Service (SSS), where he has lingered under interrogation without access to a legal representative as of the time of this publication.
Also, insecurity remains a challenge to the Tinubu administration as the spate of killings and activities of terrorists has continued unabated.
Beyond the fuel subsidy removal, the Tinubu-led administration would have to address the massive crude oil theft in the country that has for decades remained a huge drain on the economy of Nigeria. For this government to succeed, it must end crude oil theft and channel the funds to other critical sectors of the economy.
The fight against corruption at national and international levels continues to be a serious challenge. The Tinubu-led government must address this challenge as it erodes trust, weakens democracy, hampers economic development, and exacerbates poverty.
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Education
President Tinubu also signed the Student Loan Bill into law in his first 30 days in office. Commenting on the new law, the Permanent Secretary in the Federal Ministry of Education, David Adejoh, stressed that “what the President has done goes beyond a symbolism, it’s a demonstration of intent in terms of how he wants to handle education as he progresses in his Presidency.
“The difference this bill makes is that it’s going to be a loans board so that people that don’t have whatever reason, don’t qualify to be able to apply for a loan. I’m very sure the country has learned from recovery rates of loans and the experience we had will be able to guide how this federal students’ loans board will work.”
The new law which was sponsored by Tinubu’s Chief of Staff and immediate past Speaker of the House of Representatives, Femi Gbajabiamila, among others, states that “the loan referred to in this Act shall be granted to students only for the payment of tuition fees.
“The granting of the loan to any student under this Act shall be subject to the students/applicants satisfying the requirements and conditions set out under this Act.”
During the Presidential Inauguration Banquet and Gala Night held at the State House Conference Centre in Abuja, President Tinubu asked Nigerians not to pity him as he was going to live up to his expectations by addressing all the challenges confronting the country.
Amidst all the promises and assurance, Nigeria’s expectations and hopes seemed to be dashed as they were hit by the removal of fuel subsidy as soon as President Tinubu resumed as Nigerian president. This subsidy removal has caused economic challenges in the country.
However, while some of his policies have been welcomed and have excited the financial markets and investors, they have also been greeted with attendant challenges, including spiraling inflation, increased poverty level and job losses, high cost of living, high prices of goods and services, etc.