Today, May 29, marks exactly one year since Bola Ahmed Tinubu took the oath of office as the president of the largest black nation on earth, Nigeria.

Tinubu was sworn in as the fifth democratically elected president, since the return of democracy in 1999, following his victory in the keenly-contested 2023 presidential election.

Tinubu, 72, who contested on the platform of the ruling All Progressives Congress, APC, emerged victorious against his closest rivals, Atiku Abubakar of the Peoples Democratic Party, PDP, and Peter Obi of the Labour Party, LP.

His victory was, however, greeted with mixed reactions, with allegations of electoral malpractice and a heated legal battle that followed.

Despite the controversy, Tinubu’s inauguration on May 29, 2023, marked the beginning of a new chapter in Nigeria’s democratic journey.

DAILY POST observed that the past year has been characterised by significant political dynamics, with Tinubu’s administration navigating a complex landscape of expectations, challenges and diverse opinions on its performance and policies.

The administration’s policies and decisions have triggered a broad spectrum of reactions from different segments of the society, thereby creating a “gbas gbos” across the nation.

Renewed Hope: A journey marred by controversies

Many political observers believe that Tinubu took off on the wrong note with the announcement of the removal of fuel subsidy on the day of his inauguration.

The President himself admitted that the removal of fuel subsidy was not part of his inaugural speech, but he “went out of his way” to announce it in the best interest of Nigerians.

DAILY POST recalls that while Tinubu was yet to finish his inaugural speech, oil marketers quickly adjusted their fuel pump prices to about N500 per litre.

A few weeks later, the fuel pump price was further increased to about N617-N1000 per litre, depending on the area or state.

This singular act, many believe, has inflicted untold hardship on many Nigerians.

The development, according to analysts, contributed to high inflation, with prices of commodities skyrocketing by about 300 per cent.

In less than 12 months, the current government has twice witnessed a total shutdown by the organised labour due to the ongoing suffering in the country resulting from the removal of the fuel subsidy.

Betta Edugate – They never saw this coming

Barely six months into his administration, a major scandal hit the APC-led government.

The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, was at the centre of the storm for alleged corruption.

Edu, 37, who served as the National Women Leader of the ruling APC, came under fire over allegations of financial embezzlement and abuse of power in her ministry.

Edu was accused of transferring N585.189 million meant for vulnerable groups in Akwa Ibom, Cross River, Ogun and Lagos states into a private account.

This sparked a national outcry and reinforced the notion in some quarters that the APC government would exploit Nigeria for personal gain.

Consequently, President Tinubu suspended Edu and ordered a thorough investigation.

The outcome of the investigation is still being awaited, while Edu remains suspended.

Is subsidy truly gone?

Contrary to the claim that subsidy on fuel has been removed, there are allegations that the federal government is still paying subsidies for the product.

The World Bank and the CEO/Managing Director of Pinnacle Oil and Gas Limited, Mr Robert Dickerman, asserted that the Federal Government continues to subsidise fuel.

Reacting to the debacle, activist and renowned lawyer, Femi Falana, who was vocal against the removal of the subsidy in 2011 under President Goodluck Jonathan, urged the government to review the policy in the public interest.

“Curiously, the Nigerian National Petroleum Corporation Limited has not deemed it fit to deny the serious allegation that fuel subsidy has been restored.

“Since there is no provision for fuel subsidy in the 2023 and 2024 Appropriation Acts the federal government should, without any further delay, confirm or deny the serious allegation and end the opacity surrounding the importation of fuel from foreign countries,” Falana said.

“If the federal government is spending as much as N1 trillion on fuel subsidy per month, it is high time the policy was reviewed in the interest of the Nigerian people,” he added.

Renewed Hope – The good, the bad and the ugly

The Tinubu/Shettima 2023 campaign mantra was anchored on a policy document titled Renewed Hope.

The policy document has national security, economy, agriculture, power, oil and gas, transportation, education, the digital economy, sport, entertainment and culture, youth empowerment and entrepreneurship, women empowerment, social programs, judicial reforms, federalism and decentralisation of power and foreign policy, among others as thematic areas of priority.

With fuel subsidy gone and prices of things skyrocketing on a daily basis, many Nigerians feel the impact of the Renewed Hope is yet to be felt.

Insecurity – The bloodbaths continue

The administration’s approach to security and governance has also been a major talking point.

Tinubu’s administration prioritised enhancing national security, with increased funding for security agencies and strategic initiatives to combat insurgency and banditry.

Despite these efforts, the persistence of security challenges remains a significant concern for many Nigerians.

In places like Benue and Plateau states, farmers have abandoned their farms due to persistent clashes with herdsmen. Just last week, over 30 people were killed in various villages by suspected herdsmen in Benue alone.

In the northeast, bandits continue to pose a threat, causing citizens sleepless nights.

Although Tinubu inherited this crisis from the previous administration, many believe his approach to addressing this nagging menace is inadequate.

However, the leadership of the renowned pan-African students’ movement, The Progressive Students Movement (PSM), Nigeria chapter, is pleased with the President Bola Ahmed Tinubu government in the area of security.

According to the group, “Information shows that our gallant military troops have succeeded in neutralizing 9,303 terrorists and criminals, including notorious kingpins such as Damina, Dangote, Kachalla Azarailu, and Boderi, among others.”

Knocks, kudos greet Tinubu’s first year in office

Front-line politician and activist, Hon Lucky Obiyan, said the current government has failed woefully in areas of security, Fiscal and monetary policies.

He slammed the current administration for focusing on less impactful social infrastructure while neglecting vital areas.

He told DAILY POST, “President Tinubu’s government has performed below expectations across all governance indices. If I were to give it a scorecard, it would be below one per cent.

“In the economy, the government has failed. In terms of security, it’s at a dismal 0.001 per cent.

“In the area of Fiscal and monetary policies, the government is at a zero level. The energy sector is in crisis, exacerbated by poorly considered subsidy removal.

“Priority infrastructure has been neglected, with the government focusing on less impactful social infrastructure while neglecting vital areas that affect people’s lives and the economy.

“The government has driven away big multinationals in Nigeria, who have been relocating one after the other to neighbouring countries in Africa.

“Human rights abuses have reached a gargantuan proportion and there’s a flagrant disregard for the rule of law.

“Selective obedience to court orders based on convenience is undemocratic and unacceptable.

“The mismanagement and waste of our collective resources are deeply concerning.

“A government that allocates N90 billion for Hajj while neglecting essential services cannot be taken seriously.

“Overall, the past year has been toxic, bringing nothing but hell and hardship to the people and eroding their purchasing power of the average Nigerian person.

“In summary, this administration deserves a score of zero in every assessment.”

Contrasting Obiyan’s views, Okpokwu Ogenyi, a political analyst and Coordinator of the Conference of Minority Tribes in Nigeria and former governorship aspirant in Benue State, argued that the President has made significant strides in his first year.

Ogenyi believes that Tinubu’s efforts in tackling corruption, initiating economic reforms and enhancing infrastructure development across the nation demonstrate a commitment to national progress.

“If you ask me to rate the president on a scale of one to 10, I would tell you 9/10.

“In just less than one year in office, we have seen the monumental projects that he has been able to accomplish.

“From the renovation of the Lagos Third Mainland Bridge to the award of the Makurdi-Otukpo-Enugu road project, the Abuja light rail, the national assembly renovation, Lagos-Calabar Coastal project, and several others.

“Many Nigerians will say he erred by removing the subsidy, but I must say that he did well. It was a bold move that many Nigerians will appreciate later.

“The suffering is temporary, but I assure you that things will be stable very soon.

“Nigerians are asking the wrong person. The people they should hold responsible are the state governors. Before now, monthly allocations were about N2bn, but today, states like Benue are getting N6bn as allocations.

“Oil producing states get as much as N16bn monthly. What are they doing with the money? The masses should ask them. The president cannot be everywhere at the same time

“Tinubu’s administration is on the right track. The foundations he is laying will yield positive results in the long term,” Ogenyi asserted, calling for patience and continued support from the populace.

Echoing Ogenyi’s sentiment, Terence Kuanum, National Coordinator of the National Coalition Against Terrorism, asserted that Tinubu has lived up to expectations by taking tough decisions to neutralise the damage caused by Buhari’s eight-year government.

“Though these decisions come with pain, we are optimistic that we will ultimately benefit from them,” Kuanum stated.

He also alleged that Tinubu’s efforts were being sabotaged by governors.

“Despite the huge finances available to states, there is little to show for the substantial allocations received,” he added.

However, Kuanum is hopeful that amendments granting autonomy to local governments will ensure that the dividends of democracy reach the grassroots.

“Overall, Tinubu has performed well across all sectors,” he said.

A chieftain of the Peoples Democratic Party and activist, Austin Okai, told DAILY POST that the ruling party has succeeded in buying over some members of the opposition.

He challenged those who were vocal against the government of the PDP to come out and question some of the policies of the current government.

He lamented that what Nigerians were going through is a fallback of what the APC created to discredit the government of the PDP and Jonathan to get power in 2015.

His words, “Today, the issue of kidnapping is a fallout of what the APC created to discredit the government of PDP and Goodluck Jonathan.

“Now, we are witnessing the repercussions, with more citizens being kidnapped. We are reaping the seeds they sowed as the opposition, and you want us to accept that.

“Recall that the current Vice President, Kashim Shettima, was the governor of Borno State when the first abduction happened in Chibok.

“Wike, who is now aligning with the APC government, was the Minister of State for Education then. They all ignored security reports to close down Chibok School until the abduction happened. Today, where are we?

“Today, Nigerians are eager and yearning for the era of the PDP. Tinubu has done nothing. He is employing only his people from Lagos or awarding contracts to a company owned by his son.

“He is increasing VAT and introducing more taxes. As of yesterday, I bought fuel at N750 per litre in Abuja.

“When I questioned the price, they claimed those selling at cheaper rates tampered with their metres, which tells you that the regulatory agencies are not even working.

“A year after the removal of the subsidy, they have not increased salaries and the CNG buses he promised are nowhere to be found.

“The palliatives are being given to APC members, who, in turn, are selling them to the masses.

“So, Tinubu has failed. Nothing is working. He has not done anything remarkable. Now, people cannot fly because of the high cost of aviation fuel and people cannot drive because of the fear of being kidnapped.

“The inflation rate is rising. It is a shame that nobody is speaking out. Where are Wole Soyinkas, the NGOs and CSOs that were vocal against the PDP government? They called us looters and Boko Haram supporters, but now they can’t talk.

“They are expecting the PDP to come and do the job for them. The only way forward is to kick them out in 2027. They have failed woefully.”

For activist and political analyst, Enenche Obonyilo Peter, Tinubu inherited a nation that was systematically destroyed and he needs more time to fix it.

His words, “I will say Tinubu has performed fantastically well. He has been able to manage the country. Every federating unit now has a sense of belonging.

“Abuja is wearing a new look, though the subsidy removal is painful, but there is no better time to remove it than now.

“When the Arabs were using oil money to build Dubai and Kuwait, we were busy burning down Kaduna, Kano and Lagos.

“When Russians were laying pipes that connect their markets to Europe, we were busy bursting and vandalising our pipelines.

“Nigeria was so systematically destroyed over the years that no overnight approach can fix the mess. So far, Tinubu has put us on a path to recovery.”

Opposition parties – Toothless bulldogs

Another major concern about the current government is the belief that the nation is gradually sliding into a one-party state.

At the moment, the major opposition parties resemble toothless bulldogs.

According to political observers, the Tinubu government has effectively silenced opposing voices, particularly with the appointment of Nyesom Wike, a prominent member of the opposition camp, into his cabinet.

The Labour Party, which was seen as the third force, has been embroiled in crisis, with little or no attention given to national discourse.

Meanwhile, DAILY POST observed that the Tinubu government has embarked on several reform initiatives aimed at revitalising the economy, including efforts to improve the ease of doing business, attract foreign investment and diversify the economic base away from oil dependency.

However, these initiatives have faced significant challenges, including global economic uncertainties and internal resistance.

In the area of infrastructure, the government is believed to be truly living up to expectations.

For instance, in the nation’s capital, the minister of FCT, Nyesom Wike, who is a member of the PDP, has been on his toes to make sure the seat of power wears a new look.

The government has ‘face-lifted’ major roads in Abuja city centre and satellite towns.

Prominent among them is the Wuye-Wuse link flyover, Area 11-Asokoro flyover, etc.

Similarly, the government kicked off the construction of Lagos-Calabar Coastal Road, which will open up the economy between West-north and south.

However, public opinion on Tinubu’s first year in office is deeply divided.

While some applaud his proactive approach and long-term vision, others express frustration over the slow pace of tangible improvements in their daily lives.

The social impact of his policies, particularly on the most vulnerable populations, remains a contentious issue.

Light at the end of the tunnel

The Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, says there is hope for Nigerians, considering the achievements of President Bola Tinubu in just one year in office.

According to Wike, Tinubu has done very well in the FCT and the country overall, particularly in physical infrastructure and human capital development.

He said, “I think Mr President has done very well in terms of reassuring Nigerians that he is committed to delivering the dividend of democracy.

“From what we have seen on the ground, there is really hope for Nigerians. So, we are very happy.”

[DailyPost]

Kano Governor Abba Yusuf has banned all forms of public demonstrations in the State.

He imposed stringent restrictions on all public gatherings intended to protest within the state.

The Governor, in a statement by his Media and Publicity Director Sanusi Bature on Wednesday, said he was exercising the authority vested in him as the chief security officer of the State.

“By virtue of his position, the Governor has directed the police, the Department of State Services and the Nigeria Security and Civil Defense Corps to apprehend, detain, and prosecute any individual or group partaking in demonstrations on the streets of Kano,” the statement said.

According to Bature, the Governor’s decision is a proactive measure aimed at averting any potential breakdown of law and order orchestrated by adversaries of the state.

“We are privy to credible intelligence indicating that certain prominent figures from the opposition party in Kano have devised plans to sponsor student associations and political agitators from other northwestern states to incite chaos under the guise of advocating for the dethroned Emir of Kano, Aminu Ado Bayero.

“The State Government has explicitly outlawed protests, demonstrations, or processions of any kind, and individuals found on the streets of Kano engaging in such activities will be promptly apprehended.

“Through this declaration, we caution student groups against being manipulated by troublemakers who are resolute in fomenting disorder in Kano,” the statement added.

Yusuf urged all citizens of the state to carry on with their normal activities as the state retains its tranquility.

He added that the State Government will persist in vigilant oversight of the situation involving the emirate tussle to promptly address any individuals or factions trying to undermine the relative peace that state presently enjoys.

[TheNation]

The Federal Government on Tuesday said it had reinstated the suspended social investment programme, disclosing the scheme would provide direct payments to 75 million Nigerians in 50 million households to reduce the suffering of citizens, especially vulnerable groups.

It stated that the cash transfer programme was overhauled to tackle fraud.

The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced this at the ministerial sectoral briefing to mark the first year in office of the President Bola Tinubu administration in Abuja.

On January 12,  Tinubu suspended all the programmes administered by the National Social Investment Programme Agency for six weeks, as part of a probe of alleged malfeasance in the management of the agency and the scheme.

The president also suspended Betta Edu as the minister of Humanitarian Affairs and Poverty Alleviation on January 8. Edu’s ministry supervises the operations of the NSIPA.

The intervention programmes affected include the N-Power, the conditional cash transfer scheme, the government enterprise and empowerment programme, and the home-grown school feeding initiative.

On March 13, the House of Representatives asked the federal government to resume the implementation of the suspended social investment initiatives.

To revamp the programme, Tinubu approved the establishment of a Special Presidential Panel, led by Edun to carry out an intensive review and audit of the existing financial frameworks and policy guidelines of the social investment programmes.

Giving an update on the steps taken by the committee at the briefing, the finance minister stated that the government had decided to restart the programme to provide succour for poor Nigerians.

Edun said, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme. Immediately upon assuming office, Mr President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr President is committed to counterbalancing the negative effects with interventions across the social spectrum.

“The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with N1bn allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”

Food inflation

The National Bureau of Statistics in its April CPI report, said Nigeria’s 33.69 per cent inflation rate was largely driven by food inflation which stood at 40.53 per cent in April, 2024.

Nigerians have continued to lament the steady rise in the prices of goods and services partially fuelled by the removal of petrol subsidies.

But, the minister said with 30 per cent of the world affected by issues of food security, agriculture would play a critical role in addressing global food insecurity.

He stated, “Food security is a worldwide issue, affecting 30 per cent of the world’s active population, and Nigeria is no exception. As I mentioned earlier, agriculture is critical, and success in this area is crucial. Efforts are being redoubled, with N200bn provided by the Ministry of Finance towards an intervention program.

“Just today (Tuesday), we met with the social investment prudential panel and development partners to discuss the President’s emergency plan for food security. We talked about advancing this issue and providing food, nutrition, and security, and this area will receive more attention in the coming weeks. The economy is growing at 2.98 per cent in the first quarter of this year, higher than the population growth rate and last year’s growth rate. Agriculture has the potential to help move the economy forward and reduce inflation.”

Speaking further, the minister stated that the federal government had initiated direct payments to contractors, suppliers, and vendors engaged by the government, evidently aiming to curb corruption in business dealings.

He explained that this measure would guarantee the prudent and accountable expenditure of the nation’s wealth.

Edun also revealed that the government was set to roll out an Economic Emergency Plan that would be implemented in the next six months. The plan, he explained, would help stabilise the economy and set the country on the path of growth.

He explained, “A system of payment has been implemented to ensure that Nigeria’s money is spent wisely and accountably. The government has played a role in helping states in attracting cheap funding and processing projects at the community level. Nigeria’s international credit rating has improved, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.

“The government is committed to counterbalancing the negative effects of economic reforms with interventions across the social spectrum. Infrastructure is key to growing the economy, building employment, and creating multiplier effects throughout the economy. A fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian and we are working to attract cheap funding for states and process projects at the community level.”

He added, “And as it was mentioned earlier, the pivot thing to CNG is a government policy not just for vehicles but for generators. They have to be either CNG-fueled or solar-based or electric vehicles.

“That is the new incentive structure. And it continues also in the oil and gas sector. There has just been a new set of incentives that are encouraging new investments. We expect $7bn worth of investment that has been sitting on the sideline to now come; similarly, in other sectors.

“A stable, growing economy attracts investment that increases productivity, grows the economy further, creates jobs and reduces poverty. That is the trajectory that Nigeria is now on.”

Speaking on economic reforms, the finance minister announced that Nigeria has sufficient resources to pay its debts, both domestically and internationally, without strain.

According to him, this is a significant improvement from the previous situation where the government struggled to pay its way through implementing technological change procedures.

The minister said the revenue of the Federal Republic “has been totally revamped, rejuvenated, and increased substantially” due to the implementation of macroeconomic reforms and the restart of the social investment program.

He said, “We met a situation where the government did not have enough money. The government was not able to pay its way through implementing technological change procedures, which does not just require the skill of the workforce but also the political will.

“However, we are now in a situation where the revenue of the Federal Republic of Nigeria has been revamped, related and increased substantially. What did mean is that the government can now pay its way the government is paid is debt service without resulting to Ways and Means, particularly into debt service, the obligations domestically are now being paid.”

This has put the government in a comfortable position to service its debts and meet its financial obligations.

Edun also highlighted the improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.

This, combined with the paying up of a $200m shareholding with the Islamic Development Bank, has built confidence and allowed Nigerians to take their rightful place at the table.

“The process that has been put in place is one that we are mandated not just by Mr President, but even the National Assembly passing the 2024 budget insisted that Nigeria’s money that was in the hands of parastatals agencies, or other enterprises needed to be brought in properly and that has been done which puts the government now in a comfortable situation as we would like to where we pay our way domestically internationally.

“There is a whole host of debt that we met. We owe Islamic Development Bank $200m in shareholding, this is not in terms of loans but in terms of shareholding, our subscriptions. These were things that did not allow the confidence to be built and did not allow Nigerians to have that pride of place when they sit at a table when they travel and they owe money. All these are things of the past now,” he said.

The minister emphasised the importance of infrastructure in growing the economy, building employment, and creating multiplier effects throughout the economy.

A fund has been set up to provide institutional long-term support to support housing construction and low-interest mortgages for the average Nigerian.

He added that the companies that exited Nigeria were not to be blamed on the current government.

He said, “Our government inherits the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more, he said.

“For the economy we have inherited, we have pointed out how seriously all obligations, both international and domestic, are being paid. This is being done because the revenue, which the company covers on behalf of Nigerian workers, is being diligently brought in. It is being monitored, collected, and accounted for. As I leave here, I am a member of the National Minimum Wage Committee and Tripartite Committee, and I chair the subcommittee on implementation documentation of the last minimum wage.

 “In assessing and analysing the implementation of the 2019 award, we came across people in the private sector, particularly nationals in the south, who asked, ‘Why are you not rescaling?’ Please go and look at the law; it is not a scale, it is a minimum, and it is not mandatory to be anything other than that minimum. We hope to quickly bring discussions to a conclusion on this matter. This is one of the items on our minds, as this is a minimum wage for both the private and public sectors, and it is the law of the land. We need to be guided by discussions, stations, and expectations.

“Mass transit vehicles are being produced, and I have even driven one of them, which will provide us with, for example, a bus that used to be fueled for 50,000 naira will now be fueled with 15,000 naira. That is the kind of change and improvement that is on the way.”

The 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, on Tuesday, said President Bola Tinubu’s policies did not create prosperity but have rather pauperised the poor and bankrupted the rich.

He, however, highlighted six steps for President Tinubu to take to make a success of the office he occupies.

The president, who assumed office on May 29, 2023, with a Renewed Hope agenda for Nigeria, marks his first year in office Wednesday (today).

In a statement on Tuesday, Atiku reviewed the administration over the past year, criticising the All Progressives Congress-led government for not presenting any plans for economic remodelling, but instead implementing a mix of policies to address it.

Atiku, it will be recalled, at various times had criticised the policies of the administration and, in response, was blamed by the presidency for finding faults without proffering relatable solutions.

On Tuesday, however, the former vice president asked the president to pause and reflect; undertake a comprehensive review of the 2024 budget within the new reform framework; undertake a comprehensive review of the Social Investment Programme to mitigate some of the impact of these policies on the most vulnerable households and refrain from any attempt to further pauperise the poor by introducing new taxes or increasing tax rates.

He also asked President Tinubu to provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact on the Federation Accounts and finally to tackle security headlong.

The former vice president stated that, predictably, 12 months later, Tinubu’s promises of economic growth and alleviating misery remained unfulfilled.

“Tinubu laid out no plans for the remodelling of the economy but soon embarked on a cocktail of policies to achieve it.

“In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market.

“More policies followed in rapid succession: the tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariff, and a cybersecurity tax.

“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.” He said.

He lamented that Nigeria remained a struggling economy and more fragile now than it was a year ago.

“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 exacerbated.

“Africa’s leading economy has slipped to the fourth position, lagging behind Algeria, Egypt, and South Africa.

“Citizens’ hopes have been dashed and not renewed, contrary to the propaganda of the administration, as Nigeria’s economic woes have multiplied,” he added.

Atiku stated that he had previously voiced concerns about the risks of initiating reforms without proper sequencing, without clear implementation strategies, and without considering their potential and actual devastating consequences.

The PDP 2023 presidential candidate said implementing policies without proper planning and a clear destination was nothing other than trial-and-error economics.

“First, President Tinubu’s policies do not create prosperity. Instead, they pauperise the poor and bankrupt the rich. They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s.

“The annual inflation rate at 33.69 per cent is the highest in nearly three decades. Food prices are unbearably higher than what ordinary citizens can afford, as food inflation soared to 40.53 per cent in April, the highest in more than 15 years.

“Nigerian citizens have to pay 114 per cent more for a bag of rice, 107 per cent more for a bag of flour, and 150 per cent more in transport fares relative to May 2023.

“Today, in some locations, motorists are paying 305 per cent more for a litre of fuel. Yet, on a minimum wage of the equivalent of $23 per month, Nigerian workers are among the lowest wage earners in the world,” he stated.

He said the courage of the president to remove subsidy on PMS did not translate to the compassion to raise the minimum wage.

“Tinubu had the ‘courage’ to remove subsidy on PMS and impose additional taxes on his people but lacks the compassion to raise the minimum wage or implement a social investment programme that would reduce the levels of vulnerability, and deprivation of workers and their families,” he lamented.

Atiku asserted that President Tinubu’s policies had created a hostile environment for businesses of all sizes.

He added that the private sector was overwhelmed by the poor policies and burdened by his failure to address their negative consequences.

“The manufacturing sector, which holds the key to higher incomes, jobs, and economic growth, has been bogged down by rising input prices, higher energy and borrowing costs, and exchange rate complexities.

“For example, since 2023, the average price of diesel has doubled to N1,600 per litre. Electricity tariff has recently been increased by 250 per cent from N68/Kwh to N206/Kwh.

“As reported by the Guardian (13 May 2024), in Q1 of 2024, energy prices were up by 70 per cent, costing manufacturers N290 billion.

“Since May 2023, corporate Nigeria has lost more than a dozen enterprises to other countries. Unilever, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventi Nigeria, Bolt Food, and Equinor, among others, had exited Nigeria, citing reasons including foreign exchange complexities, security concerns, and high operational costs.

“According to the Nigeria Employers’ Consultative Association (NECA), nearly 20,000 jobs may have been lost due to the departure of 15 multinational companies from Nigeria,” Atiku said.

The former vice president warned that an economy with high unemployment rates and a declining manufacturing sector was not viable.

He further noted that President Tinubu’s foreign exchange policies had failed to positively affect Nigeria’s foreign trade balance, contrary to expectations.

“In particular, the free float and the resulting devaluation of the Naira has not resulted in an appreciable improvement in Nigeria’s trade balance. Devaluation has not enhanced the competitiveness of local producers and has had no positive impact on exports of goods, primary or manufactured.

“President Tinubu’s policies have failed to attract foreign investments into the country despite all the posturing and media hype by the president’s men. Exchange rate unification and free float of the Naira have not led to higher capital inflows (whether Foreign Direct Investment or Foreign Portfolio Investments), again, contrary to policy expectations,” the former vice president said.

Atiku then expressed dismay that despite employing various monetary policy measures, inflationary pressures and exchange rate fluctuations persisted.

He attributed the Naira’s sharp decline against the dollar, resulting in its status as the worst-performing currency globally, to Tinubu’s misguided policies.

He noted that President Tinubu’s policies revealed an overestimation of their effectiveness and a lack of readiness for potential consequences.

Atiku pointed out that Tinubu and his team seemed unsure about the current state and next steps of the reform process, as he urged the government to grasp the necessary reforms and their sequence, stressing the need for a framework outlining reform objectives and strategies.

Atiku, therefore, advocated for a comprehensive review of the 2024 budget within the new reform framework.

“The 2024 FGN Budget, the exact size of which remains a mystery, is not designed to address the structural defects of the Nigerian economy or the cost-of-living crisis. It will neither create prosperity nor promote opportunities for our young people to lead a productive life.”

He stated, “The review must prioritise fiscal measures to deal with an unprecedented rise in commodity prices. Higher commodity prices have created more misery for the poor in our towns and villages and have pushed millions of people below the poverty line. One such measure for immediate implementation will be to ease the existing restrictions on selected food imports.

“Third, undertake a comprehensive review of the Social Investment Programme (SIP) to mitigate some of the impact of these policies on the most vulnerable households. The SIP must go beyond Conditional Cash Transfers to include programmes that prioritise support to MSEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth.

“In addition, a holistic programme to support medium and large-scale enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS is also needed,” he said.

He warned against any plan to introduce additional taxes or increase tax rates by the administration.

“We are aware of the behind-the-scenes attempts to increase VAT rate from 7.5 per cent to 10 per cent, re-introduce excise on telecommunication, and increase excise rates on a range of goods.

“It needs to be restated that we cannot tax our way out of this situation. Instead, Tinubu must see the need for expenditure rationalisation and restraint – by having the budget more in sync with Nigeria’s fiscal reality, by improving efficiency in revenue utilisation, improving procurement processes and trimming the size of government – and, therefore, reducing the cost of governance.”

Atiku, who urged President Tinubu to promptly address insecurity, highlighted that the widespread insecurity significantly hampered agricultural production and its contribution to the economy, particularly in the northern region of the country.

“The state of pervasive insecurity continues to adversely impact agricultural production and the value it brings to the economy, especially in the northern parts of the country.

“Insecurity resulting from terrorism, banditry, kidnapping, and cattle rustling has compelled many crop farmers and pastoralists to abandon their lands and relocate to the neighbouring countries of Niger, Chad, and Cameroun.

“This has drastically caused a reduction in the production of food and skyrocketed prices of foodstuffs. Food scarcity in Nigeria is so dire that a report by Cadre Harmonize warns that between June and August this year, about 31.5 million Nigerians may face severe food shortages and scarcity,” he said.