By Sani Danaudi Mohammed
Countries like Singapore, South Korea, Rwanda, and Estonia have leaders who made tough decisions that yielded positive outcomes. Singapore’s Lee Kuan Yew implemented strict policies to transform Singapore into a prosperous nation, focusing on economic growth, education, and urban planning. South Korea’s Park Chung-hee prioritized economic development, investing in infrastructure and industry.
Rwanda’s Paul Kagame promoted economic growth, improved governance, and reduced corruption. Estonia’s Mart Laar introduced significant economic reforms, including privatization and deregulation.
These leaders’ decisions, though challenging, led to long-term benefits. Similarly, President Bola Tinubu’s administration has made tough decisions, such as removing fuel subsidies, to promote economic growth and development. While these policies may be challenging in the short term, they are expected to yield long-term benefits, much like the examples of these countries.
President Bola Tinubu’s administration has marked two years in office, with notable achievements and initiatives that have positively impacted Nigeria. The administration’s economic policies have been geared towards stimulating growth and job creation, with a focus on boosting foreign reserves. According to the Central Bank of Nigeria, foreign reserves increased from $32.8 billion in May 2023 to $37.1 billion in January 2024. This increase in foreign reserves is expected to stabilize the naira and attract foreign investment, thereby boosting economic growth. The administration’s efforts to stimulate economic growth and job creation are ongoing, with various initiatives aimed at promoting entrepreneurship and investment.
The subsidy removal has had significant effects on the economy, with both positive and challenging outcomes. The removal of fuel subsidies has reduced the financial burden on the government, allowing for increased allocation to other sectors. According to a report by the International Monetary Fund, subsidy removal can save governments up to 2% of GDP, which can be redirected towards more pressing needs such as infrastructure development and social welfare programs.
To cushion the effects of fuel subsidy removal, the Nigerian government implemented several measures. A new minimum wage was increased to help low-income earners cope with rising transportation costs and inflation. Additionally, workers received wage awards to boost their disposable income and purchasing power. The government also rolled out CNG buses to provide affordable transportation options. Palliatives were also provided to further support citizens, particularly vulnerable populations, in navigating the economic adjustments.
The administration has allocated substantial funds to state governments, enabling them to address local needs and priorities. Statutory allocations to state governments increased from N701.9 billion in Q1 2023 to N1.1 trillion in Q4 2023, according to the National Bureau of Statistics. This increase is expected to improve infrastructure development, healthcare, and education at the state level, thereby enhancing the quality of life for Nigerians. The administration’s commitment to fiscal federalism has ensured that state governments have the necessary resources to deliver on their mandates.
President Tinubu’s administration has implemented various security initiatives aimed at improving safety and reducing crime. The administration has increased funding for security infrastructure and personnel training, with a 20% increase in security funding in the 2024 budget. According to a report by the Nigerian Police Force, crime rates have decreased in some parts of the country since the administration took office, which is attributed to the effective implementation of security policies and community engagement initiatives. The administration’s efforts to improve security have also involved collaboration with international partners and civil society organizations.
To enhance project delivery and interventions, constituency allocations were increased for National Assembly members. The federal government provided interventions, including a notable allocation of N70 billion to support members in executing projects in their constituencies. This increased funding enabled lawmakers to address critical infrastructure needs, improve public services, and respond to constituents’ concerns, ultimately enhancing their representation and development impact.
The administration’s inclusive approach has fostered a sense of unity and cooperation among Nigerians, regardless of their backgrounds. The President’s emphasis on diversity and inclusivity in governance has led to increased representation of diverse groups in government appointments. This approach is expected to promote a sense of belonging and ownership among Nigerians, thereby enhancing national cohesion and stability. The administration’s commitment to inclusivity has also been reflected in its policies and programs, which are designed to benefit all Nigerians.
The President’s Muslim-Muslim ticket has helped to reduce religious tensions and promote interfaith understanding. This move is seen as a symbol of unity and cooperation between different religious groups, which is essential for national stability and progress. According to a report by the Council on Foreign Relations, Nigeria’s diverse religious landscape requires inclusive governance and leadership that promotes interfaith dialogue and cooperation.
Some critics of the administration have been integrated into the government, promoting a sense of inclusivity and diverse perspectives. This move is expected to bring different viewpoints and ideas to the table, enhancing policy-making and implementation. According to a report by Premium Times, several critics have joined the administration, citing a desire to contribute to national development and promote good governance.
The administration has implemented agricultural reforms aimed at improving food security and boosting the sector’s productivity. The administration’s focus on irrigation and mechanized farming has led to a 15% increase in crop yields, according to a report by the Food and Agriculture Organization. This initiative is expected to improve food availability and reduce reliance on imports, thereby enhancing national food security. The administration’s agricultural policies have also been designed to promote sustainable agriculture practices and support smallholder farmers.
The creation of the Livestock ministry is a step towards addressing farmer-herder conflicts and promoting sustainable livestock management. The ministry is expected to develop policies and programs aimed at improving livestock productivity and reducing conflicts between farmers and herders. According to a report by the African Union, livestock development is critical for African economies, and effective policies can promote sustainable livestock management and reduce conflicts.
The administration’s quick response to the Rivers State political crisis demonstrates its commitment to maintaining peace and stability. The President’s intervention helped to resolve the crisis and prevent further escalation, thereby promoting national stability and security. According to a report by the Vanguard, the President’s intervention was widely praised by stakeholders, who commended his leadership and commitment to peace.
The NELFUND program provides financial assistance to students, enabling them to pursue their academic goals without financial burdens. Over 100,000 students have benefited from the program, according to a report by the National Universities Commission. This initiative is expected to improve access to education and reduce student loan debt, thereby promoting human capital development and economic growth. The administration’s commitment to education has been commendable.
Nigerians need to be patient and give President Tinubu’s administration time to implement reforms, as these changes often take time to yield positive results. The opposition should also temper their criticism and support the ongoing reforms, considering that elections are still far away. It’s time for governance, and constructive engagement can help Nigeria achieve stability and progress. By working together, Nigerians can overcome current challenges and build a stronger future.
In the next two years, Nigerians can expect continued economic reforms, increased infrastructure development, and efforts to improve security and governance. The administration’s focus on agriculture, education, and security is likely to lead to tangible benefits, including improved food security, increased access to education, and enhanced safety. With sustained support and patience, Nigeria can navigate its current challenges and emerge stronger, setting the stage for long-term growth and development.
