Senator Bola Ahmed Tinubu was sworn-in as Nigeria’s President on May 29, 2023. In his inaugural speech, he announced the signpost of his administration’s policy.
Tinubu outlined, in broad terms, a few initiatives that define his administration’s concept of progressive and good governance in furtherance of the Nigerian ideal.
He said: “The principles that will guide our administration are simple: Nigeria will be impartially governed according to the constitution and the rule of law.
“We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our sub region.
“We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.
“In our administration, Women and youth will feature prominently and our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies”.
One lingering issue that Tinubu trashed in his inaugural speech is the issue of removal of subsidy on petroleum products. Although not included in his speech, he announced the removal of the subsidy.
He said the era of petrol subsidy had gone, noting that it was not sustainable.
The President also noted that the recent currency swap introduced by the Central Bank of Nigeria, CBN, was too harshly implemented, given the number of unbanked Nigerians.
He said the policy would be reviewed and that his administration would treat both the old and new currencies as legal tender.
Tinubu contended that since there was no provision for subsidy in the budget after June by the previous government, the money to be used for it would be channeled to other sectors.
He said: “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime, which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”
The immediate effect of the announcement was a sudden hike in the price of petrol. Nigerians woke up to the news that the pump price had risen from an average of N200 to N500 per litre or more in some northern and south-eastern states. Rather than protest against the development, many chose to await the palliatives that would cushion the effect of the hardship that followed the removal.
On monetary policy, President Tinubu had said: “Monetary policy needs thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”
Another initiative of the Bola Tinubu Administration in the last 30 days is the unification of the exchange rate.
Explaining why the Central Bank of Nigeria (CBN) introduced the unification of exchange rates, President Tinubu pointed out that he could have chosen to maintain the multiple foreign exchange systems that he met upon assuming office and benefit from it, but instead opted to unify the official and parallel market rates to save the country from financial haemorrhage.
“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,” he said, stressing that he unified the exchange rates in the nation’s best interest, just as he did with the removal of fuel subsidy.
He explained that these moves were necessary in the early days of his administration to “stop the bleeding” of Nigeria’s finances.
President Tinubu has also rejigged the security apparatus as he has changed the Service Chiefs and has appointed a new National Security Adviser in former Economic and Financial Crimes Commission, EFCC, Mr. Nuhu Ribadu.
He approved the immediate retirement of all Service Chiefs and the Inspector-General of Police, Advisers, and Comptroller-General of Customs from Service as well as their replacements with immediate effect.”
The new appointments he made include Maj. Gen. C.G Musa as the Chief of Defence Staff; Maj. T. A. Lagbaja as the Chief of Army Staff; Rear Admiral E. A. Ogalla as the Chief of Naval Staff; AVM H.B. Abubakar as the Chief of Air Staff; DIG Kayode Egbetokun as the Acting Inspector-General of Police, and Maj. Gen. EPA Undiandeye as the Chief of Defense Intelligence.
Looking at what President Tinubu has been able to do in his first 30 days in office, many Nigerians have praised him for his speedy start to governance.
Former Governor of Ogun State and chieftain of the All Progressives Congress (APC), Aremo Segun Osoba, said President Tinubu had begun well with his “far-reaching decisions that would transform the polity, economy and security upheavals of Nigeria in the nearest time.”
Osoba said that the fuel subsidy removal was in the interest of the masses. “I doubt if any of the presidential candidates would have had the guts to remove fuel subsidy right from day one like the former Governor of Lagos State did in his inaugural speech. The subsidy money can now be invested in massive infrastructure development,” he said.
Osoba further said that the decision on foreign exchange rate was marvellous, noting: “I wonder which Nigerian president would take the risk on foreign exchange rate the way Tinubu has done.”
He said the decision would soon attract foreign investors and create an atmosphere of ease of doing business unlike before when few individuals would buy the dollar at the rate of N400, round trip and later come to sell it to the public at the cost of N800. “They become overnight billionaire. That is no more”, he said.
He disclosed how Tinubu confided in a number of them to engage competent hands and brains in running a “government of national competence.”
Osoba while speaking on appointments of a new National Security Adviser (NSA) and Service Chiefs said Tinubu broke the jinx.
Praising his appointments he said, “Tinubu has been able to create a balance both on ethnic and religious backgrounds of his service chiefs. You will agree with me that the issue of security is a big challenge to Nigeria, but with these appointments, the country will definitely overcome the ordeal.
“The President has said he is not going to tolerate inter-service rivalry, and that all the security agencies must learn to cooperate with one another for the interest of Nigeria. He did away with the issue of nepotism in his choice of service chiefs.”
Osoba said Tinubu has come to lay a solid foundation for the progress of the country, calling on Nigerians to cooperate and pray for him.
Speaking on Tinubu’s achievements in the last one month in office, Senate President Godswill Akpabio urges Nigerians to be patient with the new administration of President Bola Tinubu.
Akpabio appealed for calm from the citizenry because some of Tinubu’s policies, as he tackles the country’s endemic challenges, “will cause inconveniences”.
“In just a few weeks since his inauguration, President Tinubu has taken some bold steps which have been globally acclaimed as being in the right direction.
“Even though the measures bring with them some inconveniences, I earnestly appeal to fellow Nigerians to look at the larger picture of the expected outcomes, be patient with the new government and give it their full support to take Nigeria out of the woods.
“The 10th national assembly will do its utmost to provide President Tinubu-led government complementary support through necessary legislative interventions for the benefit of Nigerians”, Akpabio said.
Also speaking on Tinubu’s performance so far, the Managing Director of Gee Ray Nigeria Limited, Mr. Godwin Rewane, stated that Tinubu has done so well for the one month he has stayed in office as the President of the Federal Republic of Nigeria.
Godwin Rewane is the son of Alfred Rewane, the financier of NADECO, a pro – democracy organisation which advocated for a democratic Nigeria during late General Sani Abacha era and who was assassinated in the Democratic struggle in 1995.
The entrepreneur however stated that the President needs good hands that will complement his developmental agenda.
He said “I am very happy with the performance of the new president. Not only because of all the steps he has taken as a president so far but also because he spoke highly of Moshood and Kudirat Abiola in his Democracy Day’s speech. He spoke of their sacrifice as well as other martyrs and linked their sacrifice to today’s democratic stability.
“I also learned from a very reliable source that he is about to appoint one of the children of the late Kudirat Abiola into an executive position in this administration. President Tinubu has proven that he is not like other politicians who just mention the great woman and fail to appoint any of her qualified children into a key position. It will be impossible for such a good man to fail in his efforts to make Nigeria great”.
In his own reaction, National Coordinator of Noah’s Ark, an international Non Governmental Organization (NGO), Ambassador Prince Korieocha said appointing any of Abiola’s children will be a healing balm to the events of the past, especially as it concerns the treatment given to, not just Abiola but to that of his late wife, Kudirat Abiola.
Explaining further, Ambassador Korieocha said “Honestly, you can’t talk about democracy in Nigeria without mentioning Chief M.K.O. Abiola’s name. So if President Bola Tinubu wants to give his children political appointments, it’s a well deserved one”.
Korieocha emphasised that the President is ready to move Nigeria to the next level of industrial development, adding that Tinubu will surely build the nation and also deliver good governance to Nigerians.
About the Author
AYO ESAN, has been actively reporting and analyzing political events for different newspapers for over 18 years. He has also successfully covered national and state elections in Nigeria since the inception of this democracy in 1999.
