After eight years in power, former President Muhammadu Buhari left the country in shambles with the spectacular failure of his touted Three-Point Agenda – Security, Economy and Anti-corruption.
He squandered trillions of Naira on the questionable implementation of a petrol subsidy regime. He abandoned the execution of subsidy removal to his successor, Bola Ahmed Tinubu. Perhaps to underscore his resolve to deal decisively with the economy and turn it around in good time, Tinubu announced the subsidy removal implementation during his inauguration on May 29, 2023, one month ahead of schedule.
Many experts faulted this move because it robbed the president of the usual honeymoon period enjoyed by new leaders. As petrol price shot above 300 per cent and prolonged scarcity worsened the pre-existing hardship, Tinubu’s government also added more fire by floating the Naira. The introduction of other harsh measures such as the increase of the modulated cost of electricity to over 300 per cent, convinced many that the regime was determined to ram through an International Monetary Fund, IMF, and World Bank, WB, template.
Tinubu appeared to justify this speculation by his single-minded pursuit of foreign investments through economic missionary journeys to India, the United Arab Emirates, UAE, and Qatar which he led, and others through Vice President Kashim Shettima.
The security situation which nearly overwhelmed the country under Buhari, received a new impetus with the appointment of hardcore theatre combatant officers to head the armed forces. Despite gallant efforts of our troops, however, Nigeria has not visibly moved forward in this direction, with killings and abductions routinely reported, especially in Benue, Plateau, Kaduna, Niger, Katsina and Zamfara. Boko Haram and ISWAP appear to be regrouping around the Lake Chad Basin.
As we enter the second year of this regime, we urge the president to take stock and retool appropriately. The pursuit of foreign investment should not be at the expense of local investors. Relevant sectors of the economy must be offered relief to bring back productivity. Subsidising production will halt mass job losses and create wealth. We strongly believe that a healthy domestic economy will attract foreign investors.
Without fixing our security, no economic policy can stand. The Federal Government must forge cooperation with the states and the citizens to eradicate terrorism, banditry, violent crimes and separatism. It is not always about bullets. We will beat insecurity when all hands are on deck and saboteurs find no mercy.
Tinubu must re-examine his rather unenviable record of impunities, especially against journalists. Within this year alone, the Police, Army and other security agencies have been involved in the abduction of journalists and other citizens in a manner that is alien to our 25 years of renascent democracy. Growing military impunity must stop. Tinubu’s medallion as a pro-democracy warrior is getting tarnished.
Enough of this!
