Tinubu’s First Year in Office: Has Nigeria gained or lost?, by Reno Omokri

President Tinubu’s First Year: Bold Decisions, Short-Term Pains, and Long-Term Gains

In President Bola Tinubu’s first year in office, his administration has implemented several significant policies that, while causing immediate challenges, are projected to yield substantial long-term benefits for Nigeria.

Removal of Fuel Subsidy

One of the most notable and courageous decisions taken by President Tinubu is the removal of the fuel subsidy. This policy move, though initially painful, has started to bear fruit. Fuel imports have decreased by more than 54%, and local refining has increased by nearly 20%. These changes signal a shift away from heavy reliance on fuel imports, which is expected to strengthen the nation’s energy sector in the long run.

Naira Flotation

Another major policy is the flotation of the Naira, which has brought temporary economic discomfort but promises lasting positive effects. By making imports more expensive, this policy is compelling Nigerians to reduce their dependence on foreign goods, thereby alleviating pressure on the country’s foreign reserves. This inward-looking approach is anticipated to bolster local industries and economic resilience.

Opposition Stance

It’s important to note that criticism from opposition parties regarding these two policies might appear hypocritical, as all major opposition presidential candidates, except for Rabiu Kwankwaso, had also pledged to implement subsidy removal and Naira flotation during their campaigns.

Infrastructure Developments

President Tinubu has made significant strides in infrastructure development, completing several projects initiated by his predecessors. These include the Abuja Metro, the Outer Southern Expressway, and Independence and Constitution Avenue. Additionally, the initiation of the Lagos-Calabar Coastal Highway project stands out as a landmark achievement. This project, the largest infrastructural endeavor in Nigeria’s history, is expected to boost GDP by facilitating easier, cheaper, and faster travel, especially around port cities, thereby enhancing the movement of people, goods, and services.

Aviation and Education Initiatives

In the aviation sector, the Tinubu administration has facilitated direct flights for Air Peace from Nigeria to London, providing a more affordable travel option and enhancing Nigeria’s global image. Furthermore, the introduction of a Student Loan program marks a significant advancement for Nigerian students. However, there is a suggestion that prioritizing funding for STEM education over less relevant social sciences and humanities courses would better address the nation’s developmental challenges.

Security Improvements

On the security front, President Tinubu’s administration has made notable progress. Key bandit leaders, including Boderi Isyaku, Ali Kachala, and Sani Dangote, have been neutralized, leading to safer travel on the Abuja-Kaduna road and railway. The Northeast region is also seeing a return to normalcy. Reflecting these improvements, Nigeria’s Global Terror Index Score has improved from 8.065 in 2023 to 7.575 in 2024, the best score in over eight years, garnering international recognition.

Governance and Anti-Corruption Efforts

The administration has fostered peaceful executive-legislative relations, contrasting sharply with the turbulent relations during President Buhari’s first year. In terms of governance, President Tinubu has demonstrated a low tolerance for corruption. The swift suspension and investigation of Betta Edu by the Economic and Financial Crimes Commission following corruption allegations highlight this commitment. Additionally, the administration’s rapid response to the “cash for degrees” scandal, involving the suspension of implicated schools and degrees, underscores a proactive stance against corruption.

Conclusion

Despite the challenging times Nigerians are facing, President Tinubu’s first year in office is characterized by decisive actions aimed at laying the groundwork for a more prosperous future. While the immediate effects of these policies have been tough, the long-term outlook suggests significant benefits for Nigeria. Looking ahead, there is optimism that these measures will lead to substantial improvements in the nation’s economy, infrastructure, and governance.

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