By By Kenechukwu Aguolu
Nigeria should be an economic powerhouse not only in Africa but globally because of its enormous human and natural resources but ironically it is fighting for economic survival. This contrast has been linked by many to inappropriate leadership over the years.
However, President Bola Ahmed Tinubu has demonstrated exemplary leadership marked by patriotism, boldness, action, foresight, and commitment. since he came into power on May 29, 2023.
Fuel subsidies and the constant defence of the naira have historically done more harm than good, consuming trillions of naira that could have been invested in nation-building resulting in infrastructure decay and mounting national debt.
Over the years, the Federal Government has had little left for capital expenditure and investment in critical sectors of the economy after covering salaries and other recurrent costs which, has significantly contributed to the poor state of roads, hospitals, schools, power supply, and the inability to adequately fund security agencies etc.
Therefore, president Tinubu should be commended for removing fuel subsidy and floating the naira despite being unpopular decisions.
President Tinubu’s policies have started to positively impact the lives of Nigerians. For example, It is worth noting that when he came into power, some state governments struggled to pay minimum wage and pensions. Currently, no state is reported to be behind on salary payments.
The Federal Government has begun implementing the new national minimum wage of N70,000, and state governments have also announced and started paying new minimum wages at varying rates, with none below N70,000, much to the relief of Nigerian workers. Insecurity is on the decline, with areas like the Abuja-Kaduna road no longer plagued by incidents that once made it a nightmare. Also, students have already started benefiting from the student loan scheme introduced by this administration; just to mention a few.
Despite mixed reactions to President Tinubu’s recent cabinet reshuffle, it signals his commitment to fixing the country. This reshuffle was timely and it strengthened the cabinet sending a clear message that Mr President will not tolerate mediocrity. Nigerians hope this will lead to a more responsive government and better policy implementation, fostering stronger synergy among ministries. The long time lag between policy announcement and implementation previously experienced should become a thing of the past.
With inflation slowing, debt service to revenue ratio reducing from 97% to under 70%, gross foreign reserves hitting $40 billion, and the outcome of GDP rebasing awaited, there is optimism about the country’s economic future. Additionally, the removal of the fuel subsidy has freed up funds that the government plans to invest in education, healthcare, infrastructure (power, transport, etc.), security agencies, and other key sectors.
For these efforts to succeed, the government must also adopt zero tolerance for corruption and waste. The World Bank has commended President Tinubu’s bold policies and emphasized the need to sustain them to achieve the desired economic reforms. Nigeria has a hopeful path ahead, and in time, Nigerians will look back and appreciate President Tinubu’s leadership.
