Before about 300 editors, Tinubu said his administration took a bold step to end the ruinous fuel subsidy regime that deprives Nigeria from investing in critical physical and social infrastructure and the foreign exchange regime that was prone to unimaginable levels of arbitrage and abuse.
“While oil remains a significant source of revenue for Nigeria, we are investing heavily in other sectors to diversify our economy for sustainable growth.
“The launch of the Presidential Initiative on CNG is a deliberate strategy to harness our abundant gas resources.
“This is to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for our citizens.
“This initiative has unlocked close to $200 million in private sector investments in the last one year,” he said.
He added that “You can also access funds from the Bank of Industry at a single-digit interest rate for the development and expansion of your business.
“Our goal is to ensure that the benefits of growth reach every Nigerian, especially those who have been marginalised.
“The Social Investment Programme has been retooled to ensure economic relief is provided for our most vulnerable groups systematically and transparently. At the last count, 25 million Nigerians received N25,000 under the Conditional Cash Transfer.”
In the same vein, the Minister of Finance, Wale Edun, added that non-implementation of economic reforms by past administrations is the reason Nigerians are in pain, discomfort, and difficulties under Tinubu’s reforms.
Speaking at the launch of ‘Federal Civil Service Policies and Guidelines on Rewards’, Edun stressed that despite the pains and discomforts and difficulties experienced by Nigerians due to the policies, the successes and gains are coming through.
“After 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed, and yes, the reforms were so long overdue that it caused an element of pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.
“Market-based pricing of foreign exchange was fully in place. The result was immediate benefit to the federal coffers, to the state coffers, and to the local government coffers because an amount of 5 percent of GDP is what goes to subsidies,” he said.
But the defence of the government and its agencies and cronies notwithstanding, situations and reports have proved that Nigerians are far from happy with the policies as hunger and untold hardship continue to be the order of the day.
“It is a fact that the National Bureau of Statistics’ October 2024 headline and food inflation figures rose to 33.88 percent and 39.16 percent, respectively, weakening the purchasing power of many Nigerians,” An economic analyst told The Boss.
“However, we see no tangible evidence of this assurance in the actions of President Tinubu, his cabinet or the broader government apparatus. Instead, we witness a continuation of profligate lifestyles, excessive spending and the dissemination of dubious economic statistics that do little to alleviate the suffering of the Nigerian populace.”
“It is imperative that we act swiftly. Our nation is at a critical juncture, with time running out for meaningful intervention. Mr. President, it is time to act decisively for the sake of the nation’s future. Let us rescue our people from the grip of despair so that you may indeed dance before the music comes to an end,” he said.
The Communique, which promises genuine hope for Nigerians, reads “The Forum empathizes with Nigerians who are groaning under the oppressive economic hardship foisted on the nation by the policies and decisions of the APC-led Federal Government.
“The Forum calls on the President to urgently review both macroeconomic and fiscal policies that will address the welfare and well-being of Nigerians.
“The Forum wishes to pledge that all PDP Governors will continue to aggressively pursue policies and programs that will reduce the hardship and ensure progress and development.”
“The Forum notes the concerns of Nigerians, PDP founding fathers, elders and members of our great Party of seeming divisions within the ranks and files. The Forum wishes to state categorically that it remains resolute in its determination to ensure unity and cohesion of this great Party that Nigerians have come to trust as the best platform for democratic governance.
“The Forum is constrained to accept the latest postponement of the National Executive Council (NEC) of the Party in empathy with our colleague, H.E. Governor Eno Bassey, whose late dear wife will be buried on the same day earlier scheduled for NEC. Once again, the Forum wishes to commiserate with our colleague and pray that God will grant him and the family the fortitude to bear this irreparable loss.
“The Forum is strongly advising the NWC to call NEC by the first week of February 2025 to allow for elaborate consultations with critical stakeholders of the Party. The period between November and February is to address the existential problems confronting the Party, with a deliberate timeline of activities within the period under review to address issues of leadership and litigations confronting the Party.
“The Forum notes with concern the rape of democracy in Edo Governorship elections. It is clear to everyone with a conscience that INEC manipulated results in favour of the APC candidate when, in fact, the majority of lawful votes were won by the PDP candidate, Mr. Asue Ighodalo. Meanwhile, we are still examining the documents in the Ondo elections, where the APC manipulated results after openly buying votes. The Forum calls on the judiciary to save Nigerian democracy and the National Assembly to look into our electoral laws to make it difficult for institutional sabotage of the will of the people.
“The Forum recognises the good work that the majority of members of NASS are doing. NASS is therefore called upon to critically interrogate all bills to ensure fairness, equity, national balance and even development nationally.
“The Forum commiserates with the Government and people of Plateau State on the recent Katako market fire incident, which destroyed properties worth millions of Naira. The Forum also commiserates with the Government and people of Jigawa State on the recent tanker expulsion whereby scores of people lost their lives, and several others were injured.
“The Forum expresses its gratitude to the Government and People of Plateau State for not only hosting the meeting but extending to all the participants the hospitality for which Jos is reputed. In particular, the meeting commends the Government of the State for the visible and laudable transformation in social services, tourism and transportation that have taken place and ensures all Nigerians look forward, with GENUINE HOPE, to the replication of this not only presently but after 2027 when the party would reclaim its rightful position in the Nigerian political scene.”
In Brazil at the G20 Summit, during his interaction with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, President Bola Tinubu has stressed that he is committed to reducing the “hardship” resulting from the implementation of his administration’s ongoing reforms in Nigeria.
“I assured IMF Managing Director Kristalina Georgieva @KGeorgieva during our meeting that our economic reforms are already yielding positive results. Our administration remains committed to reducing the hardship that has resulted from the implementation of these reforms, while also protecting the most vulnerable in Nigeria.
“Social safety nets, education, investments in infrastructure, and inclusive growth are key to our agenda,” Tinubu stated.
He also acknowledged the hardship associated with his policies but promised to reduce its effects on Nigerians.
He outlined that while his government is fast-tracking investments in several sectors, discussions are ongoing regarding stakeholders’ tax awareness and compliance responsibilities.
BACKGROUND
Nigerians relapsed to a worse form of hardship May 29, 2023, when Tinubu while making his inaugural speech declared that “subsidy is gone”. Ever since, the President has unleashed one reform after another that further pushes Nigerians towards the brinks of collapse while being repeatedly urged to be patient with the administration as they drive the nation towards economic growth.
Following the removal of the fuel subsidy, tariff on essential items including electricity, have been hiked, prices of goods and services have skyrocketed, naira has been floated, causing more hardship, but Tinubu stressed that the pain is temporary.
But on the streets of Lagos, Kano, Ibadan, Jos, Maiduguri, Enugu, Kaduna, Minna, Damaturu, Owerri, Port Harcourt, Yenagoa, Aba, Calabar, Osogbo, Akure, Abakiliki, Bauchi and more, the story remains the same; hunger, depravity, hopelessness, gloom and uncertainty.
“Nigerians may not know if there would light at the end of the tunnel, but the truth remains that as at today, 18 months after the the coming of Tinubu and his policies, Nigerians are not happy,” a respondent summarized.
