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Tinubu’s First Anniversary: Era Of Pain – Punch Editorial

Published

7 months ago

June 5, 2024

A year into President Bola Tinubu’s tenure, the infectious optimism of liberty, economic progress, security, and well-being heralding his inauguration on May 29, 2023, has turned to dying embers. In the President’s first year, all Nigerians see is hopelessness, misery, privations, and pain. The despair is evident in the numbers: the cost-of-living crises, hyperinflation, joblessness, and naira depreciation.

Amidst the supercilious backslapping in government circles, poverty, and bloodshed are intensifying. Tinubu should retrace his steps in the remaining years of his tenure to bequeath a redoubtable legacy to the country.

Under Tinubu, Nigeria is a harsh contrast to Abraham Lincoln’s “Democracy is the government of the people, by the people, for the people.” Instead, only a tiny band of politicians, their families, and sycophants are laughing all the way to the bank. From his “subsidy is gone” pronouncement on Inauguration Day, which cancelled petrol subsidies, chronic hardship has defined his tenure.

From N187 per litre pre-Tinubu, petrol now sells between N568/l and N800/l. Without well-implemented safety nets, most citizens have found it difficult to cope with the astronomical rise in transportation and food costs. This has heightened poverty. It stood at 46 per cent in 2023 or 104 million citizens, per the World Bank.

Two other policies have combined to bankrupt citizens. The first is the merger of the naira rates through floatation. The second is the cancellation of subsidies for Band A electricity consumers in April.

Consequently, the naira has depreciated significantly. It exchanged at N464 per $1 in May 2023, plunged to N1,900/$1 early in 2024 before trading at around N1,400/$1 currently despite a raft of artificial policies to shore up its value. By February, it had lost 68 per cent of its value.

The impact goes beyond Nigeria. Formerly reckoned as Africa’s largest economy, Nigeria has ceded the top three continental slots to South Africa, Egypt, and Algeria respectively. It is now fourth in Africa with a GDP of $252.73 billion on the back of currency depreciation.

From N68 per kilowatt-hour, the tariff for the Band A segment climbed to N225/kWh before dropping to N206.80/kWh in May.

On the monetary policy side, the Central Bank of Nigeria has moved the benchmark interest rate from 18.50 per cent in May 2023 to 26.25 per cent, after three consecutive hikes in 2024.

All this has jerked up prices, though the Tinubu government is yet to implement a wage review. He met the national minimum wage of N30,000 per month. Businesses are complaining about the increased costs of borrowing funds.

In April, inflation spiked to a 28-year high of 33.69 per cent. Food inflation worsened to 40.63 per cent. Imports are priced steeply because of the depreciation of the naira. This is devastating to everyday living. Medicines are out of reach of citizens.

Tinubu, who has fulfilled his lifelong ambition to govern Nigeria, assumed office during the economic downturn. But there was hope initially of a revival after a largely successful eight-year tenure in Lagos State (1999-2007). In truth, that optimism is blowing in the wind.

Under him, governance is not much different from the preceding era of locusts supervised by the clueless Muhammadu Buhari (2015-2023). Abductions and killings are an epidemic. This is reminiscent of the Biafra Civil War (1967-1970).

While 63,111 died in violence on Buhari’s watch, 6,931 were killed in Tinubu’s first 10 months. Beacon Security and Intelligence counted 2,583 killings in the first quarter under Tinubu. SBM Intelligence reported 4,777 abductions when Tinubu assumed office to early May 2023. The worst-hit states are Plateau, Benue, Kaduna, Niger, Zamfara, Kogi, Katsina and Borno.

refineries, the airports, seaports, the Ajaokuta Steel Company, and the railways. This will save the government on running costs and boost foreign direct investment.

The President should redirect focus on security. Without this, farming and business will continue to depress. There is a growing trend of brutality among the security agencies. They are abducting journalists with impunity. This is against the rule of law. Nigeria is no longer under a military regime so Tinubu should rein in their excesses.

His cabinet is bloated. He should have a compact team of performers to reduce the cost of governance.

Tinubu is toeing the path of his predecessors on restructuring. This is ludicrous. It is wishful thinking to believe that Nigeria will make progress without restructuring. The President should make restructuring a priority. It will unleash Nigeria’s productive capacity, rebuild trust in governance, improve security, and de-escalate inter-ethnic tensions.

Punch

News

Oyebanji appoints new Chief of Staff, others

Published

11 minutes ago

January 1, 2025

Kayode Sanni-Arewa

Ekiti State Governor, Biodun Oyebanji, has appointed Oyeniyi Adebayo as Chief of Staff, effective Thursday.

Adebayo, currently the Commissioner for Budget, Economic Planning, and Performance Management, will oversee the coordination of activities in the Governor’s Office.

Announcing the appointment in a statement, the governor’s Special Adviser to the Governor on Media, Yinka Oyebode, said, “Mr. Adebayo brings a wealth of experience in finance, management, and planning to his new role. His expertise will be critical in ensuring the efficient operation of the Governor’s Office.”

Adebayo, from Usi-Ekiti, joined the Oyebanji administration in November 2022 as Special Adviser on Budget, Economic Planning, and Performance Management before being elevated to commissioner in August 2023.

In related developments, Femi Ajayi has been appointed as Commissioner for Budget and Economic Planning, effective Thursday.

Ajayi, who had previously held this position, currently serves as Special Adviser to the Governor in the Independent Project Monitoring Office.

On the restructuring of the ministry, Oyebode explained, “The Ministry of Budget and Economic Planning will revert to its original name from January 2, 2025, reflecting its renewed focus and mandate under Hon. Ajayi.”

Governor Oyebanji also announced the creation of the Office of Special Services, to be headed by Prince Wole Ajakaiye as Special Adviser.

Ajakaiye, the current Director General/Special Adviser on SDGs, will oversee Sustainable Development Goals, Independent Project Monitoring, and other responsibilities.

Speaking on Ajakaiye’s appointment, the governor said, “Prince Ajakaiye’s leadership has been instrumental in driving SDG-related initiatives, and I am confident he will bring the same dedication to his expanded role.”

Additionally, Tajudeen Akingbolu has been appointed Director General of the Ekiti State Transport Agency, effective January 2, 2025.

A former member of the state House of Assembly, Akingbolu will manage the newly established agency.

Oyebode said, “These appointments reflect Governor Oyebanji’s commitment to harnessing the skills and experience of competent individuals to drive Ekiti State’s development agenda.”

News

2025: Senator Manu celebrates with constituents, says we’ll all triumph this year

Published

12 minutes ago

January 1, 2025

Kayode Sanni-Arewa

The Senator representing Taraba Central Senatorial District, Senator Manu Haruna has said 2025 will showcase victory for his constituents, Tarabans and Nigeria as a country.

Manu who made this disclosure in a new year message to his constituents and Nigerians declared that it’s going to be a year of victory against insecurity and economic challenges.

Senator Manu celebrated the dawn of a new year and expressed his gratitude for the trust and support of the people of Taraba Central.

He acknowledged their resilience and unity in facing the challenges of the past year and prayed for peace, prosperity, and progress in the year ahead.

The Senator reaffirmed his commitment to serving the people, advancing development projects, and addressing key issues in the district.

The former Deputy Governor of Taraba State Manu encouraged everyone to embrace the spirit of hope and determination as they work together to build a brighter future for Taraba Central and Nigeria.

News

FCT: Wike reveals punishment for those who refuse to pay certificate of occupancy fee

Published

14 minutes ago

January 1, 2025

Kayode Sanni-Arewa

The Minister of the Federal Capital Territory, FCT, Nyesom Wike, has stated that the grace period for land allottees to pay their Certificate of Occupancy fees would not be extended.

He said it is essential for individuals to fulfil their obligations, adding that after the grace period expires, these lands will be reallocated to interested parties.

Wike said this while conducting a routine inspection of several key infrastructure projects currently underway in the FCT.

Projects inspected include the 15-kilometre left-hand service carriageway of the Outer Southern Expressway, OSEX, from Ring Road 1 to Wasa Junction, the Abuja Division of the Court of Appeal complex in Dakibiyu, Jabi District and the 5-kilometre Saburi Road.

Addressing journalists after the inspection, Wike expressed concerns raised by some individuals regarding the publication of the names of plot owners who have yet to pay their Certificate of Occupancy fees.

He clarified that the list was generated from existing records and that individuals with proof of payment would be addressed accordingly.

He further stated that the grace period for land allottees to pay the fee would not be extended.

Emphasising the need for compliance and the importance of revenue generation for FCT’s development, he explained that some of the land allocations dated back to 10 years, adding: “We believe it is essential for individuals to fulfill their obligations. After the grace period expires, these lands will be reallocated to interested parties.”

When asked about distractions and how they may affect his developmental strides in the FCT in 2025, the Minister reiterated that nothing distracts him, insisting that he remains intensely focused on achieving his mandate in the FCT.

He said complaints were an inherent part of governance and that it was unrealistic to expect to satisfy everyone.

“These complaints will not deter us from our mission. We are committed to fulfilling our responsibilities and achieving the best possible outcomes for most of our residents,” he said.

“Our focus remains on what is right and achieving the best possible results for the majority of our residents, not for a select few.”