President Tinubu Takes Over

The Insight by Lateef Adewole

Let me start by congratulating all Nigerians for the “eventual” peaceful transfer of power from one president to another. This is the seventh transition but third time that we have witnessed power transfer from one civilian president to another since the beginning of the Fourth Republic in 1999. This is a demonstration of our evolving democratic maturity, an indication that our preference is for democracy, and that it has come to stay. So many people have been apprehensive in the last one year that this transition process began, with politicians’ declaration of their ambitions and the accompanying shenanigans. The road has been rough, with too many intrigues that the processes threw up.

Especially with the seeming threat to our democracy by some anti-democratic forces, who were ready to pull the roof down on everyone of us, just because the outcome of the polls did not favour them. That was why this year’s handing over from a president to another president was soaked with needless tension. Millions of Nigerians were on the edge until the final process of oath-taking took place. “Ajogun ewu etu, komoyi agabada nla” (he who inherits underserved wealth, would never know the value of hardwork). Many of them were “enjoying” themselves while the fighters for this democracy we are enjoying today were in the trenches, risking their lives for it.

The man of the moment, President Bola Ahmed Tinubu (GCFR), a true democrat and a fighter, deserves all the accolades that might be showered on him. I am using this auspicious moment to celebrate with him in attaining the lofty position of the presidency of Nigeria. He scaled all hurdles placed on his path, surmounted all travails, overcome all barriers, and broke the jinx. No politician has been so vilified in Nigeria’s history, simply because he aspire to lead his country, a right that is constitutionally bestowed on him, just like any other Nigerian. But his became an albatross.

Congratulations to him, his vice, Senator Kashim Shettima (GCON), their immediate families who had to bear the brunt along with them, APC party, their leadership and members, and millions of his supporters all over the world. You all “came, saw and conquered”. The 2023 presidential election was like no other. All of that is in the past now, even if few of his opponents are in court. Tinubu has assumed office and hit the ground running.

As I watched the colourful inuaguration ceremony that took place on Monday, I couldn’t but be surprised by many things I observed. I wondered if that was the same Tinubu who was so denigrated and badly beaten (literally) all through the campaign and elections by his antagonists. The various activities of the day demanded strength, having to stand for so long and the likes. Was that the man said to be invalid and couldn’t stand on his own without support? How mischievous can traducers be!

The most amazing part was when he had to deliver his inuaguration speech. All the past video clips of how he was said to be incoherent, suffering from Alzheimer, amnesia, memory loss, slurred-speech, and all kinds of diseases, which were used against him by his opponents, came flooding my memory. He did not only stand, but he walked up to the podium, and delivered a concise and forceful speech, not just fluently but without reading from any script (off-hand). I am still “investigating” that part, if there was a technology used to assist him that was not visible to the public.

After the programme, I had watched the clip multiple times and read the transcription of it. The content is very critical and well articulated. Even if a script was written earlier for him, could he have memorised and delivered it with such accuracy, devoid of the usual allegations of speaking “baba blu bulala”? The content spoke forcefully to critical national issues, so much so that it is still resonating across the country and beyond. He proved his antagonists wrong.

The speech has been the subject of analysis since Monday, with analysts either praising or downplaying it. Some believe it is not “inspiring”. May be, they were looking for “Obama-like” oratory delivery. Well, Tinubu is not Obama. I don’t think he is considered an orator. However, what could not be taking away from him and that speech is the substance of its content. It spoke to Nigerians concerning what bother them at this time. Same as international communities.

Those who believe in him and supported him knew him to be not just a thinker but a doer. That prominently featured in the speech. From the very first moment it was delivered, there were immediate reactions to it. The part that top the trend was “subsidy is gone”. The president made this pronouncement in his speech while reiterating what was already well known and obvious. What was different could have been the manner he said it. This is because, the removal of subsidy on petrol has been a subject of discussion for many years but it was supposed to have been out two years ago, based on the law; Petroleum Industry Act (PIA), which stipulates that it should have ended by December 2021.

However, the last administration decided to kick the can down the road and postponed the doomsday by shifting the date to June 30th, 2023. This was backed up with appropriation for subsidy in the 2023 budget for only six months, which will end by June 30. However, the public took it that President Tinubu removed it ahead of time and reacted spontaneously to it, the consequence of which was the chaos that we witnessed since Tuesday, with the hoarding by petrol stations and marketers, and the needless panic buying by the people.

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The NNPCL management keyed into it based on reality facing them about subsidy and their inability to further fund it. They have since adjusted their prices nationwide to a cost-reflective one. The major marketers have followed suit, as well as independent marketers. Petrol costs least in Lagos at N488/L and most in Borno and North Eastern states, at N550/L. All other states falling within this bracket. This is a bitter pill to swallow, given the immediate consequences of it.

Transport fares immediately shot up, expectedly. The ripple effect is also being expected as we proceed in the deregulated market. I have written many times about petrol subsidy in Nigeria, including as recent as two weeks ago. I don’t want to start belabouring it here again. It is a necessary action that we have to take at the moment if we are to survive as a country. “It is either we get rid of subsidy or the fuel subsidy gets rid of the Nigerian nation – Shettima”.

Another critical issue he mentioned in the speech was the multiple exchange rates. I have listened to the former CBN governor and former Emir of Kano, Sanusi Lamido Sanusi on several occasions where he lamented about the criminal arbitrtage going on within the forex management of the country. A situation where multiple rates exist, with official rates far less than the black market rates. There are several official windows created for various categories of people who need forex for one thing or the other.

The national exchange rate of a dollar to naira is N462. This same dollar is traded at the black market rate of N752/$. This is difference of N300/$. So, someone with the right connection in the CBN and or FG, can get $1 million allocation per month. He simply calls a Bureau De Change (BDC) operator to pay N462m to CBN and $1m will be given to him. Then, the BDC operator transfers the margin of N300m to the person. Someone would have made N300m at once without lifting a finger.

If such person can get this monthly, he would have made about N3.6 billion in a year. Which economy survives on such criminal enterprise? We are creating billionaires from air, without production. Sanusi likened the subsidy in forex, which is what this round-tripping is, to subsidy in petrol. So, he has been severally critical of both, as how any right-thinking lover of Nigeria would be.

Tinubu was frontal and categorical about this. He said “Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.” This is the man Nigerians voted for. A man who knows his onions. Just like actions are being taken on petrol subsidy removal, we look forward to similar prompt actions on this forex arbitrtage criminality.

The most important existential challenge facing Nigeria today is the insecurity. President Tinubu spoke to that as well. He said: “Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence.” The seriousness with which he took that statement showed in series of actions that have been taken in the last few days after the inuaguration. On Tuesday, we woke up to the news of DSS taking over the regional office of the EFCC in Lagos. They shut out their staff and prevented anybody from gaining access. Ordinarily, this wasn’t a surprise to Nigerians as we witnessed such anomalies many times in the life of the last administration.

However, what surprised many was that shortly after the news of the incident broke, we learnt that the president had ordered that DSS vacates the place immediately and that happened. That was quick! That should send strong signal to all the security agencies that are fond of working at crossed purposes, to the detriment of Nigerians and the country. That, as much, was also communicated to them when the service chiefs and other heads of other security agencies met with Tinubu on Thursday. They were sternly warned, directed to work in synergy, and provide a roadmap to ending the menace of insecurities. That’s pragmatic leadership for which Tinubu is known.

Since Tuesday when the stock market reopened after the holidays, the market had great successive bullish run that it was christened “TinuBULL”. It gain about N1.5 trillion naira on Tuesday, reacting to the inaugural speech, which struck many right cords with investors. Tinubu declared that: “I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions. We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.”

That must be an exciting news to investors and the business world. One thing that plagued the business environment, especially that affected the foreign investors, was their inability to repatriate their profits. This was a disincentive and made many investors to hold back from putting their money in new ventures or expanding existing ones in Nigeria. So, such message of “Renewed Hope” will definitely cheer them up.

Also, the complaints about multiple taxation, which has been the bane of business growth in Nigeria, was promised to be looked into by the president. The aspect of job creations, which all these efforts will culminate to, was a cardinal point in the speech. He was specific about creating one million jobs in the digital economy. These are good news. We pray he gets the wisdom to deliver on them.

Agriculture, which remains very critical to our survival as a country for food security, the value chain, storage facility, easy transportation for evacuation of goods and economic security of the farmers, which guarantees them to reap the fruits of their labour, with the planned establishment of commodity boards for some crops and animal products. Introduction of mordern ways of animal rearing and so on. All these were briefly highlighted in the speech.

Except whoever wants to remain recalcitrant, Tinubu proved naysayers wrong that day. He showed a man who is well-grounded and who has a good grasp of what the issues are in Nigeria, what to do about them and how to go about doing them. His pedigree as a trained accountant, a seasoned administrator, a deft manager of people, a sagacious politician and a courageous leader, will bear positively on his administration, the people and the country. He is a man with gut!

He reiterated some others of his campaign promises like poverty alleviation, which he intend to execute in a more structured manner, with the proposed “omnibus jobs and prosperity bill, which he said he will send to the National Assembly, which will provide legal framework for the programmes. This will be different from the multiple bogus poverty alleviation programmes of “sharing money” that could not be accounted for. That provided avenue for stealing of public funds by some executors of those programmes in the last few years. Hundreds of billions of Naira just went down the drain.

At the last count, Nigeria became the poverty capital of the world during same period. Over 133 million people are estimated to be suffering from multi-dimensional poverty in Nigeria today. So, where are all the billions spent to move people out of poverty in the last eight years? Where are the people who have been so moved out?

The administration is six day old. The expectations of Nigerians are very high. Many hang their hopes on the new government to do right by them by making life better for them. These will also be possible and easier with a formidable team of competent, well-qualified, and patriotic Nigerians. This is considered Tinubu’s forte. This is something a lot of people are anxiously waiting for, to see who makes the crack team. Afterall, like the Yorubas would say: “igi kan ko le dagbo se” (a tree does not make a forest). Even if Tinubu is a “genius”, he needs capable hands to bring his vision to reality. He must choose right.

Once again, congratulations to President Bola Ahmed Tinubu, on his ascension to the presidency of the most populous black nation on earth, Nigeria. May God give him long life in good health. May he be blessed with knowledge, wisdom and understanding that he will need to navigate the ship of this country to safe destination and greatness. Happy new administration to all Nigerians!

May God continue to protect us and guide us aright.

God Bless Nigeria.

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June 3, 2023.