In the two weeks since President Bola Ahmed Tinubu assumed office, his administration has made several significant decisions that are gaining widespread approval from Nigerians.
Since being sworn-in on May 29, 2023, President Tinubu has surprised many with his swift actions, including the removal of fuel subsidy and the suspension of the Governor of the Central Bank of Nigeria, Godwin Emefiele.
The Central Bank of Nigeria was the first institution to face President Tinubu’s decisive action, as Emefiele was suspended for his poor management of the country’s monetary system over the past nine years.
Another high-profile figure, Abdulrasheed Bawa, the suspended Chairman of the Economic and Financial Crimes Commission (EFCC), faced a similar fate due to serious allegations of corruption.
Many citizens are increasingly convinced that President Tinubu is well aware of the challenges facing Nigeria, as he fearlessly tackles these issues, not as an aspirant but as the sitting President.
Some are even of the opinion that decisions that took the previous administration years to make or were completely overlooked have been promptly addressed within a few days or even hours in the current administration.
It is believed by some that Nigeria has already seen signs of progress as a result of the critical economic decisions made so far. These include the removal of fuel subsidy, the signing of the Electricity Act 2023, the Data Protection Act, the Student Loan Act, and the unification of the foreign exchange market, among others.
There are indications that President Bola Tinubu’s Policy Advisory Council has recommended the merger of the Nigerian Customs Service, the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Federal Inland Revenue Service (FIRS).
The proposed merger aims to streamline the collection of all direct and indirect taxes, as well as levies on behalf of the Federal Government, making the process more efficient.
While some of the President’s plans and direction still remain unclear, many Nigerians believe that he is making the statements one would expect from a leader who genuinely wants to rebuild the nation.
However, these decisions have implications for the prices of goods and services for Nigerians. During his Democracy Day broadcast, President Tinubu appealed to the citizens to endure the temporary hardships.
Speaking on the impact of the student loan scheme, Prof. Adigun Agbaje, former Deputy Vice-Chancellor of the University of Ibadan, praised the bill as a positive development. He emphasized the need for a government that can holistically address the issues in the education sector.
He said, “This initiative is a step in the right direction. It’s a meaningful step that demonstrates that this government is willing to tackle critical issues from the previous administration and make progress in moving the country forward.
“While there will undoubtedly be challenges, they will be addressed as they arise. This is a positive development, but it can have a greater impact when we begin to address the economic leakages that exist.”
Here is how some Nigerians reacted to Tinubu’s economic decisions on social media:
- @AyoBankole: “I must commend President Tinubu for his quick decision-making. You can critique his decisions and policies and the eventual implications, but at least you can’t criticize him for initial inaction, especially compared to the lackluster approach of the previous administration.”
- @Obi_Nwosu: “When President Tinubu said he would hit the ground running, he wasn’t lying.”
- @Ogenidipo: “Subsidy gone. Multiple exchange rates gone. Education Loan Bill signed. Data Protection Bill signed. Labour strike averted via dialogue. Bola Ahmed Tinubu has started on a good footing. May progressive actions in the interest of the people continue.”
- @Akin Oyebode: “Subsidy and exchange rate peg gone in two weeks. PBAT’s economic agenda is well and truly on. It will undoubtedly be a bumpy ride for a few months, but these are necessary actions for long-term macro and fiscal recovery.”
- @GoziconC: “With barely 11 days in office, President Tinubu is already working like he’s been in Aso Rock for 4 years. He has met with governors from all 36 states, oil marketers, and sworn in the Secretary to the Government of the Federation. The Nigerian GDP is rapidly growing, and our economy is gaining ground again. I swear we made the right choice.”
