After winning one of the most fiercely contested elections in Nigeria’s history, President Bola Tinubu’s administration faced immense pressure to deliver immediate results.
With his Renewed Hope mantra, President Tinubu was widely accepted as a visionary leader who could improve Nigeria’s trajectory. However, a handful of critics remained sceptical, predicting his failure.
Following the gruelling campaigns and legal battles, President Tinubu’s administration focused on protecting his mandate and addressing the country’s pressing issues.
Like a skilled surgeon, he made bold, decisive decisions to tackle Nigeria’s complex challenges, acknowledging that temporary discomfort might precede long-term prosperity.
Reforms and new policies
In his first year, President Tinubu’s administration implemented various initiatives to revive the economy and improve Nigerians’ lives.
When he took office, the economy was “bleeding” and in dire need of reform. He prioritized policies and actions to attract local and foreign investments, enhance the business environment, and provide direct economic relief to citizens.
To achieve this, the administration introduced ease-of-doing-business reforms, streamlining processes and reducing bureaucratic hurdles to encourage entrepreneurship and investment.
Tax and fiscal policy reforms were also implemented to stimulate economic growth and promote stability. Additionally, monetary policy reforms were put in place to control inflation and stabilize the currency.
To support vulnerable populations, the administration introduced grants, student loans, food and fertilizer distribution, cash transfers, health insurance, and consumer credit. A new minimum wage is also negotiated to boost workers’ purchasing power.
Furthermore, Tinubu’s administration addressed long-standing challenges in the Solid Minerals sector by proposing the Nigeria Solid Minerals Corporation, which aims to unlock the sector’s potential and diversify the economy.
Similar interventions were also made in the gas sector where Nigeria, blessed with vast natural gas reserves estimated at about 209 trillion cubic feet has now embarked on an ambitious “gas revolution” to propel its economy forward.
These efforts have yielded promising results, with foreign currency inflows to Nigeria in the first quarter of 2024 surpassing the total inflows in the entire 2023. While inflation remains a concern, analysts believe that President Tinubu’s administration is on the right track. President Tinubu has demonstrated leadership by making difficult decisions when necessary, while also being a listening leader open to adjustments in the policy-making process.
His commitment to communicating his administration’s vision and actions has been remarkable, as he sees himself as the Chief Marketing Officer (CMO) of the Federation.
Downside
Some critics argue that the administration’s achievements are overshadowed by rising inflation, high prices of necessities like food and the seemingly unfavourable exchange rates.
However, analysts counter that just as a patient requires time to recover from surgery and reap the benefits of restored health, Nigeria needs time to fully feel the effects of the tough decisions made by President Tinubu’s administration.
While the need for more tangible results that the citizenry would feel cannot be overemphasised, President Tinubu’s one year in office has been marked by hard decisions, hope, and realities.
Even while the challenges still persist, his administration’s efforts have set Nigeria on a path towards sound health and a brighter future.
“The hallmark of leadership is indeed making difficult decisions when they need to be made, and President Tinubu is proving himself to be a leader who is not afraid to take the tough steps necessary to ensure a prosperous tomorrow for all Nigerians” Sanni Taiwo, a public affairs analysts submitted.
