Undoubtedly, the removal of fuel subsidy and the floating of the naira are two flagship economic policies of the Tinubu administration. These policies are believed by the government to be the catalyst for economic growth and a sustainable recovery path capable of pulling Nigeria out of its current economic distress.
However, two years after the introduction of these reforms seen as a second phase of the Structural Adjustment Programme initiated in the mid 1980s the expected outcomes have fallen far short of their promises.
The reform objectives remain unachieved, as the economy continues to suffer from:
• Soaring stagflation,
• A weakened naira,
• A stifled manufacturing sector,
• Low agricultural productivity, and
• A loss of investor confidence, exemplified by the exit of key manufacturers like Dunlop to other West African countries.
Tinubu’s election campaign was anchored on the belief that he possessed the capacity to turn around Nigeria’s economic fortunes, as he once did in Lagos State during his two terms as governor. Nigerians believed him.
President Tinubu had promised to take Nigeria to “greater heights” after President Buhari’s misadventure. Sadly, Nigerians have moved from the frying pan into the fire.
During his electioneering campaign, Tinubu boldly declared that if he failed to resolve Nigeria’s epileptic power supply, he should not be voted for a second term. Ironically, under his watch, power supply has hit an all-time low.
Tinubu also pledged to create millions of jobs in his first year in office. Instead, Nigeria is now grappling with skyrocketing unemployment, as industries shut down under the weight of high interest rates now hovering around 35%.
While his predecessor, President Buhari, initiated plans to revive the railway sector, President Tinubu abandoned that initiative and chose instead to embark on constructing a coastal highway from Lagos to Calabar a decision seen by many as elitist and poorly prioritized.
Two years into a four-year tenure, Nigerians are yet to identify any major project initiated or completed by the Tinubu administration.
The power sector remains stagnant, with no concrete solution in sight. The manufacturing sector remains moribund. Once vibrant industrial zones like Bompai, Challawa, and Sharada in Kano, and Kakuri in Kaduna once home to major textile and manufacturing industries have become shadows of their former selves.
It is increasingly evident that the Tinubu administration has, with a sledgehammer, dealt a decisive blow to Nigeria’s remaining productive capacity. But no country can survive without production. China’s economic success, for example, is deeply rooted in its manufacturing strength.
In the United States, during George Bush’s administration, a bailout programme was introduced for struggling auto industries like Chrysler and General Motors to protect jobs and restore investor confidence. Nigeria should learn from such pragmatic leadership.
Instead of reviving local automobile production companies like Volkswagen in Lagos and Peugeot in Kaduna, President Tinubu’s administration has been preoccupied with extravagance purchasing a presidential yacht, spending billions to renovate the Presidential Villa in Lagos, and upgrading the Vice President’s residence.
Even more ironically, while electricity generation remains in crisis, the government is spending large sums to install solar power systems in the Presidential Villa a symbolic abandonment of a key electoral promise.
As the sound of the 2027 elections begins to echo across the political landscape, it is high time President Tinubu fought for his political survival, especially with the growing strength of opposition coalitions forming a united front.
Surely, Tinubu would not wish to join the ranks of one-term presidents like Goodluck Jonathan, who despite completing Umaru Musa Yar’Adua’s remaining two years was voted out in 2015.
By Mahmud Shuaibu Ringim
Email: mahmudshuaibu44@gmail.com
