The much-anticipated speech by President Bola Ahmed Tinubu on the #EndBadGovernance protest has generated a lot of mixed feelings and reactions, as expected......Read The Full Article>>.....Read The Full Article>>
Some people believe that the speech lacked empathy, some feel that it did not address the demands of the protesters, while others are indifferent. The major disappointment for many is that the President did not announce a reduction in the price of Premium Motor Spirit; a return to the era of fuel subsidies.
The President in his speech acknowledged that Nigerians desired a country where their dreams could be actualized. He also said that he was pained by the loss of life and commiserated with the families of the deceased. More importantly, Mr President. called for the suspension of the protests to create room for dialogue.
Those who said that the President did not show empathy or recognize the loss of life were not being objective.President Bola Tinubu also defended two of his major policies; the removal of fuel subsidies and abolishment of the multiple exchange rate system.
He noted that these policies were painful but necessary to reverse the decades of economic mismanagement that didn’t serve the nation well. These policies have resulted in high-level inflation and large foreign exchange losses for multinationals, while banks made foreign exchange gains.
The speech also outlined various achievements of the current administration. Very remarkable is the reduction in the debt service to revenue ratio from 97% to 68% in the last 13 months. This means that the current administration inherited a situation where the country was using 97% of all its revenue to service debt, which explains the necessity of the Shock Therapy of Mr President.
Also, the clearance of all foreign exchange obligations, has improved investor confidence. The boost in the country’s oil production to 1.61 million barrel per day is also a welcome achievement to mention just a few.Some achievements and interventions mentioned by Mr. President might have averted the protest had come earlier.
One would have thought that the government would have attended to the issue of a new national minimum wage with more urgency than it did. Now that it has been concluded, the government should ensure its fast implementation.
The CNG initiative should have been handled as an emergency considering the impact of the removal of the fuel subsidy on the cost of transportation on goods and services; the hike in transportation cost is one of the major drivers of inflation in Nigeria.
The government should have been more proactive in dealing with food inflation by suspending tariffs and other import duties for various food items long ago.It is expedient that the current administration ensures proper implementation of its policies and initiatives so they don’t end up as just part of the rhetoric.
There should be a proper monitoring and evaluation mechanism in place especially for interventions like fertilizer distribution, Digital and Creative Enterprises nano grants, Micro and Small Business single-digit interest loans etc, to ensure resources are not diverted and objectives are achieved. Independent audits should also be carried out from time to time.
While it is the duty of the government to ensure public order, as noted in the speech, it is also important that the protest is not given a complete tribal or political coloration in order not to miss the message and opportunity to improve the lives of citizens. In almost every action of man, politics exists, even in families.
Therefore, the message President Bola Tinubu should take from the protest is that severe hardship in the land which requires urgent action. Section 14(2)(b) of the Nigerian Constitution of 1999 [as amended] provides that, “the security and welfare of the people shall be the primary purpose of government.
While the numerous achievements mentioned in the speech may be remarkable, they mean nothing to the common man if they do not translate to poverty reduction, a drop in unemployment, better access to healthcare, education, etc.
Furthermore, the government should fast-track and monitor the implementation of the numerous interventions and programs mentioned to ensure the objective of easing the hardship in the country is achieved. It’s not time to play politics but a call for more action. Proper and timely implementation of policies is key.
