By Ahmed Ghani Hassan
Today is the 100th day that President Bola Ahmed Tinubu has been in office. During those 100 days, many things have happened, but perhaps the worst is the removal of the oil subsidy, which many experts believe is essential for Nigeria’s development. President Tinubu announced the quick removal of the oil subsidy in his inauguration speech without proper preparation for it, which put the country in a miserable situation were many people outcries and lamented after undergoes the hardship which the removal of oil subsidy caused about, particularly the economic backwards were many businesses has been collapsed and the economy has stagnated, making it difficult for the average Nigerians to meet their basic necessities. This poses a severe threat to the nation’s security.
Another economic setback is that the Naira was trading at N460 per $1 prior to President Tinuibu’s admistration, but exchange rate management now reported that in the second half of 2023 as the Naira is more than N800 per $1 us Dollar. Bretton Woods Institution stated that “inflation would be driven by a hike in price of commodities in response to the increase in fuel price.” As a result, the World Bank predicted that Nigeria’s inflation rate would reach 25% this year as a result of the removal of fuel subsidy.
Because of this, the government should investigate the issue and set the economy on the path of development by implementing sound economic policies that will hasten economic growth and diversify the economy by placing a focus on agricultural production, mineral resources and other sources of revenue to boost exports. Furthermore, I have confidence in President Tinibu because he constantly expresses concern for the state of Nigeria and has good intentions toward its development but his too much flexibility will indeed make the country backwards because everyone will come an seeking the audience with him, The president easily Grant the audiace which will change some good policies. I also had confidence in him when I observed the introduction of his government’s monetary and fiscal policies, which will control the inflation.
Another topic of discussion which happened in 100 days in office of President Tinubu is the ultimatum of seven days given to the military head of State of Niger Republic about the milatry intervention in politics to reinstate the Former President Bazoom,. the statement causes a serious tension in both countries whereby the economy of both countries, especially the Northern region of Nigeria that shares a border with Six State and benefits economically from trade between the two nations, is in jeopardy as a result of the Niger coup d’etat. The sanctions and the closure of the border by the Nigerian Government could pose a serious issue because the Nigerian government’s sanctions, have caused billions of Naira losses, which are now negatively affecting both Niger and Nigeria. But finally, President Tinubu agreed with the diplomatic talks in order to resolve the tension, and this is the right thing to do because Niger is a sovereign nation.
Therefore, the president should consider now the Country is seriously sick and is in need of the most immediate remedy for it, because if the things continue going on this miserable direction, his administration will be rate as failed State. therefore, the President should also have to know that five billions allocated to the State Governors for palliative won’t supplant the oil Subsidy. As I mentioned above, the government should control the inflation and initiate sound public policy that will make economic growth and development.
Ahmed Ghani Hassan
7/9/2023
ahmedghanihassan@gmail.com.
