Every year, City People Magazine usually picks a Man of The Year. It is usually an outstanding personality whose activities and actions in the course of the preceding year touched the lives of many Nigerians.
Pres. Bola Tinubu is one person whose actions, activities and policies affected many Nigerians in 2024. There is no Nigerian, living in the country, who has not been affected by the various reforms of President Tinubu, whether positively or negatively. Opinion is divided among Nigerians whether the actions of Pres. Tinubu have impacted positively or negatively on the vast majority of Nigerians. Whichever side of the divide you belong, one thing cannot be taken away from the policies of the Tinubu regime.
Since he came in May 2023 he has taken bold and far-reaching decisions. He has done what many previous Presidents have been afraid to do. He has initiated far reaching reforms that is meant to ultimately turn around the economy for good. Though they are painful decisions, but within the shortest possible time, it is expected to yield positive outcomes. The President himself has said so repeatedly that we have to go through this difficult path.
Like Publisher of The Cable, Nigeria’s Independent online newspaper, Simon Kolawole wrote on 29th December, 2024. “In a couple of days, we will bid 2024 good bye. This year qualifies as one of the toughest for Nigerians. It was the year Electricity tariffs were tripled for Band A, the year the naira reached its lowest against the dollar, and the year petrol sold at its most expensive pump price ever…For Nigerians, I pray 2025 will bring relief and reward for their patience and sacrifice.”
From inception, the Tinubu government had implemented policies designed to reset existing policies. The removal of fuel subsidies and the urification of exchange rates are bold steps towards building a resilient economy. The Tinubu administration is different from its predecessors by implementing necessary reforms that confront Nigerias issues finally.
The President has made it clear that steps taken today are in the interest of creating a stable and growing economy for the future.
Dada Olusegun, The Special Assistant to the President on Social Media, has said the first full year of President Bola Tinubu’s stewardship as Nigeria’s President has been a roller-coaster filled with triumphs, teething pains, bold calls, debates, citizen engagements, policy milestones, reforms, crisis management, diplomatic shuttles, national awakening among many things.
He said the President has, displayed a steady resolve and laser-focused commitment to reposition the Nigerian economy and indeed Nigerians on the path of inclusive prosperity.
“The resolve by the President I must say is contagious and motivated every one of us at President Bola Tinubu Media Centre to dig in and stand firm on the Renewed Hope mandate,” Olusegun said in a statement.
He thanked the critics who criticised constructively and offered valuable advice on how to improve.
“I appreciate even our unpatriotic brothers and sisters who never missed any opportunity to denigrate their country because, without them, we may lose sight of how important Nigeria needs its citizens to be patriotic,” he said.
He said despite the initial strong headwinds, the year 2024 is closing on a high note.
He noted that Nigeria is now racing towards local fuel sufficiency “with 3 refineries operational; electricity is increasingly becoming stable despite occasional grid disturbances; our monetary policies are bearing fruits, our fiscal health is improving; our federalism is solidifying; our CNG revolution is entering a new phase; students are increasingly getting needed help to fund their education; investors are flocking into our dear country and many other positive news unfolding all around.”
The presidential aide expressed the believe that 2025 holds an even greater promise.
He said in 2025, Nigerians will see the foundations laid in 2024 yielding more fruits and reforms taking shape.
He urged all patriotic Nigerians to stroll into 2025 full of great hope and confidence “that we are heading to a sustainable future with the visionary President Bola Tinubu firmly in the driving seat.”
Falil Ayo Abina, the Chairman of AACS recently gave an insight into the reforms of Pres. Tinubu. In a release titled “Painful Rebirth: Nigeria’s Economic Restructuring Under President Bola Tinubu”, he wrote,
“As Nigeria navigates its current economic landscape, and the administration of President Bola Tinubu undertaking significant reforms including the removal of fuel subsidies, unification of dollar rates, and improvements in fiscal federalism, these reforms are undoubtedly causing immediate pains, they are however expected to yield long-term benefits and put the nation on a path to economic growth. It is a nation of 230 million people with very poor earnings. A nation with huge infrastructure deficit and huge ‘people bill’ to pay, something radical and different must be done albeit transparently and efficiently. Wishes alone just won’t cut it”.
“The removal of fuel subsidies, in particular, was a crucial step towards stemming the wastage and smuggling of cheap subsidized fuel, which was estimated to be costing Nigeria around $10 billion annually. This waste and corrupted program had to go . The unification of dollar rates is designed to avoid subsiding the dollars and defending the naira by close to $20 billion yearly which was largely then used to fund consumption. This age-long practice dug us deeper into a hole and needed to stop”.
The focus on improving fiscal federalism has also been contentious. The government is introducing tax bills aimed at encouraging states to promote production within their borders, thereby generating more revenue and stimulating economic growth. The states are also being persuaded to let the local governments breathe as genuine improvements for the greater number of people lie in that space.
“Ultimately, the success of President Tinubu’s economic reforms will depend on the administration’s ability to manage the transition period effectively, provide adequate support to vulnerable populations, and maintain a steadfast commitment to its vision of a prosperous and resilient Nigeria, while improving the OPTICS of its actions . Tough times? Yes , but if we stay the course, we may eventually be on the way to achieving our potentials”.
