By Femi Adebisi
President Bola Ahmed Tinubu assumed office on May 29, 2023, amidst high expectations and hopes for a better future for Nigeria.
However, the first year of his administration has been marked by controversial decisions and economic challenges that have had far-reaching consequences on the Nigerian economy and its masses.
One of the most significant decisions taken by President Tinubu’s administration was the unilateral removal of subsidy on fuel on the first day of assumption of office.
This move was made without the executive council in place and without proper consultation with stakeholders.
The removal of subsidy has had a detrimental impact on the economy, leading to a slowdown, reduced people’s spending power, and high inflation rates, particularly in food prices.
The widening of the tax net has further exacerbated the economic hardships faced by many Nigerians, with industries and businesses closing down and people losing their jobs.
This has resulted in a widening social crisis affecting the lives of people across the country.
Additionally, the administration’s approach to closing the gap between the black market and official rates of exchange has left the Nigerian currency, the Naira, vulnerable.
The decision to hike interest rates in order to source for US dollars has further strained the economy and added to the challenges faced by businesses and individuals alike.
The defenseless nature of the Naira has had ripple effects on various sectors of the economy, contributing to the overall economic instability and uncertainty in the country.
Measuring the administration’s performance in the last one year, what comes to people’s mind is the exchange rate of Naira to a dollar, the prices of food items, that are not favourable for the masses.
Also, the nation’s GDP has dropped drastically, inflation is unprecedented, unemployment is unprecedented, national debt is unprecedented and the Naira has been devalued by about 70% in just one year, compared with late General Sani Abacha regime that maintained the naira value stable for five years.
Consequently, some stakeholders have urged the government to save the masses from hunger and insecurity.
While some called for cabinet overhauling for effective service delivery, as some of the ministers are square pegs in round holes, while some of them lack the necessary global exposure to drive the economy and the financial obligations of a country as sophisticated and as volatile as Nigeria.
It is noteworthy that the administration has increased efforts at combating insecurity, yet, the administration needs to improve in its efforts towards the national security because more citizens are being kidnapped and killed by terrorists across the country.
It is sad that more people are being displaced and deprived of farming activities.
Hon. Charles Anike, the National President of Eastern Union (EU), a political pressure group of the Old Eastern Region, stated: “The truth is that there is nothing to assess Tinubu’s one year in Presidential office, except if one is asked to point out the monumental errors in his ill-fated leadership.
In conclusion, the first year of President Bola Ahmed Tinubu’s administration has been marked by controversial economic policies and challenges that have had a profound impact on the Nigerian economy and its citizens.
The removal of subsidies on fuel and electricity as well as the exchange rate policies implemented by the administration have led to economic slowdown, reduced spending power, high inflation rates, and widespread job losses.
As the administration moves forward, it will be crucial to reassess its policies and priorities to address the pressing economic issues facing the country and work towards a more sustainable and inclusive economic future for all Nigerians.
Honourable Femi Adebisi is a Public Affairs Analyst and Media Consultant
