Caught in the BAT’s Trap: A Year of Broken Promises under President Tinubu

On May 29, 2023, Alhaji Bola Ahmed Tinubu was sworn in as Nigeria’s democratically elected president after a highly contested election. Defeating strong contenders like Atiku Abubakar of the People’s Democratic Party (PDP), Peter Obi of the Labour Party (LP), and Rabiu Kwankwaso of the New Nigeria Peoples Party (NNPP), Tinubu’s victory was both celebrated and controversial. The election was marked by significant toxicity and division, making it one of the most polarizing in the nation’s history. Despite his triumph at the Presidential Election Tribunal and the Supreme Court, President Tinubu’s first year in office has been a tumultuous journey fraught with economic hardships, conflicting policies, and unmet promises.

Reflecting on the past year, I can’t help but feel a mix of disappointment and frustration. The President’s initial promises of steering Nigeria towards prosperity have, in many respects, fallen drastically short. Nigerians continue to grapple with immense economic hardship, soaring inflation rates, and a security crisis that remains unresolved despite numerous assurances and strategies.

The removal of the fuel subsidy and the floating of the Naira, heralded as necessary economic reforms, have had devastating impacts on the average Nigerian. Prices of goods and services have skyrocketed, rendering basic necessities unaffordable for many. The country’s headline inflation rate has soared to an alarming 33.69 percent as of April 2024, eroding the purchasing power of most citizens. The economic turmoil sparked widespread protests in states like Niger, Edo, and Ogun, as people expressed their dissatisfaction with the unbearable cost of living.

President Tinubu has repeatedly stated that these decisions were difficult but necessary. However, the absence of tangible relief measures has left many questioning who truly benefits from such reforms. The administration’s handling of the security crisis, inherited from the previous government, has also been disappointing. In the ten months since his inauguration, a staggering 6,931 Nigerians have lost their lives to violence perpetrated by various non-state actors. This figure, although lower than the 8,356 casualties recorded during the first ten months of the previous administration, underscores the ongoing failure to protect citizens.

The insecurity has far-reaching consequences beyond the tragic loss of lives. Farmers, driven from their lands by the threat of violence, have been forced to abandon their livelihoods, exacerbating food shortages and contributing to the rising prices of essential commodities. The administration’s attempts to address these issues, including the implementation of a student loan scheme and executive orders aimed at bolstering revenue in the oil and gas sector, have been overshadowed by glaring policy inconsistencies and a lack of coherent implementation

The bloated cabinet of 48 ministers, with only a handful performing satisfactorily, raises serious concerns about President Tinubu’s ability to assemble a competent and effective team. Public perception of his cabinet as unviable has elicited calls for him to shed the shackles of political patronage and prioritize merit over loyalty. A lean and capable team is essential to deliver on his promises and restore public confidence.

One of the most glaring failures of Tinubu’s administration has been the inability to revive Nigeria’s ailing refineries. The persistent move for him to encourage the establishment of modular refineries is a step in the right direction. Domestic refining capacity is crucial not only for reducing the nation’s reliance on imported fuel but also for creating employment opportunities and stimulating economic growth. The rising costs of pharmaceuticals have placed essential healthcare out of reach for many Nigerians, underscoring the need for urgent intervention to ensure access to affordable medicines.

Moreover, the much-touted ease of doing business has become increasingly complicated, making it imperative for the President to prioritize creating a conducive environment for small and medium enterprises, which are the lifeblood of any thriving economy. As President Tinubu enters a new phase of his tenure, he must move beyond empty rhetoric and platitudinous promises. Nigerians demand tangible results, policies that prioritize their well-being, and a government that upholds the principles of transparency, accountability, and good governance.

The cost of food in Nigeria has reached alarming heights over the past year, exacerbating the already dire economic situation for many citizens. Basic food items such as rice, bread, and vegetables have become luxuries for countless families struggling to make ends meet. According to the NBS, food inflation has surged to over 40 percent, leaving the average Nigerian household spending an increasing portion of their income on sustenance. This has not only eroded the purchasing power of the populace but has also deepened the hunger crisis, forcing many into poverty and food insecurity.

The challenges facing Nigeria are daunting but not insurmountable. With a resolute commitment to tackling insecurity, fostering economic growth, and prioritizing the welfare of the citizenry, President Tinubu can still redeem the situation and inscribe his name in the annals of history as a leader who ushered in an era of prosperity for all Nigerians. However, should he fail to heed the clarion call for change, his legacy will be tarnished, remembered as another squandered opportunity in a nation yearning for true transformation

On the occasion of his first anniversary in office, the Secretary to the Government of the Federation, Senator George Akume, apologized for the pain and economic hardship being experienced by Nigerians, insisting that the policies of the Tinubu-led government were on track. Despite these assurances, the reality on the ground tells a different story.

In practical terms, the government’s policies, such as the removal of fuel subsidies and the unification of the foreign exchange market, have triggered inflation and made life more difficult for millions of Nigerians. The decision to float the Naira was aimed at enhancing exchange rate flexibility and stimulating economic growth. However, the volatility in the foreign exchange market has had unintended consequences for businesses and consumers alike. The fluctuating exchange rates have disrupted import-export dynamics, increased production costs, and heightened price instability, affecting businesses’ viability and consumers’ purchasing power.

The comprehensive removal of subsidies, particularly on essential commodities like petrol, has had a direct impact on the cost of living for ordinary Nigerians. The sudden hike in prices has exacerbated inflation, eroded purchasing power, and placed a heavy burden on households already grappling with economic challenges. The lack of adequate social safety nets and targeted interventions to cushion the effects of subsidy removal has further deepened the economic strain on vulnerable populations, leading to widespread hardship and discontent

The government needs to reassess these policy measures and embrace a holistic approach to economic management and social protection. Addressing the structural deficiencies in policy implementation, strengthening social safety nets, and prioritizing inclusive economic policies are essential steps towards alleviating the pain experienced by citizens. Upholding social cohesion, fostering inclusivity, and ensuring governance integrity are critical imperatives for Tinubu’s leadership. Addressing social inequalities, promoting transparency, and enhancing accountability are essential for building trust, enhancing governance effectiveness, and fostering a sense of national unity.

I will not be an intentional cynic if I do not admit that Tinubu has demonstrated the attributes of a listening leader by making changes at the behest of Nigerians. On occasions such as the cybercrime levy, appointment of Governing Council members for universities, and the suspension of a minister, he has shown a willingness to reverse decisions. He has tried to bring even members of the opposition on board. However, many of his appointees have not emulated his civility, responding to criticism with insults and infringing on the rights of journalists by abusing their access to the police.

The economic challenges confronting Nigeria demand bold reforms, innovative solutions, and a clear development agenda. Tinubu’s leadership has been called upon in the last year to revitalize the economy, create jobs, and foster sustainable growth amidst fiscal constraints and structural impediments. His reform priorities need to clarify a path towards economic recovery and prosperity for all Nigerians. The challenges facing Tinubu are formidable, yet surmountable with visionary leadership, strategic planning, and unwavering commitment to the common good.

As I reflect on the past year, I am reminded of the resilience and strength of the Nigerian people. Despite the numerous challenges, there remains a glimmer of hope that with the right leadership and policies, Nigeria can overcome its current difficulties and emerge stronger. President Tinubu must rise to the occasion, embrace proactive leadership, and prioritize the welfare of the citizenry. By doing so, he can inspire confidence and lead Nigeria towards a brighter future.

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