Home » Tinubu’s First Year: Nigeria’s Economic Stability Under Scrutiny

Tinubu’s First Year: Nigeria’s Economic Stability Under Scrutiny

Mixed Reviews as Administration Marks One-Year Milestone

by Adenike Adeodun

Today marks one year since President Bola Ahmed Tinubu assumed office as Nigeria’s leader. The administration claims significant improvements over the past 12 months, but opinions vary.

“Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled. His actions or inactions have significantly worsened Nigeria’s macroeconomic stability. Nigeria remains a struggling economy and is more fragile today than it was a year ago. Indeed, all the economic ills – joblessness, poverty, and misery – which defined the Buhari-led administration have only been exacerbated,” said his closest rival in the 2023 election, former Vice President Atiku Abubakar.

Atiku warned that time is running out for the government and that Tinubu must act fast to save the economy. “Despite deploying various monetary policy tools, inflationary pressure persists, and so does exchange rate volatility. No thanks to Tinubu’s misguided policy, the naira’s value plummeted against the dollar and has since become the worst-performing currency in the world.”

Atiku said Tinubu had “an exaggerated understanding of the efficacy of his policies and was not ready for the potential fallouts.” He questioned the administration’s readiness and capacity to restore the economy, citing inconsistent policies such as the status of the fuel subsidy and the naira’s float.

The former Vice President criticized the Tinubu administration for implementing policies without proper planning and consideration of their consequences, labeling it “trial-and-error economics.” He highlighted that Tinubu’s policies have not created prosperity but have instead worsened the cost-of-living crisis, affecting both the poor and the wealthy.

Similarly, the Labour Party (LP) caucus in the House of Representatives, led by Afam Victor Ogene, expressed disappointment with the administration. “After one year, the entire country has come to the full and unambiguous understanding of what President Bola Tinubu meant when he said that his administration would continue with the ‘legacies’ of his predecessor. The current staggering negative economic indices should alarm every Nigerian,” Ogene said.

The caucus called on Tinubu to prioritize minimizing the suffering of Nigerians by ensuring food security, access to clean water, healthcare, and education. They also urged the government to intensify the fight against corruption and avoid harmful policies from foreign financial institutions.

The Human Rights Writers Association (HURIWA) also voiced concerns, stating, “The economy is generally not doing well, and has made absolute poverty balloon out of control. Democracy is very sick at the moment in Nigeria, with clear and imminent danger to the separation of powers.”

In contrast, Finance Minister Wale Edun presented a more optimistic view. He reported a rebound in the economy with a growth rate of 2.99%, exceeding the 2.3% growth of Q1 2023. Edun highlighted improvements in agriculture and revenue collection as evidence of the effectiveness of Tinubu’s policies.

Edun emphasized that agriculture’s growth would help curb inflation and stabilize food prices, contributing to poverty reduction. He noted that the government has met its debt obligations without resorting to Central Bank advances, demonstrating fiscal prudence.

The Tinubu administration also received praise from Chief Reuben Fasoranti, leader of Afenifere. Fasoranti commended Tinubu’s efforts to implement policies enhancing Nigeria’s situation and emphasized the need for restructuring to ensure sustainable development and citizen participation.

Meanwhile, the Presidency announced that President Tinubu would not address a joint sitting of the National Assembly on May 29, contradicting earlier statements. Special Adviser Ajuri Ngelale clarified that the President would continue inaugurating strategic projects instead.

This comes after Bayo Onanuga, Presidential Special Adviser on Information & Strategy, had said Tinubu would address the National Assembly to commemorate 25 years of Nigeria’s democracy and outline the administration’s achievements. The event will feature speeches from prominent figures, including former Senate President David Mark and former military ruler General Abdulsalami Abubakar, culminating in the commissioning of the National Assembly Library and Resource Center.



Source: The Guardian

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