President Bola Ahmed Tinubu’s Renewed Hope Agenda: A Beacon Of Progress Amidst Challenges -By Terrence Esibeme

President Bola Ahmed Tinubu’s tenure, marked by the “Renewed Hope Agenda” since May 29, 2023, has sparked both criticism and hope among Nigerians at home and abroad. Despite facing challenges such as the high cost of living, inflation, insecurity among others, the administration remains steadfast in its commitment to improving the well-being of all Nigerians, as assured by the President in its new year message.

President Tinubu’s leadership pedigree, honed during his notable tenure as Governor of Lagos State, sets a precedent for progress as his predecessors whom he mentors has also followed his roadmap of bring development to Lagos state. Under his stewardship, Lagos became Nigeria’s largest economy and the fourth-largest in Africa, with a GDP of N102 billion. Leveraging this experience, his administration aims to replicate these achievements on a national scale, with remarkable progress evident within its first year.

Bold Economic Reforms

President Tinubu’s administration commenced with bold economic reforms, including the removal of fuel subsidies, which he described as a “Sword of Damocles that hung over Nigeria for decade. Despite facing initial backlash and critics from Nigerian and the organized labour union, the president remained resolute, citing that decision was aimed to address the country’s debt and curb corruption in the oil and gas sector. This move laid the groundwork for transformative changes in the oil sector, exemplified by the revitalization of the Port Harcourt refinery and the launch of the Dangote refinery. Additionally, palliative measures such as direct payments to public servants and the CNG bus project which will be officially launched in May 2024, underscore the administration’s commitment to mitigating the impact of subsidy removal on Nigerians.

Economic Resilience and Growth

Despite initial skepticism, the administration’s economic policies have proven to be effective, leading to tangible results. Key reforms, such as the unification of exchange rates in the parallel market, which initially resulted in the depreciation of the value of the naira, leading it to become one of the worst-performing currencies in the world in 2024. However, following the intervention of the Central Bank of Nigeria Governor, Mr. Cardoso, the naira experienced a significant turnaround. In April 2024, it saw a 12% rally, following a previous 14% rally in March, transforming the naira into one of the best-performing currencies globally within a span of just six months.

Also the signing of the Electricity Bill into law, which aims to de-monopolize electricity generation, transmission, and distribution at the national level, demonstrate a proactive approach to addressing longstanding challenges in the electricity sector, as previous administration has failed to pass this bill into law. Moreover, initiatives like the signing of the student loan and the Federal Government 3MTT program signify a strategic investment in education, human capital and technological advancement, positioning Nigeria for sustainable growth in the digital age.

Inclusive Governance and Anti-Corruption Drive

President Tinubu’s commitment to inclusive governance is evident in his appointment of technocrats from different region to key position in his cabinet, and also appointing a member of the opposition party Mr. Nyesome Wike as a result of his achievement as Rivers state governor. This inclusivity fosters a government of national unity, essential for addressing complex national issues. Furthermore, the administration’s zero-tolerance stance on corruption, exemplified by the suspension of officials such as the minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu who was implicated in corruption allegations, underscores its commitment to transparency and accountability.

Opportunities and Challenges Ahead

While the administration has made strides in attracting foreign investment and fostering economic growth, challenges persist. Challenges such as stabilizing food prices as a result of the high cost of living, addressing insecurity, and revitalizing the ailing manufacturing sector, should remain one of the key priorities of this administration. To navigate these challenges, the government must intensify efforts to attract investors, invest in infrastructural development project, provide incentives to farmers, bolster the fight against insecurity, and implement policies that foster sustainable development.

A Call to Collaborate

As Nigerians, we must recognize the progress achieved by the BAT administration and rally behind its efforts to drive economic reform and development. While challenges exist, history has shown that transformative change takes time. Let us unite in building a brighter future for our nation, fueled by hope, resilience, and collective action.