As the nation celebrates the anniversary of Bola Tinubu’s assumption of office as the 16th President of Nigeria, it’s crucial to inspect the policies, decisions, and their tangible impacts on the good people of Nigeria. A thorough assessment is necessary to truly understand the core of governance under his leadership, going beyond superficial criticisms.
In the manifesto released in October 2022, President Tinubu articulated his vision for a society that prioritizes shared prosperity, tolerance, compassion, and equal respect for every citizen under the RENEWED HOPE Agenda. The transfer of power from Muhammadu Buhari to Bola Tinubu marked a pivotal moment in Nigerian politics, characterized by a transition from one administration to another with distinct leadership styles and policy agendas.
During Buhari’s tenure, Nigerians faced numerous challenges, including economic recession, heightened insecurity, and social unrest. The economy struggled amid falling oil prices, high inflation, and unemployment, leading to widespread hardship for many citizens. Additionally, the Boko Haram insurgency persisted in the Northeast, while communal clashes, banditry, and kidnappings escalated in other regions, undermining security and stability. Amidst these difficulties, there were also concerns about governance, transparency, and human rights, with criticisms leveled against the government’s handling of various issues.
In contrast, the transfer of power to Tinubu raised hopes for change and renewal, with expectations of addressing the pressing issues that had plagued the country. Tinubu’s tenure was anticipated to bring fresh ideas, innovative policies, and a proactive approach to governance. However, the challenges facing Nigerians are still persisting, and new hurdles are emerging, reflecting the complexities of governing a diverse and dynamic nation.
Under Tinubu’s leadership, Nigerians continued to grapple with economic hardships, security threats, and social inequalities. While efforts are being made to implement reforms and initiatives to tackle these issues, progress is often hindered by systemic obstacles, bureaucratic inefficiencies, and external pressures. As a result, many Nigerians find themselves confronting familiar struggles, although within a different political landscape. The transfer of power from Buhari to Tinubu symbolized both continuity and change in Nigerian politics, underscoring the ongoing quest for effective leadership, responsive governance, and sustainable development. While the struggles faced by Nigerians may have evolved over time, the imperative remains for leaders to address the root causes of these challenges and work towards building a better future for all citizens.
Economic Policies and Reforms
Tinubu’s economic agenda prioritized renewing key sectors to stimulate growth and create employment opportunities. Initiatives such as the Youth Empowerment Program (YEP) aimed at equipping young Nigerians with skills for entrepreneurship and job readiness have been rolled out. Additionally, tax incentives for small and medium-sized enterprises (SMEs) were introduced to foster innovation and competitiveness in the business landscape.
However, the effectiveness of these policies has been marred by challenges. Implementation constrictions and administrative hurdles have hindered the seamless execution of economic reforms. Moreover, the failure to address structural issues such as infrastructural deficiencies and regulatory constraints has hindered the full realization of the intended benefits.
Social Welfare Programs
Tinubu’s administration embarked on ambitious social welfare programs to alleviate poverty and enhance social inclusivity. The introduction of a subsidized healthcare scheme aimed at providing affordable medical services to vulnerable populations marked a significant stride towards achieving universal health coverage. Additionally, investments in education infrastructure and the expansion of scholarship programs underscored the commitment to human capital development.
However, the potency of these initiatives has been questioned due to persistent challenges in implementation and resource allocation. Reports of mismanagement and corruption allegations have tarnished the integrity of some welfare programs, undermining public trust and confidence in the government’s ability to deliver on its promises. Initiatives such as the newly instated Student Loan Programme stir up a little hope, although many Nigerians are still in doubt, as nothing has fully begun regarding the application process.
Infrastructure Development
Recognizing the pivotal role of infrastructure in driving economic growth and improving living standards, Tinubu’s administration prioritized infrastructure development projects across the nation. From road construction and rehabilitation to the expansion of power generation capacity, significant investments were made to address the infrastructural deficit. Yet, progress has been hampered by funding constraints and delays in project execution.
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The pace of infrastructure development has failed to match the escalating demands of a rapidly growing population, exacerbating the strain on existing facilities and services. Since the removal of fuel subsidies (which has been reinstated) and the exponential increase in food prices, Nigerian citizens are encountering challenges in prioritizing the advancements in infrastructure due to the ongoing rise in the cost of living.
Over the past year, Nigeria has seen significant shifts in its light and fuel subsidy policies. President Tinubu initially announced the removal of the fuel subsidy in May 2023 (barely 2 days after being inaugurated), citing the need to redirect funds towards critical sectors such as infrastructure, healthcare, and education. This move led to a dramatic increase in fuel prices, from about N197 per litre to between N480 and N570, eventually reaching up to N700 per litre. However, due to escalating crude oil prices, currency devaluation, and the withdrawal of private fuel marketers from importation, the Nigerian government quietly reinstated the fuel subsidy by late 2023.
This reinstatement, costing approximately N1.14 trillion monthly, is projected to consume around 50% of Nigeria’s oil revenue, or about N8.43 trillion ($5.9 billion), into 2024. Currently, fuel prices remain high, ranging from N620 to N700 per litre, and the reinstated subsidy aims to alleviate the economic burden on citizens, though it poses significant challenges to the country’s fiscal stability and budget management.
Security and Governance
Tinubu’s tenure witnessed concerted efforts to enhance security and governance through institutional reforms and capacity-building initiatives. Collaborative partnerships with security agencies and community-based organizations were forged to combat insurgency, terrorism, and other forms of criminality.
Furthermore, measures were implemented to strengthen the rule of law and promote accountability in public administration. Despite these endeavors, the persistence of security challenges and instances of impunity have cast doubts on the government’s ability to guarantee the safety and well-being of its citizens.
The absence of sustainable solutions to endemic security threats has engendered a sense of insecurity and apprehension among the populace.
Economic Conditions and Cost of Living
The significant depreciation of the Nigerian naira, from around N461 per dollar before President Tinubu took office in May 2023 to approximately N1,489 per dollar in early 2024, has had profound effects on the cost of living in Nigeria.
The weakened naira has led to increased prices for imported goods and services, as the higher exchange rate raises the cost of imports. This includes essential items such as food, fuel, and medical supplies, exacerbating the inflationary pressures already present in the economy.
Consequently, many Nigerians face higher living expenses, which reduces their purchasing power and worsen the economic challenges for households already struggling with high inflation rates. This is compounded by stagnant salaries and the ongoing struggle within the labor force for an increase in the current minimum wage. Unfortunately, there has not been any significant or progressive resolution arising from the back and forth.
These economic conditions have led to a rise in the cost of living, with inflation further fueled by the subsidy removals and subsequent reinstatements affecting fuel prices. The overall impact has been an increase in poverty levels and financial hardship for many Nigerians, highlighting the urgent need for effective economic stabilization and support measures from the government.
Unsuccessful Projects
Despite various initiatives, many of Tinubu’s projects have struggled to meet expectations. Implementation constrictions, funding constraints, and bureaucratic inefficiencies have hindered the success of key programs. For example, the Youth Empowerment Program (YEP) and the subsidized healthcare scheme faced significant challenges in execution, limiting their impact. Additionally, corruption allegations have plagued several welfare programs, reducing public trust and confidence in the government’s ability to deliver on its promises.
Conclusion
In conclusion, a comprehensive assessment of Bola Tinubu’s first year in office reveals a mixed bag of achievements and shortcomings.
While commendable strides have been made in certain areas, such as economic reforms and social welfare initiatives, the overarching narrative is one of unrealized potential and unfulfilled promises. The gap between policy formulation and implementation remains a significant hindrance to effective governance, undermining the credibility and legitimacy of the administration.
Moving forward, addressing systemic challenges and fostering inclusive and transparent governance will be paramount to delivering meaningful change and improving the lives of Nigerians. As the nation reflects on the past year, it is incumbent upon all stakeholders to hold leadership accountable and strive for a future characterized by prosperity, equity, and justice.