The Economy!
Tinubu is the worst-performing economy since 1999; the current dispensation of democracy. The problem began immediately Tinubu took his oath of office on May 29th, 2023, and announced the removal of fuel subsidy without consideration of the consequences!
With that announcement, the cost of petroleum jumped from about 200naira per liter to 500 naira per liter. After one month, the price went up to 600 naira per liter. Today, one year later, the pump price of petroleum could be anything from 700 to 900 naira per liter. The impact of this astronomical increase in the cost of petroleum has been devastating to the economy and on all Nigerians because essentially the economy runs on oil.
The increase in price of oil has driven the price of everything up by the same percentage point; about 300%. The second hand or used clothing market, described by Chief Obafemi Awolowo in the 1950s as a symbol of national shame and disgrace has been given a new lease of life!
The Nigerian economy is weaker than ever before. Manufacturing and service industries are all posting losses. As production decreases, unemployment increases. As the quantum of goods decreases, the cost of goods increases. These are the basic principles of economics. Nigeria's economy continues to hemorrhage and the Nigerian people continue to suffer.
Tinubu's policies from oil subsidy removal, to increase in the cost of electricity, to the introduction of a Cyber security fee on electronic bank transfers, to his increase of Value added tax (VAT), to devaluation of the naira, have all had a detrimental effect on the economy, and have weakened the naira further!
The naira can only be strong when the Nigerian economy is strong and for the economy to be strong, the following steps must be taken:
a) The dependence on crude oil sales as the country's only source of foreign currency (dollar) revenue must stop.
b) Fiscal powers must be devolved to the states, so that states with rich mineral resources such as natural gas, uranium, bitumen, bauxite, gold, phosphate, and lithium can add their resources to oil as foreign currency, dollar revenue sources for the country.
c) Foreign revenue can come from agriculture export if the sector is developed to meet international quality standards.
d) 90% of Nigeria's foreign revenue today is derived from export of crude oil therefore the NNPCL must be thoroughly overhauled in order to maximize revenue accruing from that company. Production must increase, while wastage, theft, inefficiency and corrupt practices in the industry must be reduced to a minimum.
Needless to say, president Tinubu's failure to deal with any of these issues so far is indicative of a lack of ability and worse, perhaps a lack of will!
SECURITY!
Within months of his presidency, Tinubu took a reckless decision which increased the level of insecurity in his own country. By declaring war on Niger Republic he made the Northern border into Nigeria more accessible to bandits and terrorists from the Sahel.
The dangerous elements came in, adding to those Boko Haram terrorists who had been operating in the North East for the past 15 years and the bandits who had turned the North West into a war zone since 2015 .
The destruction of life and property wrought by these soldiers of fortune and merchants of violence soon infiltrated the rest of the country. This explains why within the first six months of Tinubu's administration the media; both social and traditional was dominated by news of indiscriminate violence and destruction in every part of the country.
CIVIL SOCIETY GROUPS THROUGH THE CIVIL SOCIETY JOINT ACTION GROUP ANNOUNCED THAT WITHIN THE FIRST SIX MONTHS OF TINUBU'S ADMINISTRATION, 2,000 PEOPLE HAD BEEN KILLED AND ANOTHER 1,000 ABDUCTED!
One year later, incidents of kidnapping, abduction, community blood letting over land ownership, illegal mining, oil bunkering, child labour, human trafficking, and ritual killing continue across the country unabated. The tragic case of Oduh where security operatives sent to arrest criminals are themselves abducted and killed is evidence that the government is unable to protect the citizens, even as they are unable to protect themselves!
According to Najaatu Mohamed, a senior member of President Tinubu’s own Presidential Campaign Council, many activities of criminals in Nigeria are protected by powerful government officials. Unbelievable as it seems, she was bold enough to name Vice President Kashim Shettima on National Television as one of those people in power who aide and abet criminal syndicates.In support of this allegation , she referred to Shettima's association when he was Governor of Bornu with Boko Haram kingpins like the notorious Kabiru Sokoto, and currently, as vice President with a Police officer wanted for drug trafficking!
The destructive potential of this level of insecurity to the country cannot be over emphasized. As far as the international community is concerned, Nigeria is heading towards disintegration where it would nolonger be viable as a country.
In its publication of 13th March 2024, the Financial Times of London put it this way: NIGERIA'S KIDNAPPING RACKET IS A SYMPTOM OF A FAILING STATE!
When Labour demanded that the government should act to reduce the problem of food shortage, Tinubu could only resort to subterfuge. He set up committees to investigate, but the committees failed to come up with any concrete resolutions.
Earlier in the year, labour demanded that the government should intervene to save the naira from becoming totally worthless. Realizing that its earlier effort to reconcile the bank rate and the open market rate had no positive effect on the value of the naira, Tinubu decided to devalue the Nigerian currency. The result of this naira devaluation was another abysmal failure. The naira today is as weak as ever, and getting weaker. After an initial gain of some 5%, the naira dropped again. Currently; that is in May 2024 the naira at bank rate is 1,200 to dollar, and in the open/ black market it is back to an all-time low of 1,450 to the dollar!
The general outcry against government’s proposed 300% hike on electricity tariff was met with allegations that critics of the increase are people who are bent on derailing the plan of government to improve the energy sector. And when the Nigerian Labour Congress demanded that the minimum monthly wage of 30,000naira (less than 30 dollars) must be increased exponentially, the President responded by accusing the Union of mischief making, designed to topple his government.
While the government is haggling with Labour about 30,000naira monthly minimum wage, and wages that are as low as 100,000naira monthly salary for university graduates, the President and his government officials continue to live lavish life styles that would make an American millionaire look like a pauper. A Nigerian senator makes 30,000,000 naira (about 30,000 dollars) monthly. A congressman makes 25 million naira (about 25,000 dollars). In addition to their monthly salary, these law makers enjoy all types of strange fringe benefits such as wardrobe allowance, furniture allowance, travel allowance, and newspaper allowance.
President Tinubu has been particularly generous to lawmakers. It is his insurance against impeachment. The larges include tons of rice and beans to law makers for onward distribution impoverished constituents. Money must be made available, even if it comes from embezzlement of government funds as revealed by Senator Abdul Ningi, PDP Bauchi Central. According to this Senator, his colleagues at the National Assembly padded the 2024 budget with as much as 3 trillion naira!
The National Assembly is looking more and more like a den of thieves. Its priorities are scandalous to the point of treason. It voted 15 billion naira to renovate the Vice President's residence, 40 billion naira to renovate the National Assembly, while allocating a paltry 1 billion naira for construction of 12 student hostels, and a mere 15 billion for the Student Loan Program to cater for the entire student population of Nigeria's 20 million people. Then there is the 90 billion naira released for pilgrimage; a shameless move to secure the support of the Muslim Faithful for 2027.
INTERNATIONAL AFFAIRS
This climate of crime, inefficiency and corruption within Nigeria is replicated on the international front. Apart from president Bola Ahmed Tinubu's negative image of a rehabilitated drug Lord, the Nigerian president has brought nothing but disgrace to the country with his performance on the international scene.
Tinubu's first act as Chairman of ECOWAS was to threaten Niger Republic, another sovereign state with war if it did not reinstate its ousted president. The result of Tinubu's ill-advised policy was to drive Niger out of ECOWAS. Bokina faso and Mali soon joined Niger Republic. Tinubu's thoughtless approach to issues had made enemies of Nigeria's neighbors to the north, creating security problems for the country at its Northern borders.
His highly publicized early international trip to Dubai was a diplomatic sham which brought shame to Nigeria. It was never clear what he was going to Dubai, or who had invited him. In the end, his team of novices had to apologize to Nigerians as they had to virtually beg the Dubai government for an official letter of invitation for the Nigerian president.
Tinubu's visit to Saudi Arabia was as undignified as his earlier one to Dubai. As if the presidency is his personal corporation, he not only took his adult children along, but introduced them to the Saudi Arabia government ahead of senior government officials.
In order to cover up for his diplomatic gaffe, the President announced upon arrival that the Saudis had promised to inject billions of dollars into the economy for the purpose of helping to strengthen the ailing Nigerian naira. The government of Saudi Arabia denied making such promises. Till today the Saudi dollar never came, and the naira continues to slide!
Throughout this first year in office, president Tinubu has resorted to lies and falsifications to cover up his administrative shortcomings.
Five months ago, he told the country that he had secured commitments from foreign investors who were going to input as much as 60 billion dollars into the Nigerian economy. No investor has shown up till now. In fact, some foreign investors like Maersk, the global mega shipping company have openly denied any knowledge of such business arrangements with the Nigerian government.
The truth of the matter is that Tinubu's inability to curb the rising tide of insecurity and his draconic tax regime has kept foreign investors out of Nigeria. Many businesses that are already here; whether foreign or local are either folding up or leaving at an alarming rate!
CONCLUSION!
In a recent Tribune Newspaper column, Farooq Kperogi presented a psychoanalytical analysis of President Tinubu. His conclusion is that the Nigerian President is a ' Misanthropic tyrant ' . A misanthrope is a person whose behavior demonstrates a special hatred for humanity. It is difficult to disagree with this evaluation!
Tinubu's nonchalant attitude to the suffering of Nigerians caused by the catastrophic failure of his administration brings to mind the story of Nero , the Roman Emperor who sang merrily as Rome was consumed by fire!
It is incumbent upon the Nation's main opposition party; the Peoples Democratic Party to lead the effort to save the country from the present calamity. PUBLIC OPINION WILL SUPPORT AN IMPEACHMENT OF THIS MOST UNPOPULAR PRESIDENT AND A DESOLATION OF HIS APOCALYPTIC ADMINISTRATION!
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