As of the writing of this dissertation, the nimbus and patina in selected locations across Nigeria are not now rocking and rolling in peregrinating rallies against President Bola Tinubu and his All Progressives Congress administration. Protests against hunger and ‘poor governance’ are rare. This does not, however, imply that organisers of the fundamental civic right have lowered their swords. If no agreement is made with the government, it may take a few more days for momentum to build. Nigeria, my friends, is a place of famine and devastation. My people are hungry and rightfully outraged because poverty in Nigeria exists. It is found on the streets of Lagos, Abuja, Port Harcourt, Warri, Enugu, Owerri, Kano, Sokoto, and other places. It is a bruising besiege of millions of families, as well as a principality with a fertile womb that produces meaner principalities. That is what we are taught is the essence of the protest. Confucius, a Chinese scholar and philosopher, famously stated that “in a well-governed country, poverty is something to be ashamed of.” The World Bank estimates Nigeria’s poverty rate at 33.1%, placing it among the world’s five most impoverished countries. Sixty-one percent of the population lives on less than $1 per day, and ninety-two percent on less than $2. In a nation endowed with a wide and fertile landmass, crippling poverty and agonising hunger represent a massive and tumultuous river to cross.
Every protest in Nigeria is fuelled by additional covert elements. The manoeuvres and partisan political colouring are not too dissimilar. There are a wide variety of looks and interests present during this demonstration. While some are genuinely attempting to lessen the severity of this season, which is brought on by agonising hunger, there are those who are aiming to cause chaos and render Nigeria unmanageable for this president. What more, though, can Tinubu do to appease his critics? What mitigation measures does he still need to implement but hasn’t? What president, anywhere in the world, could wake an unconscious economy in just 14 months? And what president will throw in the towel and let his land slip into chaos brought on by enraged humans?
Allow me to explain the actions of this government that have won praise from allies as well as adversaries. Tinubu withdrew the oil subsidy that had cost Nigeria billions of dollars over a long period of time on the day he took office. The audacious action received widespread praise worldwide. Even those who opposed Tinubu praised and welcomed the decision. It was well past due. After taking office, Nigeria saved more over N1 trillion from oil subsidies in just over two months. Normally, the money would have ended up in the hands of criminals. As part of the steps to mitigate the effects of the loss of petrol subsidies, the President went on to approve the creation of the Infrastructure Support Fund for each of the 36 states in the federation. It was anticipated that the ISF would provide the states the authority to step in, make investments in vital sectors of the overall economy, generate employment, and bring wealth to the Nigerian people. In order to lessen the effects of the subsidy elimination, this president also decided to set aside a portion of the monthly distributable revenues. Only N907 billion of the N1.9 trillion in distributable revenue as of June 2023 was given to the three levels of government; the remaining N790 billion was preserved and used for mandatory deductions.
The president took all of these actions to make sure that the elimination of subsidies would result in real gains in Nigerians’ quality of life.
Tinubu took over a bewildering and oppressive mountain of crippling debt, both domestic and foreign. However, Tinubu reduced the debt to $91 billion from $108 billion. Between May 29, 2023, and today, his administration has returned the prior N7.3 trillion obligation. The Federal Government was using 97% of its earnings by the end of June 2023 to pay down debt.
As of right now, the debt service-to-revenue ratio has decreased from 97% in the first half of 2023 to 68% in 2024, demonstrating the government’s effective management of its debt. And while hard-working Nigerians are forced to take to the streets in protest, a lot of people are wondering what any president can do to save such a harsh and aggressive economy in just 14 months.
In order to boost the industrial sector’s ability to grow and generate well-paying employment, this administration invested N75 billion in it. An investment of N125 billion was made in micro, small, and medium-sized businesses. A number of farmers’ associations and players in the agricultural value chain had been enlisted to guarantee that food prices would not rise too high. In order to control prices, 200,000 metric tonnes of cereals from strategic reserves have been made available to householders in the 36 states and the Federal Capital. A further 225,000 metric tonnes of seedlings, fertiliser, and other inputs have been given to farmers who support our goal of food security. N50 billion has been invested in each to cultivate 150,000 hectares of rice and maize, indicating that the cultivation of 500,000 hectares of farmland and all-year-round farming practices are still on track and supported. A new minimum salary for workers went from $30,000 to $70,000 per month, a rise of more than 100%. In order to alleviate the hunger and suffering that Nigerians are currently going through, he ordered the opening of Nigeria’s borders to facilitate the importation of food and combat food inflation. He recently signed an executive order directing the Nigerian National Petroleum Company Ltd to pay in naira for the delivery of oil to the Dangote refinery and other modular refineries in the nation. This also contributes to the goals of energy self-sufficiency, lessening the burden of foreign exchange, and lowering the cost of goods.
What more needs to be done by a president in 14 months that Tinubu hasn’t already done? By harmonising the currency rate, he put an end to the forex swindle. In comparison to the first quarter of 2023, the country’s GDP expanded more quickly in 2024. In the first quarter of 2024, the agriculture sector had modest growth after emerging from a negative position in the same period the previous year. Additionally, compared to the first quarter of 2023, the industrial sector increased seven times faster in 2024. In terms of revenue, the Federal Government’s total revenue for the first half of 2024 exceeded that of the equivalent time in 2023 by over twofold. It was also reported that, despite no tax increase, non-oil revenue not only exceeded the revenue in the first half of 2023 but also exceeded the 2024 budget objective by 30%. The Tinubu administration stopped numerous leaks and increased government income collection. With a target of 4.1% of GDP, the 2024 budget deficit improved from the 6.1% deficit in 2023. This was a positive step.
A neighbourhood movie theatre is the only place we can find a president who can perform a miracle like turning water into wine with a flip of his fingers. The president is not a magician. The present improvements won’t start bearing fruit right now. Without a doubt, Nigeria’s economy has to be restructured extensively. If we all work together to save this country, tomorrow will be better than today if we have unwavering focus. I hope Tinubu and Nigerians both prosper.