THREE YEARS OF TINUBU ADMINISTRATION

The authorities must do more to make the country much more livable

The administration of President Bola Tinubu on Friday marked three years since inauguration. Just as Nigerians marked 27 years of unbroken civil rule in the country. Quite naturally, there were congratulatory messages from supporters of the president on what is clearly a milestone moment. In a four-year presidency, the first three years symbolise the end of effective governance. The remaining year (as we have seen in recent weeks) is spent mostly in transitional politics, and navigating the trenches of democratic succession. It is therefore appropriate that the public mind identifies the character, achievements and possible legacies of the presidency in question. Although President Tinubu has given himself a pass mark, the verdict of Afenifere (Yoruba socio-cultural group) and that of the opposition political parties are not as generous.

 In the idiom of the Tinubu administration, the last three years have been a period of reform in critical sectors of the economy. The twin pillars of that reform were the removal of subsidy on petroleum products and the liberalisation (or floating) of the foreign exchange (FX) market. While the improvement in macro indicators is yet to translate to relief for most Nigerians in cost of living crisis, there is an obvious shift in external reserves, foreign trade, foreign direct investment and foreign portfolio investment flows, and Gross Domestic Product (GDP) growth. Under the previous administration of the late President Muhammadu Buhari, Nigeria had been living a lie, borrowing from the Central Bank of Nigeria (CBN), including to pay salaries.

 Some observers have argued that the reforms initiated by Tinubu have set the economy on a more realistic trajectory.

Administration officials also insist that the current sacrifices and deprivations are the prices of growing a more competitive market economy. However, while we concede that Tinubu may have taken tough but necessary decisions, even the most ardent adherents of the administration would admit that their ripple effects have been adverse on living conditions of ordinary Nigerians. The pump prices of gasoline, diesel, and aviation fuel have shot up astronomically. Food inflation and attendant food prices have escalated in the last three years. Hunger has emerged as a feature of most communities, and the vocabulary of every day speech. Other living costs like transportation, healthcare and utility tariffs have also jumped.

Meanwhile, all the tiers of government (774 local government areas, 36 states and federal) have been receiving more funds from the federation account. It is arguable whether the additional revenue has been matched by improved investment in infrastructure and social services.  Borrowings by the federal and some state governments have recently increased. Nigeria is now among the five most indebted nations of the world. While the exchange rate may have stabilised at its present high levels, importers and consumers continue to lament that domestic prices remain high with depressed demand and erratic supply of goods and services.

In an audacious moment during his campaign before the 2023 general election, Tinubu had told Nigerians not to vote for his re-election if he was unable to deliver stable electricity. The jury is now out as to whether he has fulfilled the pledge. But over and above the situation in the power sector, the last three years have witnessed a deterioration in the nation’s internal security balance sheet. Banditry, kidnapping, mass abductions especially of school children and large scale inter communal killings have escalated in many parts of the country. Efforts to curb these tragedies have not yielded the desired results.

 However, a recent collaboration between Nigerian and the United States armed forces against Boko Haram and the Islamic State West Africa Province (ISWAP) in the northern precincts has badly dented activities of the insurgents in areas bordering the Sahel. It is hoped that this effort will be sustained and taken to the hinterland where the internal insecurity situation has made the country a largely unsafe place to live.

As the president therefore ramps up his first-term tenure while seeking re-election, he must enunciate a more compassionate and people friendly agenda, going forward.