May 29, 2024 marks President Bola Tinubu’s first year in office.
It has indeed been an all-round exhilarating year, not only for the government but also for the generality of Nigerians.
There is nobody in Nigeria today who does not agree that the current challenges that the government face stems from deep seated rot in the system which pervaded the entire nation prior to President Tinubu’s assumption of power.
Tinubu and the ruling party, the All Progressives Congress, which is a fractious coalition of interests, inherited a country with multiple profound challenges.
During the campaign, Tinubu and the APC positioned themselves as a ‘Renewed Hope’, promising to tackle corruption and promote more inclusive economic growth and bring the Boko Haram insurgency to a rapid end.
While the government has achieved some of its promises, most observers feel that they have barely got what they bargained for.
A more fundamental criticism is that Tinubu and the APC have not yet got to grips with the interlocking root causes of violence, poverty, inequality, marginalization and corruption in Nigeria.
Be that as it may, it is only natural and fair that the citizens look back and reflect on the journey so far and highlight some of the foundational elements of the thinking underpinning the work that President Tinubu is doing to reset and remake Nigeria.
It is unarguable that President Tinubu came to the Presidency with eight years of experience as the governor of the largest subnational economy in Africa, during which he mastered the art of implementing enduring institutional and process reforms.
The President also showed up with an unparalleled understanding of the private sector, honed by his high-flying career as a corporate executive in the oil and gas industry. These have no doubt shaped his approach to the task of leading Nigeria.
President Tinubu is resolutely focused on policies and actions that will attract long-term local and foreign investments to Nigeria, knowing that every naira and dollar of new investment in the country means new jobs, increased productivity for local consumption and for export, and much-needed economic growth.
For these investments to happen, the business environment must be conducive. This is what is fuelling the painstaking rebuilding of the credibility and capacity of the Central Bank.
It is also why there are extensive tax and fiscal reforms ongoing, to reduce the burden on businesses.
It is why the President has established the Re newed Hope Infrastructure Development Fund, which is mo bilising billions of dollars for infrastructure projects that will reshape the country’s landscape in the areas of roads and highways, airports and seaports, power plants, and so on.
It is equally what explains the constant engagement with local and foreign investors, in which the President plays the role of Chief Marketing Officer for Nigeria with great energy and enthusiasm and with remarkable success.
In the last one year, Nigeria has seen investment commitments in excess of $30 billion across various sectors.
“Nigerians must push past the false comfort of certain ingrained habits and practices, and endure inevitable but temporary discomfort, because of the lasting reward that lies ahead.”
It is worthy of note that President Tinubu is focused on policies and programmes that provide direct and targeted economic relief and benefits to the pockets and livelihoods of Nigerians, by way of grants, education loans, food and fertiliser distribution, cash transfers, health insurance, and consumer credit.
The President is determined to build a Nigeria that is confident and competitive on the global stage and because of this, Nigeria and Nigerians can no longer afford certain ways of doing things.
Nigerians must push past the false comfort of certain ingrained habits and practices, and endure inevitable but temporary discomfort, because of the lasting reward that lies ahead.
President Tinubu understands that desirable developmental outcomes often require a temporary period of pain and adjustment.
That is why he has seized every opportunity to be seen and heard asking for the understanding of the Nigerian people.
Speaking recently at the World Economic Forum meeting in Riyadh, Saudi Arabia, he said, “Concerning the question of subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt and to reset the economy and the pathway to growth. It was going to be difficult, but the hallmark of leadership is making difficult decisions when they need to be made.”
On the foreign exchange regime reforms, he said, “The currency management was necessary, equally, to remove the artificial element of value in our currency. Hence, our local currency finds its level and competes with the rest of the world’s currencies as we remove corrupt arbitrage and opaqueness.”
In President Tinubu, Nigerians have a leader who listens very actively to the opinions of Nigerians, who does not allow ego to get in the way of doing what is best, and does not shy away from implementing adjustments in the policy-making process, where necessary.
When the Students Loan Act required some more work, he wasted no time in getting this done. He sent the Act back to the National Assembly, where it was revised in record time, and returned for presidential assent. Today we have a much-improved Act that will deliver even greater value to the young Nigerians for whom it is intended.
Through prudent fiscal policies and strategic investments, the Nigerian economy has shown resilience and potential for growth. The administration’s focus on infrastructure development, job creation and economic diversification has laid the foundation for sustainable progress and prosperity for all Nigerians.
The Presidential accent to the 2023 Electricity Bill, is a move that dismantled monopolistic control over electricity generation, transmission and distribution at the national level and granted authority to state governments, corporations and individuals to generate, distribute and transmit electricity, thus decentralising the power sector;
President Tinubu’s first year in office has been a testament of sorts and goes to show the unwavering commitment and resilience of his administration towards serving the Nigerian people with diligence, integrity and dedication.
Despite the daunting challenges from all angles, President Tinubu has maintained his calm and demonstrated exemplary leadership qualities, thereby guiding Nigeria with vision and foresight.
There is no doubt that the government has implemented significant economic reforms aimed at stabilizing the economy and fostering sustainable growth.
