There has been both praise and criticism for President Bola Ahmed Tinubu’s first 100 days in office.
President Tinubu’s renewed optimism tagline was part of his inaugural address on May 29, 2023.
His economic initiatives have had both positive and negative repercussions on Nigeria.
The July inflation rate of 24.08 percent can be directly attributed to the elimination of gasoline subsidies and the floating of the Naira.
The CBN ordered banks to “sell forex freely at market-determined rates” on June 14, 2023. As a result, the black market exchange rate for the Naira rose to N915/$1.
Wale Edun, Minister of Finance and Coordinating Minister for the Economy, unveiled Tinubu’s 8-priority agenda to solve Nigeria’s social and economic problems last week during the first meeting of the Federal Executive Council.
These problems include: food security; ending poverty; economic growth and job creation; access to capital; improving security; leveling the playing field on which individuals and businesses operate; rule of law; and fighting corruption.
Experts say the administration has reason to be optimistic if it follows through on Tinubu’s eight-point program.
The difficulty, however, has been turning these lofty goals into tangible results, particularly in the area of providing 50 million employment for Nigerians, solving the currency problem, and lowering inflation.
Prof. Segun Ajibola, a well-known economist and former President and Chairman of the Council of the Chartered Institute of Bankers, told DAILY POST on Monday night that Tinubu “has taken so many bold steps and touched those grounds where for decades’ angels fear to tread” in the last three months.
More and more Nigerians have faith in President Buhari’s ability to reverse the country’s economic fortunes thanks in large part to his “8-point Agenda,” which is enacting bold policies and pronouncing on several vital sectors of the economy, including agriculture, industry, tourism, etc.
It’s worth highlighting the administration’s first 60 days for its dedication to rooting out corruption and eliminating shady dealings in the economy’s most vital areas.
The President gets things done with the help of his staff, including ministers and other officials. The President’s safe delivery is contingent on the skill of these hands. With the correct calibre of technocrats, bureaucrats, and professionals now serving in the President’s cabinet and other layers of governance, Nigeria’s economic future seems bright.
But Nigerians need to understand that restoring a severely damaged economy like Nigeria’s won’t happen fast. Therefore, everyone should be on board and do their part to make this a success.
In the future, “I believe the government is fully on the right course towards achieving the greater good for the greater number of Nigerians,” he said.
Idakolo Gbolade, CEO of SD & D Capital Management, agreed that the first three months of Tinubu’s government were difficult for the general public. But he said the programs had revitalized the economy.
When the Bola Tinubu administration took office, the country’s economy was on the verge of collapse.
To stabilize the economy, “bold measures” were taken, including the elimination of the gasoline subsidy and the floating of the Naira. The former CBN Governor’s reckless actions endangering the Nigerian people and economy made his suspension and investigation inevitable.
It’s been a rough first 100 days for the people, but the Tinubu administration has given our economy new vitality.
In the short run, the government should use the easy wins of subsidy removal and Naira floating to implement its policies on the agricultural, manufacturing, and small and medium-sized enterprise (SME) sectors by disbursing the various loan facilities to these sectors in order to kickstart the economy.
More small and medium-sized enterprises (SMEs) in technology and services should be encouraged as part of the government’s long-term strategy to increase revenue by investing in essential economic areas including oil and gas, mining, energy, and agriculture.
The government should move more quickly on its plans to provide alternatives to petrol in our transportation network, such as by ensuring the aggressive implementation of petrol to gas conversion and the use of the Compressed Natural Gas, CNG, to provide cheaper fuel for transportation and the provision of additional avenues for youth employment.
He said that the government should stop using the borrowing strategy of the Obama administration, which he said was largely responsible for the current crisis.
Prof. Godwin Oyedokun, a professor of accounting and financial development at Lead City University in Ibadan, expresses his hope that the eight-point plan will not be merely a theoretical exercise.
In his opinion, the administration should make all possible efforts to rebuild the economy in the medium term.
No agenda is inherently bad or good, but the 8-point plan should be implemented in full to avoid turning into yet another academic exercise.
In light of these developments, I have high hopes for Nigeria’s economic future. Now that the federal ministers have come on board, I’m hoping we’ll have more positive things to report about Nigeria.
I’ve seen them get to work, and they’re competent pros who don’t waste any time. In a short amount of time, this government should improve the economy, simplify people’s lives, and create a welcoming environment in the country.
“I will continue to say it: if you want to give a palliative, look into an area of taxation, a tax cut could do wonders; this will go a long way other than distributing money for people, at the end of the day, you will not know who and who got it,” he said.