President Tinubu One year administration• Scores low on all parameters • Economy still in tatters • Nigerians angry
Nigeria’s economy is yet to get out of the woods, despite the efforts of President Tinubu, One year on the saddle.
A survey carried by Revolnews across various sectors of the economy showed that Nigerians are suffering, angry and frustrated.
The consensus indicate that things have taken a turn for the worst. The true test of economic impact of Tinubu and his All Progressives Congress administration on Nigerians lies in the cost of living.
The question was asked the ordinary man in the street: has your life improved in the last one year?
Mr Eze Ifediora, a clearing agent, said things have become worst. Before May 2023, the cost of living was manageable but since President Tinubu took over removed petroleum subsidy, to give the impression that he hit the ground running, Nigerians are not finding it funny. A bag of rice that used to be N35000 is now N92000. A paint bucket of garri that used to be N450 is now N3500. Go to any market in Lagos state and indeed Nigeria, the average price of any beverage has increased by 100 percent. Yet the salaries of workers has not increased. The cost of transportation alone eats away about 70 percent of the salaries of level 10 officers in the ministries. “You don’t even need to ask that question” ,he retorted.
Similarly, Mrs Oyebanji, a market woman at Navy Mammy Market, Ojo Barracks, said that the last one year, has been her worst year since she started business 15 years ago. Since Tinubu became President,and removed oil subsidy, price of items has jumped up and has been increasing ever. There is no item you buy today, the next time you go to market you will now add more money in order to buy the same quantity of the item.
The inflation rate in has crossed the 2022 treashold of 22.4percent to hit 33.6percent.
Also asked to assess the performance of President Tinubu , a retired Naval Commander Emmanuel Alaribe said there was no basis for any meaningful assessment because there was no plan ab initio. Quoting the government’s spokesperson , he said we can not rate the ministers now because they will be one year in August ,Alaribe said the economy will become worse than today.
Also quoting the reinstalled emir of Kano, Sanusi Lamido ll , Alaribe said that learned people knew hardship will increase because there is no serious plan to tackle the hardship head on.
In the same vein, Rev. Dr Herbert Ekechukwu, the presiding Bishop of Lord of Glory Ministries, said that looking at all the social and economic parameters , the Tinubu scored less than average.
Looking at policy formulation, he said there has been back and forth incoherent policy contradictions and somersaults ,especially in the areas of fiscal, monetary and foreign policies. He argued that the floating of the naira in a bid to establish the true worth of naira and before appointing ministers is the last straw that weakened the naira against the dollar. Arguing that no policy has been successfully implemented, he scored the administration 20 percent on policy implementation.
He argued further the economic conditions did not do any better. He noted that Gross Domestic Product,(GDP) declined from 3.1percent in 2022 to 2.7 percent while unemployment rate increased by five percent,stressing that no concrete initiatives to diversify the economy. Rather diversification , the air is replete with tangible efforts to increase direct and indirect taxes like removal of oil subsidy, electricity tariffs , education subsidy and cyber security taxes and devaluation of the naira.
Likewise, Bunmi Adekayode argues that
“There is no social security to the people and the provision of things that will make people happy, electricity for example is not regular even at the increased tariff,” Nigerians he said are angry because of high inflation and high cost of living and the touted government palliatives is a far cry from meeting the peoples needs.
While the government claimed that they have attracted $30billion from foreign investor into economy, Sani Abdullah argued that the tangible evidence of this falsehood relocation of conglomerate like SmithKline and Becham among others to neighbouring countries like Ghana and South Africa. Can the government point out the how many companies that have come to replace the existing one, he contended.
Efforts made to improve the ease of doing business in the country has not yielded the desired result , mass exodus of foreign companies continues.
While talking of implementation of security policy, Ogbeni Adisa said that the menace of Boko Haram and kidnapping has continued to fester. Although he admitted that there has been some recovery of kidnapped victims, he said that the activities of cattle rustlers , Boko Haram prevented the farmers to go to their farms, he called for more actions in the area of security.
But Mrs Okamkpa, looked at the fight against corruption and said the administration has not been successful. The EFCC has been tracking our corrupt leaders, but none has been duly punished to serve as deterrent to transparency and the rule of law is one of the assurances that the foreign investors require in any country, it is not available in Nigeria under President Tinubu.
Similarly, a cacophony of voices Wazobia FM Radio that reviewed Tinubu ‘s one year , scored the government too low on the social well-being in spite of the government haphazard palliatives.
In the area of Infrastructure, the commissioning of construction of the Lagos to Calabar coastal road and Lagos to Sokoto is a for government attention.
The consensus on President Tinubu’s one year in office is that he scored to low in all parameters.