Since taking office in May 2023, the Bola Ahmed Tinubu administration has introduced policies aimed at repositioning Nigeria’s economy and governance. These reforms, while ambitious, have sparked significant debate about their immediate impact on the populace. As we examine the government’s trajectory, it is essential to consider both its successes and the areas where it has overreached.
The Bold Removal of the Fuel Subsidy
One of the administration’s earliest and most decisive moves was the removal of the fuel subsidy—a policy long debated in Nigeria’s corridors of power. The rationale is clear: fuel subsidies have, for decades, drained the nation’s finances, hampered development, and fuelled corruption. By ending the subsidy, Tinubu hopes to free up billions of naira for critical sectors such as education, healthcare, and infrastructure.
However, the sudden removal of the subsidy has sent shockwaves through the economy. Fuel prices have tripled, transportation costs have skyrocketed, and inflation has surged. Nigerians, already grappling with economic hardship, are feeling the brunt of this reform, and many argue that the government has done too little to cushion the blow. While the subsidy removal may yield long-term benefits, its abrupt implementation is a classic example of overreach. A more phased approach, coupled with robust social safety nets, could have mitigated the immediate suffering.
Exchange Rate Unification: A Double-Edged Sword
The administration also took on the long-standing issue of Nigeria’s multiple exchange rates, opting for a unified system. This move, aimed at attracting foreign investors and boosting market confidence, aligns with the administration’s economic vision of transparency and growth. Yet, the naira has since devalued significantly, and the average Nigerian is paying the price.
The promise of foreign investment has yet to materialize at the scale expected, and in the meantime, inflation continues to erode purchasing power. While the policy has merit in theory, the lack of strategic cushioning has turned it into a bitter pill for most Nigerians to swallow. There is a clear need for the administration to balance ambitious reforms with practical steps that protect the vulnerable.
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Appointments: Power Consolidation Over National Unity?
One of the areas where the Tinubu administration has raised eyebrows is its approach to political appointments. While Tinubu himself is a product of Nigeria’s complex political landscape, his choice of key officials has sparked concerns about regional favouritism. The government’s commitment to Nigeria’s federal character has come into question, with many feeling marginalized by appointments that seem to favor certain regions over others.
This concentration of power is worrying in a nation where ethnic and regional tensions can quickly escalate. The administration must be careful not to tip the delicate balance of Nigeria’s political structure. Diversity in leadership is essential, not just to satisfy constitutional requirements but to foster national unity and trust in government.
Palliatives and Social Support: Too Littel, Too Late?
In recognition of the hardships caused by subsidy removal and currency devaluation, the government has rolled out palliatives, including cash transfers and food distribution. While these efforts are commendable, the reality is that they have been poorly implemented and insufficient. Many Nigerians report that they have not received any support, while those who have argued that the palliatives barely scratch the surface of the financial burden they face.
Effective governance requires that policies be people-centered. This means not just rolling out reforms but ensuring that mechanisms are in place to support those who are affected. The current distribution of palliatives highlights a disconnect between the government’s intentions and its ability to deliver meaningful relief to the people.
A Call for Judicial and Electoral Reform
The integrity of Nigeria’s democracy hinges on the strength of its judiciary and the credibility of its elections. While the Tinubu administration has largely respected the autonomy of the courts, there remains much work to be done in reforming the electoral system. The 2023 elections were marred by controversy, and Nigerians are calling for reforms to restore faith in the democratic process.
The administration’s excess here lies in its apparent reluctance to prioritize these necessary reforms. Electoral credibility is not just about winning an election but about ensuring that every vote counts and every citizen has confidence in the system. Without a commitment to deep reforms, the administration risks further eroding trust in Nigeria’s democratic institutions.
Conclusion
The Bola Ahmed Tinubu administration is undoubtedly taking bold steps to address some of Nigeria’s most entrenched issues. However, these steps come at a cost. The excesses of the administration lie not in its intentions but in the disconnect between policy and practical impact. A government’s success should not be measured solely by the magnitude of its reforms but by how well it balances ambition with the needs of its people.
As we move forward, the administration must recalibrate its approach—ensuring that the pursuit of long-term gains does not come at the expense of Nigeria’s most vulnerable. Only through a more balanced and inclusive strategy can we hope to see the nation thrive.
For the love of country,
Kunle Lawal
Executive Director, Electoral College Nigeria