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Tinubu expected to turn economy around

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By Abraham Adekunle

Disappointed voters look forward to his administration with hope and skepticism.

The administration of President Muhammadu Buhari has made a lot of Nigerians lose hope and trust in the government. There was a massive wave of support for him in both 2014 and 2015. When he was announced the winner and inaugurated, there was also massive celebration. People consequently expected the situation of the country to improve almost immediately. It did for a few months as there was massive rest in the Northern region. Boko Haram terrorists largely went underground.

However, for the first six months of his administration, there were no federal ministers as he failed to choose them even months into his tenure. And then, much later in 2018, Nigeria overtook India as the Poverty capital of the world. According to Business Insider, around 87 million people were living in extreme and multidimensional poverty, compared with India’s 73 million at that time. As well, the Naira lost 70 percent of its value to the dollar as a result of Nigeria’s going into two recessions.

Nigerians have mixed feelings about this coming administration.

This has made a significant part of Nigeria’s population become disappointed with the Buhari administration. A local in Ilorin, capital of Kwara State, who was interviewed by newsmen, said that Buhari is leaving the country worse than he met it. However, he hopes that Tinubu will be able to perform as he had promised. There is barely any excitement after years of being disappointed with the outgoing administration. On May 29, 2023, Nigeria’s president-elect Bola Ahmed Tinubu will be sworn into office.

He is a former governor of the country’s commercial capital, Lagos. He was declared winner of the 2023 presidential election by the Independent National Electoral Commission (INEC) ahead of PDP’s Alhaji Atiku Abubakar and LP’s Peter Obi. Despite his victory, he is still dealing with issued of legitimacy. He won the election with about a third of the votes in a poll that only a quarter of the 93 million registered voters were able to vote.

Bola Tinubu to remove fuel subsidies shortly after govt change.

Immediately after the declaration of Tinubu as the winner, the candidates of the other two leading opposition parties filed an appeal at the tribunal against the electoral process. Some opposition supporters are hoping that the Federal Government would delay the transition process until there is a verdict in these cases. A senior government analyst at Lagos-based Stears Intelligence, Joachim MacEbong, noted that there is declining trust in government institutions as many people feel they cannot be fair and impartial. While some Nigerians are waiting for that process to play out in court, others are already looking to Tinubu for quick economic solutions.

As he begins his tenure, Tinubu is expected to create jobs, stabilize the Economy and address the Security issues in the country. The president-elect has also revealed his plans to revitalize the farm sector, boost Electricity generation capacity and cut fuel Subsidies. Perhaps this most controversial decision that Tinubu would have to make may have the most impact. Subsidies were introduced in 1973 as a price-offset measure, but they have been widely seen as an avenue for embezzlement. However, an end to these subsidies will likely cause the Cost Of Living to rise.

Investment banking firm hopes he would prioritize fiscal improvements.

Meanwhile, after INEC declared Tinubu winner, there was a surge in Nigerian bonds. Investment banking firm, Morgan Stanley, reportedly went bullish in the market based on its hopes that the president-elect would prioritize fiscal and financial market improvements. However, analysts have warned that these gains may be short-lived as it happened in 2015 caused by a series of policy missteps by Buhari. “The market will always try to be optimistic about the new president, but whether that will continue remains to be seen,” MacEbong said.


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